Silver
Standard to Sell Silvertip Project
VANCOUVER, BRITISH
COLUMBIA, Feb 19, 2010 (Marketwire via COMTEX News Network) -- Silver
Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is pleased to report that it
has entered into an agreement to sell 100% of its interest in the Silvertip
Project to Silvercorp Metals Inc. ("Silvercorp") for total
consideration of CDN$15.0 million, with up to CDN$7.5 million payable in
common shares of Silvercorp. Subject to the satisfaction of customary closing
conditions, the completion of the transaction is expected to take place on or
about February 26, 2010, or such other date as agreed upon between the
parties.
Silvertip, located in
northern British Columbia, is a silver-base metals project that Silver
Standard had acquired in 2002. The sale of the Silvertip Project is part of
the ongoing rationalization of Silver Standard's portfolio of non-core
assets.
(SOURCE: Silver
Standard Resources Inc.)
Statements contained
in this news release that are not historical fact, such as statements
regarding the closing of the Silvertip transaction, future plans, and the
timing of development or potential expansion or improvements, are
forward-looking statements as that term is defined in Canadian Securities
legislation and 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, variances in ore grade, mill throughput, or
recovery rates from those assumed in mining plans, litigation, legislative,
environmental and other judicial, regulatory, political and competitive
developments in places where the company does business, 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 Form 20-F and other filings with Canadian regulators
and the Securities and Exchange Commission. Our forward-looking statements
are based on the beliefs, expectations and opinions of management on the date
the statements are made, and we do not assume any obligation to update
forward-looking statements if circumstances or management's beliefs, expectations
or opinions should change, other than as required by applicable law. For the
reasons set forth above, you should not place undue reliance on
forward-looking statements.
SOURCE: Silver
Standard Resources Inc.
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. Toll Free: (888) 338-0046 or Direct: (604) 484-8212
invest@silverstandard.com
www.silverstandard.com