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Silver Standard Resources Inc. (TSX:SSO,NASDAQ:SSRI) announced its consolidated financial results for Q3 2014, commenting that it achieved record silver production of 2.6 million ounces.
Silver Standard Resources Inc. (TSX:SSO,NASDAQ:SSRI) announced its consolidated financial results for Q3 2014, commenting that it achieved record silver production of 2.6 million ounces. That’s a 25-percent increase from Q2.
Other highlights include:
- Exceeded gold production forecast: Produced 40,442 ounces of gold, 83% higher than the previous quarter and 23% higher than the third quarter guidance of 33,000 ounces. As a result, Marigold’s production guidance has been revised higher.
- Achieved operating efficiencies at Marigold: Reported cash costs of $997 per payable ounce of gold sold, a reduction from $1,103 in the second quarter of 2014, demonstrating efficiencies in the mining operation.
- Demonstrated consistent cost performance at Pirquitas: Reported cash costs of $12.22 per payable ounce of silver sold, in line with our lowered 2014 cost guidance.
- Increased liquidity: Cash balance of $135.2 million, an increase of $33.0 million, due to positive operating cash flow, sale of marketable securities and VAT recoveries.
- Completed Marigold life of mine plan: Subsequent to quarter end, announced robust economics with an after-tax net present value of $419 million assuming $1,300 per ounce of gold and a 5% discount rate.
- Expanded Marigold exploration program: Completed the first 14,408 meters of an expanded 23,900 meter exploration program at Marigold with 56 of 83 holes intercepting gold mineralization exceeding Mineral Resources cut-off grade and width criteria.
Click here to read the full Silver Standard Resources Inc. (TSX:SSO,NASDAQ:SSRI) press release.