6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For August 9, 2011

Commission File Number: 000-26424

SILVER STANDARD RESOURCES INC.
(Translation of registrant's name into English)

1400 - 999 West Hastings Street
Vancouver, British Columbia
Canada V6C 2W2
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ x ] Form 20-F   [] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): []

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): []

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes []   No [ x ]

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _________

SUBMITTED HEREWITH

Exhibits

99.1	Consolidated Interim Financial Statements June 30, 2011
99.2	Management's Discussion and Analysis
99.3	News Release dated August 10, 2011

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Silver Standard Resources Inc.
	(Registrant)
Date: August 11, 2011	By:	/s/ Guy Davis
		Guy Davis
	Title:	Corporate Counsel and Assistant Corporate Secretary

EX-99.1

Silver Standard Resources Inc.

Consolidated Interim Financial Statements
For the three and six months ended June 30, 2011
(unaudited)

Silver Standard Resources Inc.
Consolidated Interim Financial Statements for the three and six months ended June 30, 2011

CONTENTS
Primary financial statements
Consolidated Interim Statement of Financial Position
Consolidated Interim Statement of Income (Loss)	Shareholders’ equity
Consolidated Interim Statement of Comprehensive Income (Loss)	Note 9 – Share capital and share-based compensation
Consolidated Interim Statement of Changes in Shareholders' Equity
Consolidated Interim Statement of Cash Flows	Income Statement
	Note 10 – Operating costs by nature
	Note 11 – Finance income and expenses
	Note 12 – Other income (expenses)
Notes to the consolidated interim financial statements	Additional disclosures
	Note 13 – Operating segments
Note 1 – Nature of operations	Note 14 – Supplemental cash flow information
Note 2 – Significant accounting policies	Note 15 – Related party transactions
	Note 16 – Events after the reporting date
Statement of Financial Position	Note 17 – Transition to International Financial Reporting Standards
Note 3 – Other financial assets
Note 4 – Property, plant and equipment
Note 5 – Investment in associate
Note 6 – Warrant liability
Note 7 – Deferred tax asset
Note 8 – Convertible notes

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Silver Standard Resources Inc.

Consolidated Interim Statement of Financial Position

(expressed in thousands of United States dollars, except per share amounts - unaudited)

		June 30	December 31
	Note	2011	2010
		$	$
Current assets
Cash and cash equivalents		368,759	232,311
Trade and other receivables		34,142	35,916
Other financial assets	3	33,512	33,651
Inventory		56,462	40,176
		492,875	342,054
Non-current assets
Property, plant and equipment	4	516,016	499,632
Investment in associate	5	145,301	226,271
Deferred income tax asset	7	15,451	-
Value added tax receivable		79,814	70,782
Other non-current financial assets	3	2,903	9,251
Total assets		1,252,360	1,147,990
Current liabilities
Trade and other payables		52,341	35,163
Taxes payable		16,357	-
Warrant liability	6	5,365	-
		74,063	35,163
Non-current liabilities
Deferred tax liabilities		20,339	20,472
Taxes payable		2,266	3,672
Close down and restoration provision		12,635	12,671
Convertible notes	8	120,562	116,125
Derivative liabilities	8	15,401	21,735
Total liabilities		245,266	209,838
Shareholders' equity
Share capital	9	695,665	676,651
Other reserves		57,475	63,257
Retained earnings		253,458	197,748
Total shareholders' equity attributable to shareholders of the Company		1,006,598	937,656
Non-controlling interest	4	496	496
Total shareholders' equity		1,252,360	1,147,990

Events after the reporting date (note 3, 4 and 16)

The accompanying notes are an integral part of the consolidated interim financial statements

Approved by the Board of Directors and authorized for issue on August 10, 2011

“John R. Brodie”	“John Smith”
John R. Brodie, FCA, Director	John Smith, Director

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Silver Standard Resources Inc.

