Silver
Standard Resources Inc.: Pirquitas Mine and
Exploration Project Update
VANCOUVER, BRITISH
COLUMBIA, Jun 8, 2010 (Marketwire via COMTEX News
Network) -- Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) (the
"Company") is pleased to report on the ramp-up progress at its
wholly-owned Pirquitas Mine in Argentina, which is
on track to produce seven million ounces of silver as forecasted for 2010.
In the month of May,
the Pirquitas Mine produced 617,900 ounces of
silver by processing 120,005 tonnes of ore at an average silver grade of
240.9 grams per tonne. This compares to April production of 535,400 ounces of
silver from processing 111,799 tonnes of ore at an average silver grade of
252.6 grams per tonne. As the percentage of sulphide ore in the mill feed
increases, silver recoveries continue to improve, achieving an average of 66%
for the month of May versus 59% for the month of April.
Snowfield and Brucejack, British Columbia
Drilling has commenced
at Silver Standard's wholly-owned Snowfield and Brucejack
Projects located 65 kilometers north-northwest of
Stewart, British Columbia. The objectives of the 42,000-meter program include
infill drilling at Snowfield, and expansion of known gold resources and new
target definition at Brucejack. A preliminary
assessment was recently completed on the Snowfield Project (see news release
Snowfield Preliminary Assessment Results dated June 1, 2010) and a
preliminary assessment is underway on the combined Snowfield and Brucejack Projects. Together the two projects cover one
of Canada's most significant gold discoveries in the last decade.
Berenguela, Peru
Drilling has commenced
at the Berenguela Project in Puno, Peru. A
5,000-meter diamond drill program will test for the source at depth of the
silver-copper resource at surface. Berenguela hosts
an indicated resource of 66.1 million ounces of silver and 316 million pounds
of copper and inferred resources of 21.6 million ounces of silver and 98
million pounds of copper (Please refer to the NI 43-101 resource estimate
dated October 26, 2005 and available on the Company's web site).
San Agustin, Mexico
A comprehensive
geophysical program is underway at the San Agustin Project in Mexico to test
for the source of the known mineralization at depth. San Agustin hosts
indicated resources of 1.59 million ounces of gold and 47.8 million ounces of
silver and inferred resources of 1.06 million ounces of gold and 36.9 million
ounces of silver (Please refer to the Company's NI 43-101 mineral resource
estimate filed on SEDAR on May 7, 2009). The geophysics will be followed by a
6,000-meter drill program in the third quarter.
Challacollo, Chile
A geophysical program
is planned to commence in July, to be followed up with a 5,000-meter drill
program in the fourth quarter. Work will target the project's polymetallic sulphide mineralization and copper porphyry
potential.
Kenneth C. McNaughton,
M.A.Sc., P.Eng., Vice President, Exploration, Silver Standard Resources
Inc., is the Qualified Person responsible for Silver Standard's exploration
programs.
Silver Standard Resources
Inc. is a silver mining company that seeks growth through discovery, the
development of its project pipeline, and accretive acquisition opportunities.
Forward Looking
Statements: Certain statements in this news release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995 and forward-looking information within the meaning of Canadian
securities laws (collectively, "forward-looking statements"). Forward-looking
statements are statements that are not historical facts and that are subject
to a variety of risks and uncertainties which could cause actual events or
results to differ materially from those reflected in the forward-looking
statements. Forward-looking statements include, without limitation, the
estimation of mineral reserves and resources, the timing and amount of
estimated future production, costs of production, and costs and timing of
development of new deposits. Such risks and uncertainties include, but are
not limited to, the timing to complete drilling programs at the Company's
exploration projects; differences in U.S. and Canadian practices for
reporting mineral resources and reserves; risks and uncertainties relating to
the interpretation of drill results and the geology, grade and continuity of
our mineral deposits; the Company's ability to raise sufficient capital to
fund development; changes in economic conditions or financial markets;
uncertainty of production and cost estimates; the Company's history of losses
and expectation of future losses; 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, Australia, Canada, Chile, Mexico, Peru, the United States and
other jurisdictions in which the Company may carry on business; technological
and operational difficulties or inability to obtain permits or land use
agreements 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 most recent Form 20-F and other filings
with the Securities and Exchange Commission. The Company does not intend, and
does not assume any obligation, to update any forward-looking statements,
other than as required by applicable law.
Cautionary note to
U.S. investors: The terms "measured mineral resource",
"indicated mineral resource", and "inferred mineral
resource" used in this news release are Canadian geological and mining
terms as defined in accordance with National Instrument 43-101, Standards of
Disclosure for Mineral Projects ("NI 43-101") under the guidelines
set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the
"CIM") Standards on Mineral Resources and Mineral Reserves. We
advise U.S. investors that while such terms are recognized and permitted
under Canadian regulations, the SEC does not recognize them. U.S. investors
are cautioned not to assume that any part or all of the mineral deposits in
the measured and indicated categories will ever be converted into reserves. "Inferred
mineral resources" in particular have a great amount of uncertainty as
to their economic feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher category. Under
Canadian rules estimates of inferred mineral resources may not generally form
the basis of feasibility or other economic studies. U.S. investors are
cautioned not to assume that any part or all of an inferred mineral resource
exists, or is economically or legally mineable. Disclosure of contained metal
expressed in ounces is in compliance with NI 43-101, but does not meet the
requirements of Industry Guide 7 of the SEC, which will only accept the
disclosure of tonnage and grade estimates for non-reserve mineralization.
(Source: Silver
Standard Resources Inc.)
SOURCE: Silver
Standard Resources Inc.
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
(604) 484-8212 or Toll Free: (888) 338-0046
invest@silverstandard.com
www.silverstandard.com