Silver Standard Reports Record Annual Production

Silver Standard Resources Inc. (TSX:SSO,NASDAQ:SSRI) released its consolidated financial results for Q4 2015, as well as 2015 as a whole. For the full year it reported a net loss of $124.3 million.
Despite that loss, the company reported record annual production of 207,006 ounces of gold at the Marigold mine, and 10.3 million ounces of silver at the Pirquitas mine.
Other highlights from both Q4 and 2015 as a whole include:

• Increased our cash position: Generated cash from operations of $74.1 million during 2015 and increased our cash position to $211.9 million, an improvement of$27.2 million.
• Strong fourth quarter production: Produced 61,461 ounces of gold at Marigold, a 49% increase from the third quarter, and 2.6 million ounces of silver at Pirquitas, the second highest production quarter of 2015.
• Annual cash costs below guidance at Marigold: Reported 2015 cash costs of $692 per payable ounce of gold sold, lower than our cash costs guidance range. Fourth quarter cash costs were $727 per payable ounce of gold sold. Reported 2015 all-in sustaining costs of $895 per payable ounce of gold sold.
• Annual cash costs at low end of guidance at Pirquitas: Reported 2015 cash costs and all-in sustaining costs of $10.68 and $12.44 per payable ounce of silver sold, respectively. Fourth quarter cash costs were $10.96 per payable ounce of silver sold.
• Improved Marigold 2016 guidance: Increased gold production guidance to between 200,000 ounces and 210,000 ounces and reduced cash costs guidance to between $690 to $740 per payable ounce of gold sold due to the addition of three haul trucks.
• Mineral Resource growth at Marigold: Continued exploration success added 680,000 gold ounces of Indicated Mineral Resources, comprised of 350,000 gold ounces from the HideOut and 8 South areas, 250,000 gold ounces from the Assay Program and 80,000 gold ounces from the Basalt pit. Added 300,000 gold ounces of Inferred Mineral Resources from the Valmy property.

Paul Benson, president and CEO of Silver Standard, commented:

This was a quarter and a year of records for Silver Standard. Marigold exceeded our improved production and cash cost guidance and produced over 207,000 ounces of gold, a record in the mine’s 28-year history. Pirquitas also performed at the top end of guidance, driving total production to over 350,000 gold equivalent ounces at cash costs 11% lower than in 2014. We continued to invest in our future and generated significant exploration success at Marigold while also advancing our option to earn into the Chinchillas project, a potential satellite deposit for Pirquitas. At Marigold, despite using more conservative price assumptions we increased Mineral Resources and Mineral Reserve additions largely replaced depletion. Today we are also announcing an expansion to the size of the haul fleet at Marigold which increases our production and lowers our cash cost guidance at Marigold for 2016.
In addition to breaking records and investing in the future, we have importantly continued to add cash to the balance sheet. We ended the year in a strong position with$212 million in cash and $88 million in marketable securities. Thus, we enter 2016 with our mines performing at record levels, a strong balance sheet and a capable team, positioning us well to pursue new growth opportunities.

Click here to read the full Silver Standard Resources Inc. (TSX:SSO,NASDAQ:SSRI) press release.