Resource News

Silver Standard Resources (TSX:SSO) has reported its consolidated financial results for the second quarter ending June 30, 2016. As quoted in the press release: Second Quarter 2016 Highlights: ▪ Completed the acquisition of Claude Resources: Purchase of Claude Resources Inc. completed on May 31, 2016, through a share exchange transaction, adding the Seabee Gold Operation, …

Silver Standard Resources (TSX:SSO) has reported its consolidated financial results for the second quarter ending June 30, 2016.
As quoted in the press release:

Second Quarter 2016 Highlights:
▪ Completed the acquisition of Claude Resources: Purchase of Claude Resources Inc. completed on May 31, 2016, through a share exchange transaction, adding the Seabee Gold Operation, a high quality, free cash generating gold operation in Canada.
▪ Generated net income and adjusted net income: Net income of $12.5 million and adjusted net income of $23.6 million, or $0.25 per share.
▪ Increased cash balance: Quarter-end balance increased by $15.0 million to $232.6 million. Cash generated by operating activities totaled $30.2 million. Value of marketable securities increased by $98.4 million, to $193.2 million.
▪ Cash costs guidance lowered at Marigold: Produced 47,195 ounces of gold at cash costs of $663 per payable ounce of gold sold. Lowered cash costs guidance to between $650 and $700 per payable ounce of gold sold.
▪ Improved cash costs and production guidance at the Pirquitas mine: Produced 2.5 million ounces of silver at cash costs of $8.87 per payable ounce of silver sold. Annual production guidance range was revised for the second time this year to between 9.0 and 10.0 million ounces of silver and annual cash costs guidance was reduced to between $9.00 and $10.00 per payable ounce of silver sold due to continued strong operating performance and effective cost controls.

Click here to read the full press release.

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