Consolidated Interim Statement of Income (Loss)

(expressed in thousands of United States dollars, except per share amounts - unaudited)

			Three Months Ended June 30						Six Months Ended June 30
	Note		2011			2010			2011			2010
			$			$			$			$
Revenue			47,271			14,091			107,324			25,622
Cost of sales	10		(31,433	)		(15,764	)		(63,627	)		(43,889	)
Income / (Loss) from mine operations			15,838			(1,673	)		43,697			(18,267	)
General and administrative expenses	10		(7,007	)		(6,318	)		(13,600	)		(13,366	)
Exploration and evaluation expenses			(2,635	)		(131	)		(3,461	)		(280	)
Operating income (loss)			6,196			(8,122	)		26,636			(31,913	)
Gain (loss) on sale of mineral property	4		(284	)		-			(823	)		13,138
Gain on partial disposal of associate	5		39,266			-			39,266			-
Interest earned and other finance income	11		711			311			1,540			621
Interest expense and other finance costs	11		(4,222	)		(3,959	)		(8,537	)		(7,776	)
Other income (expenses)	12		10,931			3,022			6,410			14,377
Foreign exchange gain (loss)			(263	)		425			2,078			(669	)
Income (loss) before tax			52,335			(8,323	)		66,570			(12,222	)
Income tax expense			(6,570	)		(1,062	)		(10,860	)		(540	)
Net income (loss) and net income (loss) attributable to shareholders			45,765			(9,385	)		55,710			(12,762	)
Weighted average shares outstanding (thousands)
Basic			80,290			78,733			80,057			76,902
Diluted			80,809			78,733			80,780			76,902
Earnings (loss) per share
Basic		$	0.57		$	(0.12	)	$	0.70		$	(0.17	)
Diluted		$	0.57		$	(0.12	)	$	0.69		$	(0.17	)

The accompanying notes are an integral part of the consolidated interim financial statements

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Silver Standard Resources Inc.

Consolidated Interim Statement of Comprehensive Income (Loss)

(expressed in thousands of United States dollars - unaudited)

	Three Months Ended June 30				Six Months Ended June 30
	2011		2010		2011		2010
	$		$		$		$
Income (loss) for the period attributable to shareholders	45,765		(9,385	)	55,710		(12,762	)
Other comprehensive loss
Unrealized loss on marketable securities, net of tax	(7,932	)	(2,963	)	(8,224	)	(1,039	)
Realized gain on the disposal of marketable securities
recycled to net income (loss), net of tax	-		-		-		(2,017	)
Cumulative translation adjustment	5,437		(4,690	)	5,746		(3,824	)
Other comprehensive loss for the period	(2,495	)	(7,653	)	(2,478	)	(6,880	)
Total comprehensive income (loss) for the period attributable to shareholders	43,270		(17,038	)	53,232		(19,642	)
Non-controlling interests	-		-		-		-
Total comprehensive income (loss) for the period	43,270		(17,038	)	53,232		(19,642	)

The accompanying notes are an integral part of the consolidated interim financial statements

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Silver Standard Resources Inc.

Consolidated Interim Statement of Changes in Shareholders' Equity

(expressed in thousands of United States dollars - unaudited)

	Common Shares		Other		Retained earnings		Total		Non-	Total
	Shares	Amount	reserves		(accumulated		attributable to		controlling	shareholders'
					deficit)		shareholders		Interest	equity
	000's	$	$		$		$		$	$
Balance, January 1, 2010	71,965	538,700	46,966		(146,248	)	439,418		496	439,914
Issue of ordinary shares, net of costs	6,729	107,910	-		-		107,910		-	107,910
Exercise of stock options	58	1,177	(413	)	-		764		-	764
Share-based compensation	-	-	3,639		-		3,639		-	3,639
Total comprehensive income (loss) for the period	-	-	(6,880	)	(12,762	)	(19,642	)	-	(19,642	)
Balance, at June 30, 2010	78,752	647,787	43,312		(159,010	)	532,089		496	532,585
Balance, January 1, 2011	79,665	676,651	63,257		197,748		937,656		496	938,152
Exercise of stock options	688	19,014	(5,574	)	-		13,440		-	13,440
Share-based compensation	-	-	2,270		-		2,270		-	2,270
Total comprehensive income (loss) for the period	-	-	(2,478	)	55,710		53,232		-	53,232
Balance, at June 30, 2011	80,353	695,665	57,475		253,458		1,006,598		496	1,007,094

The accompanying notes are an integral part of the consolidated interim financial statements

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Silver Standard Resources Inc.

