Silver Standard Resources Inc.: Exhibit 99.1 - Filed by newsfilecorp.com
| June 13, 2011 |
News Release 11-15 |
PIRQUITAS OPERATIONS UPDATE
VANCOUVER, B.C. -- Silver Standard Resources Inc. (NASDAQ:SSRI,
TSX: SSO) (“Silver Standard” or the “Company”) announced today that its
operations team has completed several mine and mill enhancements at the
Pirquitas mine; and as a result, the mine continues toward delivering 2011
production guidance and long-term, predictable performance.
In March 2011, the tertiary crushing capacity at Pirquitas was
upgraded with the installation of a Nordberg HP 500 cone crusher. On April 20,
the ball mill was shut down for a re-build of its main gear box to enable the
ball mill to operate at maximum capacity. Since recommencing ball mill
production on May 3, the plant has produced an average of 4,200 tonnes per day
for an effective annual silver production capacity of 10 million ounces at
average reserve grades. Furthermore, the Company purchased four new Caterpillar
777F haul trucks to increase mine stripping capacity.
In May 2011, a concentrate marketing consultant was retained to
review contract terms for the Company’s concentrate sales, and a rotary kiln is
being installed to reduce excess concentrate moisture. Both initiatives are
expected to improve long-term sales contract terms. Refinements to the Pirquitas
concentrate sales contract terms are expected to be complete by the end of 3Q
2011.
In April 2011, silver production was 362,000 ounces prior to
the ball mill shut down on April 20. In May 2011, silver production was 843,000
ounces, the second highest single monthly production total to date, and resulted
from 30 days of continuously processing average reserve grade ore.
Silver Standard re-affirms 2011 silver production guidance of
8.5 million ounces of silver and 10 million pounds of zinc. Operating costs are
still expected to be $9.00 per ounce cash production costs, net of by-product
credits, and $19.00 per ounce cash operating costs.
SOURCE: Silver Standard Resources Inc.
Contact:
W. John DeCooman Jr., Vice President, Business Development and
Strategy
Silver Standard Resources Inc.
Vancouver, B.C.
N.A. Toll
Free: (888) 338-0046
All others: (604) 689-3846
Email:
invest@silverstandard.com
Cautionary Statements on Forward-Looking Information:
Statements in this news release relating to the estimated production of silver
and zinc, estimated operating and production costs and the Company’s ability to
enter into one or more favourable concentrate sales agreements, all relating to
the Pirquitas Mine, are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and forward-looking information
within Canadian securities laws (collectively "forward-looking statements").
Forward-looking statements are statements that are not historical facts and that
are subject to a variety of risks and uncertainties which could cause actual
events or results to differ materially from those reflected in the
forward-looking statements. Such risks and uncertainties include, but are not
limited to Silver Standard'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;
uncertainty of production and cost estimates for the Pirquitas Mine; risks and
uncertainties associated with new mining operations including start-up delays
and operational issues; risks relating to the interpretation of drill results
and the geology, grade and continuity of our mineral deposits; litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments in Argentina, Australia, Canada, Chile, Mexico, Peru,
the United States and other jurisdictions in which Silver Standard may carry on
business; technological and operational difficulties or the delay,
non-compliance 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
most recent Form 20-F, and in the Management Discussion and Analysis under the
heading "Risks and Uncertainties" and in other filings with the Securities and
Exchange Commission and Canadian regulatory authorities. The Company does not
intend, and does not assume any obligation, to update any forward-looking
statements, other than as required by applicable law.
The TSX has neither approved nor disapproved of the
information contained herein.
To receive Silver Standard’s new releases by e-mail, contact
Investor Relations at invest@silverstandard.com or call (888) 338-0046.
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