Silver Standard Resources Inc. (TSX:SSO,NASDAQ:SSRI) released its results for the fourth quarter of 2015, as well as the year as a whole.
Silver Standard Resources Inc. (TSX:SSO,NASDAQ:SSRI) released its results for the fourth quarter of 2015, as well as the year as a whole. The company also released its 2016 guidance, noting that production at the Marigold mine should “stay strong,” while output at the Pirquitas mine “is expected to decline relative to 2015.”
Highlights for Q4 and the full 2015 year are as follows:
- Record annual production: Produced 207,006 ounces of gold at Marigold, exceeding our increased gold production guidance, and 10.3 million ounces of silver at Pirquitas.
- Strong fourth quarter production: Produced 61,461 ounces of gold at Marigold, a 50% increase from the third quarter, and produced 2.6 million ounces of silver at Pirquitas, the second highest production quarter of 2015.
- Improved mine operating performance at Marigold: Reported 74.6 million tonnes of total material mined and 20.5 million ore tonnes mined in 2015, annual records since the commencement of operations in 1988.
- Higher grades and increased sales at Marigold: Gold grade to leach pad increased 11.6% to 0.48 g/t and gold sales increased 59% to 62,827 ounces, quarter-on-quarter.
- Strong mine fundamentals at Pirquitas: Achieved higher silver mined and mill feed grade and higher sustainable silver recoveries, year-on-year.
Paul Benson, president and CEO of Silver Standard, commented:
We had a strong quarter which led to record annual production at both mines, coupled with an improvement in our safety performance. This was the result of our continuous focus on operational excellence at all levels of the business and our commitment to safe production. Whilst our performance and strong balance sheet position us well to navigate the current challenging market conditions, they also enable us to continue to invest in our future.
At Marigold we continue drilling to grow our Reserves and Resources, while at Pirquitas we are investing in the evaluation of the Chinchillas project and the potential for a small high grade underground mine beneath the San Miguel open pit to extend the Pirquitas mine life. We also continue to pursue external growth opportunities.