04:50 AM EDT, 06/01/2017 (MT Newswires) -- Silver Standard Resources (SSRI) said late Wednesday that its joint venture with Golden Arrow Resources (GRG.V) to develop the Chinchillas project in Argentina has been completed.

Silver Standard was the joint venture operator and has made an option exercise payment of $13 million to Golden Arrow.

Based on the pre-feasibility study, Chinchillas' expected average annual silver equivalent production is 8.4 million ounces over an eight-year mine life at a 4,000 tonne per day plant throughput. Measured and indicated mineral resources at the project are estimated to be 29.3 million tonnes containing 96 million ounces of silver, 581 million pounds of lead, and 386 million pounds of zinc.

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