Consolidated Interim Statement of Cash Flows

(expressed in thousands of United States dollars - unaudited)

	Six Months Ended June 30
	2011		2010
	$		$
Cash flows from operating activities
Net income (loss) for the period	55,710		(12,762	)
Adjustments for:
Depletion, depreciation and amortization	11,294		10,880
Share-based payments	2,181		3,473
Close down and restoration provision	821		829
Loss (gain) on sale of mineral property and other financial assets	823		(15,447	)
Gain on partial disposal of associate	(39,266	)	-
Unrealised gain on fair value through profit and loss financial instruments	(8,115	)	(12,003	)
Accretion expense on convertible notes	4,509		4,062
Accretion income on convertible debenture	(423	)	(413	)
Impairment reversal on convertible debenture	(2,400	)	-
Share of loss of associate	3,992		-
Deferred income tax expense (recovery)	(14,561	)	540
Foreign exchange gain	(3,050	)	(2,298	)
Net changes in non cash working capital items	17,224		(2,619	)
Cash generated by (used in) operating activities	28,739		(25,758	)
Cash flows from investing activities
Purchase of property, plant and equipment	(7,798	)	(37,825	)
Mineral property expenditures	(20,849	)	(15,059	)
Increase in value added tax recoverable	(6,991	)	(8,336	)
Proceeds from sale of marketable securities	-		2,437
Net proceeds from partial disposal of associate	112,873		-
Net proceeds from sale of mineral property	17,034		6,927
Cash generated by (used in) investing activities	94,269		(51,856	)
Cash flows from financing activities
Proceeds from issuance of common shares (net of costs)	-		107,910
Proceeds from exercise of stock options	13,440		764
Cash generated by financing activities	13,440		108,674
Increase in cash and cash equivalents	136,448		31,060
Cash and cash equivalents, beginning of period	232,311		26,659
Cash and cash equivalents, end of period	368,759		57,719

Supplemental cash flow information (note 14)

The accompanying notes are an integral part of the consolidated interim financial statements

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Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

1.	NATURE OF OPERATIONS
	Silver Standard Resources Inc. (the “Company”) is a limited liability company incorporated under the laws of the Province of British Columbia, Canada and its shares are publicly listed on the Toronto Stock Exchange in Canada and the NASDAQ in the United States. The Company together with its subsidiaries (the “Group”) are principally engaged in the exploration, development and production of silver-dominant resource properties located primarily in the Americas. The Company is the ultimate parent of the Group.
	The Company's address is Suite 1400, 999 West Hastings Street, Vancouver, British Columbia, V6C 2W2.
	The Company strategic focus is on optimizing the production of silver from its Pirquitas mine in Argentina, and on advancing other principal development and exploration projects including San Luis in Peru, Diablillos in Argentina, and Pitarrilla, Nazas and San Agustin in Mexico. In addition to its principal projects, the Company holds a geologically-diverse portfolio of other predominantly silver projects in various stages of exploration.
2.	SIGNIFICANT ACCOUNTING POLICIES
	The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.
	a) Basis of preparation and adoption of International Financial Reporting Standards
	The Company prepares its financial statements in accordance with Canadian generally accepted accounting principles (“Canadian GAAP”) as set out in the Handbook of the Canadian Institute of Chartered Accountants (“CICA Handbook”). In 2010, the CICA Handbook was revised to incorporate International Financial Reporting Standards (“IFRS”), and require publicly accountable enterprises to apply such standards effective for years beginning on or after January 1, 2011. Accordingly, the Company commenced reporting on this basis in its 2011 interim consolidated financial statements. In the financial statements, the term Canadian GAAP refers to Canadian GAAP before the adoption of IFRS.
	These interim consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting” and IFRS 1, “First-time adoption of International Financial Reporting Standards” using accounting policies consistent with IFRS as issued by the International Accounting Standards Board (“IASB”) and Interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). The accounting policies followed in these interim financial statements are the same as those applied in the Company's interim financial statements for the period ended March 31, 2011. The Company has consistently applied the same accounting policies throughout all periods presented, as if these policies had always been in effect. The impact of the transition to IFRS on the Company's reported equity as at June 30, 2010 and comprehensive income for the three and six months ended June 30, 2010 is provided in note 17. This note also includes the nature and effect of significant changes in accounting policies from those used in the Company's consolidated financial statements for the year ended December 31, 2010.
	The policies applied in these interim consolidated financial statements are based on IFRS issued and outstanding as of August 10, 2011, the date the Board of Directors approved the statements. Any subsequent changes to IFRS that are given effect in the Company's annual consolidated financial statements for the year ending December 31, 2011 could result in restatement of these interim consolidated financial statements, including the transition adjustments recognised on change-over to IFRS.

