Silver Standard
Resources Inc.: Sale of Shafter Silver Project to Aurcana Closes
VANCOUVER, BRITISH COLUMBIA, Jul 17, 2008 (Marketwire via COMTEX
News Network) -- Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is
pleased to report the closing of the sale of the Shafter silver project in
Presidio County, Texas, to Aurcana Corporation (TSX VENTURE:AUN).
Under the terms of the sale agreement, Aurcana has paid the
company a total consideration of $42.6 million consisting of $23 million in
cash, 15 million Aurcana common shares (at a deemed price of $0.64 per share)
and a $10 million convertible debenture. The debenture has a 3% coupon with a
three-year term and is convertible into 6.6 million Aurcana common shares at
$1.515 per share.
Silver Standard is a well-financed silver resource company that
continues to seek growth through exploration and development of its own
silver projects. (Source: Silver Standard Resources Inc.)
To receive Silver Standard's news releases by e-mail, contact
Paul LaFontaine, director, investor relations at invest@silverstandard.com or call
(888) 338-0046. The statements that are not historical facts are
forward-looking statements involving known and unknown risks and
uncertainties which could cause actual results to vary considerably from
these statements. The risks and uncertainties include those described in
Silver Standard's SEC Form 20F as amended.
Statements contained in this news release that are not
historical fact, such as statements regarding the economic prospects of the
company's projects, future plans or future revenues, reserves and resource
estimates, timing of development or potential expansion or improvements, are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such forward looking statements are subject to
risks and uncertainties which could cause actual results to differ materially
from estimated results. Such risks and uncertainties include, but are not
limited to, the company's ability to raise sufficient capital to fund
development, changes in economic conditions or financial markets, changes in
prices for the company's mineral products or increases in input costs,
litigation, legislative, environmental and other judicial, regulatory,
political and competitive developments in Argentina or Canada, technological
and operational difficulties or inability to obtain permits encountered in
connection with exploration and development activities, labour relations
matters, and changing foreign exchange rates, all of which are described more
fully in the company's filings with the Securities and Exchange Commission.
SOURCE: Silver Standard Resources Inc.
Silver Standard Resources Inc.
Robert A. Quartermain
President
(604) 689-3846
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. Toll Free: 1-888-338-0046 or Direct: (604) 484-8212
Email: invest@silverstandard.com
Website: www.silverstandard.com