Silver Standard Resources

Silver Standard Resources, Inc.
Public
Traded as TSX: SSO NASDAQ: SSRI
Industry Mining & Exploration
Founded 1946
Headquarters Vancouver, Canada
Key people
 John Smith President,CEO
Greg Martin CFO
Products Silver
Zinc
Total assets US$1.43 mil (as at March 31, 2013)
Website www.silverstandard.com

Silver Standard Resources is a Vancouver-based mining company with assets throughout the Americas. It is listed on the Toronto Stock Exchange (TSX: SSO) and on the NASDAQ Global Market (NASDAQ: SSRI). The company owns and operates the Pirquitas mine in Jujuy, Argentina, which is one of the largest primary silver mines in the world. Pirquitas achieved commercial production in December 2009. In 2012, the mine produced 8.6 million ounces of silver, exceeding production guidance for the year, and is expected to produce up to 8.5 million ounces of silver in 2013. Silver Standard also has two wholly owned feasibility stage projects, Pitarrilla in Mexico and San Luis in Peru.[1] On July 12, 2005, Silver Standard Resources Inc. reported the remaining outstanding drilling results from the Berenguela project located five kilometers east of Santa Lucia on the altiplano of southern Peru.[2]

Pirquitas Mine

The Pirquitas Mine is a 100% owned property located in the Province of Jujuy, northern Argentina. It is positioned at an elevation of 4,100 meters above sea level and is accessible by all-weather roads. The mine achieved commercial production on December 1, 2009. It is an open-pit mine utilizing a fleet of 100-tonne trucks and three loading units. Ore is crushed and treated in a gravity pre-concentrator prior to the processing in a conventional mineral flotation plant. The silver and zinc concentrates produced from the plant are shipped to third party smelters.[3]

Other Projects

Pitarrilla

The Pitarrilla Project is a 100% owned grassroots discovery made by Silver Standard in 2002, located approximately 160 kilometres north-northwest of the city of Durango within the State of Durango, Mexico. A paved roadway extends to within 47 kilometres of the plant site. Pitarrilla is a silver, lead, and zinc project, which will consist of a large open-pit mainly recovering oxidized ores in the early years of production and then predominantly sulphide ores from the deeper parts of the deposit.[4]

San Luis

San Luis is a 100% owned project, located in the Ancash Department, central Peru. The Company acquired the remaining interest in the Project, held by joint venture partner Esperanza Resources Corp., in the third quarter of 2011. The San Luis Project is centered on a high-grade, gold-silver vein, the Ayelén Vein, which was discovered in 2005. The Project is approximately 25 kilometers northwest of Barrick Gold Corporation's Pierina gold mine.[5]

Marigold

In February 2014, it was announced that Silver Standard will purchase the Marigold mine, located in Nevada, approximately 64 kilometers southeast the town of Winnemucca. The mine is currently jointly owned by Vancouver-based Goldcorp Inc. and Toronto-based Barrick Gold Corporation. Goldcorp is the operator of the mine with a 66.7% ownership stake, while Barrick owns the other 33.3%. Both companies released statements with the announcement saying that the reason for the sale is to strengthen their companies respective portfolios and to focus on their "core assets". The deal, which is expected to close by April 2014, is reported to be for $275 million.[6][7]

References

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