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Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
	The interim consolidated financial statements should be read in conjunction with the Company's Canadian GAAP annual financial statements for the year ended December 31, 2010, and the Company's interim financial statements for the quarter ended March 31, 2011 prepared in accordance with IFRS applicable to interim financial statements.

b) Future accounting changes

On May 12, 2011 the IASB issued the following statements:

i.	IFRS 10, Consolidation (“IFRS 10”) (see further details below)
ii.	IFRS 11 Joint Venture (“IFRS 11”) ( see further details below)
iii.	IFRS 12 Disclosures of Involvement with Other Entities (“IFRS 12”) (see further details below)
iv.	IAS 27 Separate Financial Statement (revised 2011) (“IAS 27”), has been amended for issuance of IFRS 10 while maintaining the current guidance for separate financial statements
v.	IAS 28 Investments in Associates and Joint Ventures (revised 2011) (“IAS 28”), has been amended for conforming changes based on the issuance of IFRS 10 and IFRS 11.

Each of these standards has an effective date for annual periods beginning on or after January 1, 2013. Early adoption of any of these standards is permitted only if the other standards are also adopted early.

i.	IFRS 10 establishes control as the single basis for consolidation of entities, regardless of the nature of the investee. An entity has control over an investee when it has power over it; it is exposed, or has the rights, to variable returns from its involvement with the investee; and has the ability to use its power over the investee to affect those returns. IFRS 10 replaces IAS 27's guidance that addresses when and how an investor should prepare consolidated financial statements and replaces all of SIC-12. The Company has not yet assessed the impact of the standard or determined whether it will adopt the standard early.
ii.	IFRS 11 requires a venturer to classify its interest in a joint arrangement as a joint venture or joint operation. A joint operation is a joint arrangement whereby the parties that have joint control have rights to the assets and the obligations for the liabilities. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. The determination whether a joint arrangement constitutes a joint operation or a joint venture is based on the parties' rights and responsibilities under the arrangement and thus the existence of a separate legal vehicle is no longer the main factor in making such determination. Joint ventures will be accounted for using the equity method of accounting thereby eliminating the option available under existing IFRS to use either the proportionate consolidation method or the equity method. Joint operations are accounted for by a venturer by recognizing its share of the assets, liabilities, revenues and expenses of the joint operation. The Company has not yet assessed the impact of the standard or determined whether it will adopt the standard early.
iii.	IFRS 12 sets out the required disclosures relating to an entity's interest in subsidiaries, joint arrangements, associates and unconsolidated structured entities. An entity is required to disclose information that enable users of its financial statements to assess the nature of, and risks associated with, its interests in other entities and the effects of those interests on its financial statements. The Company has not yet assessed the impact of the standard or determined whether it will adopt the standard early.

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Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
	IFRS 13 Fair Value Measurement (“IFRS 13”) was issued on May 12, 2011 and establishes a single framework for measuring fair value where it is required by other standards. IFRS 13 applies to all transactions (whether financial or non-financial) for which IFRS requires or permits fair value measurements, with the exception of share-based payment transactions accounted for under IFRS 2 Share-based Payment and leasing transactions within the scope of IAS 12 Leases, and measurements that have some similarities to fair value but are not fair value such as net realisable value under IAS 2 Inventories or value in use under IAS 36 Impairment of assets. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price).
	This standard is required to be applied for accounting periods beginning on or after January 1, 2013, with earlier adoption permitted. The Company has not yet assessed the impact of the standard or determined whether it will adopt the standard early.
3.	OTHER FINANCIAL ASSETS

	June 30, 2011		December 31, 2010
	Non-current	Current	Non-current	Current
	$	$	$	$
Restricted cash	2,081	-	2,071	-
Marketable securities	-	23,843	-	33,465
Convertible debenture receivable (a)	822	9,669	7,180	186
	2,903	33,512	9,251	33,651

^(a) The Company received a $9,980,000 (C$10,000,000) convertible debenture with a coupon rate of 3% per annum from Aurcana Corporation (“Aurcana”) as part of the consideration received for the sale of the Shafter Silver property in 2008. The convertible debenture was repayable on July 15, 2011. In 2009 the coupon rate on the debenture was revised from 3% per year to 1.5% in the first year and 4% per year thereafter, which resulted in an impairment of $2,002,000 during that year. On March 25, 2011 the terms of the convertible debenture receivable were renegotiated so that Aurcana was required to pay C$7 million on July 15, 2011 and the remaining C$3 million in quarterly instalments until July 15, 2012. The interest rate for the remainder of the arrangement was increased to 9%. This resulted in a recovery of the previous impairment of $2,400,000 which was recorded within other income (expenses) (note 12) and the reclassification of $8.6 million to current assets. On July 15, 2011, the Company received a payment for C$7.4 million from Aurcana of which C$7 million was applied to reduce the principal outstanding as per the March 25, 2011 amended terms and C$ 0.4 million was in respect of the interest earned to July 15, 2011.

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Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

4.	PROPERTY, PLANT AND EQUIPMENT
	Property, plant and equipment comprises the following:

	Period ended June 30, 2011
	Plant and		Producing		Assets		Exploration and	Total
	equipment		properties		under		development
					construction		expenditure (a)
	$		$		$		$	$
Cost
Balance, beginning of period	263,305		76,209		8,695		190,909	539,118
Additions	1,915		66		8,956		20,472	31,409
Disposals	(2,206	)	(256	)	(1,101	)	-	(3,563	)
Transfers	8,875		224		(9,099	)	-	-
Balance, end of period	271,889		76,243		7,451		211,381	566,964
Accumulated depreciation
Balance, beginning of period	(35,450	)	(4,036	)	-		-	(39,486	)
Charge for the year	(11,813	)	(1,478	)	-		-	(13,291	)
Disposals	1,829		-		-		-	1,829
Balance, end of period	(45,434	)	(5,514	)	-		-	(50,948	)
Net book value at June 30, 2011	226,455		70,729		7,451		211,381	516,016

	Year ended December 31, 2010
	Plant and		Producing		Assets		Exploration and		Total
	equipment		properties		under		development
					construction		expenditure (a)
	$		$		$		$		$
Cost
Balance, beginning of period	250,085		76,841		8,015		179,445		514,386
Additions	7,644		5,017		15,806		55,942		84,409
Disposals	(8,455	)	(5,649	)	(1,095	)	(44,478	)	(59,677	)
Transfers	14,031		-		(14,031	)	-		-
Balance, end of period	263,305		76,209		8,695		190,909		539,118
Accumulated depreciation
Balance, beginning of period	(16,944	)	(618	)	-		-		(17,562	)
Charge for the year	(19,370	)	(3,418	)	-		-		(22,788	)
Disposals	864		-		-		-		864
Balance, end of period	(35,450	)	(4,036	)	-		-		(39,486	)
Net book value at December 31, 2010	227,855		72,173		8,695		190,909		499,632

No items of property, plant and equipment have been pledged as security for liabilities.

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Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

4. PROPERTY, PLANT AND EQUIPMENT (Cont’d)

a) Exploration and development expenditure by property

	June 30, 2011			December 31, 2010
	Acquisition	Exploration	Total	Total
	costs	costs
	$	$	$	$
Exploration projects
Bowdens, Australia	9,755	10,648	20,403	19,685
Sunrise Lake, Canada	1,008	68	1,076	1,074
Challacollo, Chile	2,990	6,128	9,118	9,206
San Marcial, Mexico	633	464	1,097	1,097
San Agustin, Mexico	15	1,871	1,886	1,654
Veta Colorada, Mexico	3,688	1,111	4,799	4,845
Nazas, Mexico	1,044	2,753	3,797	1,423
Berenguela, Peru	10,641	6,078	16,719	16,480
Candelaria, United States	2,434	3,713	6,147	6,022
Maverick Springs, United States	565	2,068	2,633	2,628
Other exploration projects	1,068	2,843	3,911	3,572
Development projects
Diablillos, Argentina	4,516	15,479	19,995	18,765
Pitarrilla, Mexico	17,745	71,825	89,570	77,796
San Luis, Peru (i)	660	29,570	30,230	26,662
	56,762	154,619	211,381	190,909

⁽ⁱ⁾ The non-controlling interest recorded at June 30, 2011 and December 31, 2010 results from the consolidation of the Reliant Ventures S.A.C in 2007 for the San Luis property in Peru, following the Company taking control of the project. At June 30, 2011 the Company had a 70% interest in the project, and on July 28, 2011 the Company closed the agreement to acquire the remaining 30% interest in the San Luis project from its joint venture partner, Esperanza Resources Corp. (“Esperanza”). The Company paid consideration of C$17 million in cash and transferred to Esperanza the 6.459 million shares of Esperanza that it owned. In addition, under the terms of the agreement the Company will provide a 1% net smelter return royalty on future production.

In February 2010 the Company completed the sale of its 100% interest in the Silvertip property located in British Columbia, Canada to Silvercorp Metals Inc. (“Silvercorp”). Under the terms of the agreement, Silvercorp paid total consideration of $14,957,000, comprising cash of $7,125,000 and 1,200,000 common shares of Silvercorp with a fair value of $7,832,000, for an after tax gain of $13,073,000.

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Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

5. INVESTMENT IN ASSOCIATE

		June 30, 2011	December 31, 2010
		$	$
Pretium Resources Inc.	Common shares	145,301	187,202
	Convertible note	-	39,069
		145,301	226,271

On December 21, 2010 the Company completed the sale of its 100% interest in the Snowfield and Brucejack properties located in British Columbia, Canada, to Pretium Resources Inc. (“Pretium”). Total consideration was $442,260,000 (C$450,000,000) which comprised 32,537,833 common shares of Pretium, with a fair value of $191,869,000, cash of $211,322,000 (before underwriters' fees of $12,427,000), and a non-interest bearing promissory note in the principal amount of $39,069,000.

As at December 31, 2010 the convertible note was included in carrying value of the investment in Pretium as this most accurately reflected the substance of the arrangement. The note was partially repaid on January 6, 2011 whereby the Company received proceeds of $18,083,000 and on January 31, 2011 the balance of the note $20,986,000 was converted into 3,625,000 common shares of Pretium with a fair value of $22,946,000 resulting in a gain on settlement of $1,092,000. Total transaction costs of $1,631,000 were expensed in the period, and together with the gain on settlement of the note these were presented within the gain (loss) on sale of mineral property in the income statement as they are all interrelated with the original sale transaction.

On April 8, 2011 the Company sold 11.5 million units in relation to the shares of Pretium it owns. Each unit contained one common share of Pretium and half of a warrant to acquire an additional common share of Pretium for C$12.50 within 12 months and was priced at C$10.00. The Company received cash proceeds of $120,117,000 before transaction costs of $7,244,000. In the six months ended June 30, 2011, the Company recognized a gain on partial disposal of associate of $39,266,000 (after tax gain $34,687,000). The warrants issued are recognized at fair value and recorded as a liability (note 6).

Following the closing of the secondary offering the Company's ownership interest in Pretium was approximately 28.86% . The investment is accounted for as an equity investment.

The carrying amount of the investment in associate represents the fair value at initial recognition, plus the Company's share of comprehensive income or loss. Share of loss of associate for the three and six months ended June 30, 2011 was $1,705,000 (2010: $nil) and $3,992,000 (2010: $nil).

6. WARRANT LIABILITY

On April 8, 2011 as part of the unit offering (note 5) the Company issued 5,750,000 common share purchase warrants of Pretium shares owned by the Company. Each warrant is exercisable at a price of C$12.50 for a period of 12 months. The Company initially recognized a warrant liability of $7,500,000, transaction costs of $453,000 were expensed, and this liability is recorded at fair value through profit and loss (“FVTPL”). For the three and six months ended June 30, 2011, the Company recorded an unrealized gain upon re-measurement of the liability of $2,060,000.

13 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

7.	DEFERRED INCOME TAX
	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
	The deferred income tax asset of $15,451,000 as at June 30, 2011 relates to property, plant and equipment and has been recognized only to the extent we believe it is probable that future taxable income will be available against which the temporary differences can be utilized.
8.	CONVERTIBLE NOTES
	In February 2008, the Company sold $138,000,000 in senior convertible unsecured notes (“Notes”) for net proceeds of $132,754,000 after payment of commissions and expenses related to the offering. The unsecured Notes mature on March 1, 2028 and bear an interest rate of 4.5% per annum, payable semi-annually. At initial recognition the value of the notes was allocated between the debt and the derivative components. The fair value of the debt portion was $99,144,000 and the fair value of the derivative was $38,856,000 upon inception. The debt component continues to be accreted to its maturity value using the effective interest rate method.
	For the three and six months ended June 30, 2011, the Company recorded an unrealized gain on the derivative of $10,778,600 (2010: $3,201,600) and $6,334,000 (2010: $12,420,000). The following assumptions were used to obtain the valuation:

	June 30
	2011
Expected dividend yield (%)	0%
Average risk-free interest rate (%)	4.09
Expected life (years)	17
Expected volatility (%)	57.5
Implied yield on straight debt (%)	9.34

9. SHARE CAPITAL AND SHARE-BASED COMPENSATION

a) Share capital

During the six months ended June 30, 2010, the Company closed a public share offering of 6,729,000 common shares at a price of $17.00 per share, for aggregate gross proceeds of $114,389,000. After deducting underwriting fees and estimated offering expenses of $6,479,000, net proceeds were approximately $107,910,000.

b) Share-based compensation

The Company has an incentive plan, approved by the Company's shareholders at its annual general meeting held on May 14, 2008 and amended on May 11, 2011, under which options to purchase common shares may be granted to directors, officers, employees and others at the discretion of the Board of Directors. The plan provides for the issuance of incentive options to acquire up to a total of 8.5% of the issued and outstanding common shares of the company. The exercise price of each option is set at the date of grant and shall not be less than the closing market price of the company's stock on the award date.

14 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

9. SHARE CAPITAL AND SHARE-BASED COMPENSATION (Cont’d)

The options can be granted for a maximum term of 7 years with vesting provisions determined by the Board of Directors. Currently, the vesting periods range up to three years. New shares from treasury are issued on the exercise of stock options.

The Company also has plans for deferred share units (“DSUs”), restricted share units (“RSUs”), and performance share units (“PSUs”).

During the six months ended June 30, 2011, 358,500 options were granted to employees exercisable over a 7 year period at a weighted average exercise price of C$27.08 and average fair value of C$12.39. The option valuations were based on an average expected option life of 4.6 years, a risk free interest rate of 2.4%, a dividend yield of nil and an expected volatility of 55%. During the six months ended June 30, 2010, 50,000 options were granted to an employee exercisable over a 10 year period at a strike price of C$18.99 and average fair value of C$9.77. 688,625 options were exercised during the period ended June 30, 2011 at a weighted average exercise price of C$18.95.

During the six months ended June 30, 2011, 10,012 (2010: 20,095) DSUs were granted to non-executive directors, 74,800 RSUs were granted to employees, and 141,800 PSUs to senior executives.

The DSUs vest immediately and are redeemable in cash on the date the non-executive director ceases to be a director of the company. At June 30, 2011, there were 100,373 DSUs (2010: 89,202) outstanding with a fair value of $2,682,000 (2010: $1,429,000).

The RSUs vest over a three year period, and are cash-settled immediately upon vesting. At June 30, 2011, there were 69,300 RSUs outstanding with a fair value of C$25.77. The PSUs vest after a performance period of two to three years; the vesting of the award is based on the Company's total shareholder return in comparison to its peer group, and awards range from 0% to 200% of initial PSUs granted. At June 30, 2011, there were 127,700 PSUs outstanding with fair values ranging from C$29.04 to C$31.59.

The stock based compensation expense, including all equity and cash-settled arrangements, recorded for the six months period ended June 30, 2011 was $3,498,000 (June 30, 2010: $ 3,817,000) of which $89,000 (June 30, 2010: $206,000) was capitalized to exploration and development expenditures.

15 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

10. OPERATING COSTS BY NATURE

a) Cost of sales

	Three Months Ended June 30		Six Months Ended June 30
	2011	2010	2011	2010
	$	$	$	$
Cost of inventory	20,602	10,607	43,149	31,054
Depletion, depreciation and amortization	5,235	3,899	11,029	10,737
Export duties (1)	5,596	1,258	9,449	2,098
	31,433	15,764	63,627	43,889

(1)

The Pirquitas mine has a fiscal stability agreement with the government of Argentina dating from 1998. In 2002, the government of Argentina implemented an export duty on concentrates that did not apply to companies with pre - existing fiscal stability agreements. In December 2007 the National Customs Authority of Argentina levied an export duty of approximately 10% on concentrates for projects with fiscal stability agreements predating 2002. The Company has been advised that the project is subject to this export duty despite rights under the fiscal stability agreement from 1998. The legality of the export duty has been challenged and is currently under review by the court in Argentina. In July 2010, the Company filed a claim in provincial Argentina court for repayment of export duties paid to date and for an order to cease payment of the export duty until the matter is decided by the court. An order was granted effective September 29, 2010 to cease payment of the export duty pending the decision of the courts, and in April 2011 a government appeal against this order was denied.

As of June 30, 2011 the Pirquitas mine has paid $6,646,000 in duties, however despite the order to cease payment the Company has continued to accrue duties in full until the outcome of the claim is known with certainty. At June 30, 2011 the accrual totalled $12,674,000 million, and $9,449,000 million has been included in cost if sales for the six months ended June 30, 2011. If these duties are recovered the benefit will be recognized in the statement of earnings for the full amount in the period recovery becomes virtually certain.

b) General and administrative

	Three Months Ended June 30		Six Months Ended June 30
	2011	2010	2011	2010
	$	$	$	$
Salaries and benefits	2,564	1,934	5,535	5,356
Share-based compensation	1,887	2,095	3,409	3,611
Travelling expense	372	339	854	357
Consulting and professional fees	409	893	830	1,606
Depreciation and amortization	67	69	126	143
Other expenses	1,708	988	2,846	2,293
	7,007	6,318	13,600	13,366

16 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

11. FINANCE INCOME AND EXPENSES

a) Interest earned and other finance income

	Three Months Ended June 30		Six Months Ended June 30
	2011	2010	2011	2010
	$	$	$	$
Interest earned	541	95	1,117	208
Accretion earned on convertible debenture receivable	170	216	423	413
Total finance income	711	311	1,540	621

b) Interest expense and other finance costs

	Three Months Ended June 30				Six Months Ended June 30
	2011		2010		2011		2010
	$		$		$		$
Interest expense on convertible notes	(1,548	)	(1,548	)	(3,079	)	(3,079	)
Accretion expense on convertible notes	(2,212	)	(2,013	)	(4,509	)	(3,998	)
Accretion of close down and restoration provision	(401	)	(398	)	(808	)	(699	)
Other interest expense	(61	)	-		(141	)	-
Total finance costs	(4,222	)	(3,959	)	(8,537	)	(7,776	)

12. OTHER INCOME (EXPENSES)

	Three Months Ended June 30			Six Months Ended June 30
	2011		2010	2011		2010
	$		$	$		$
Reversal of impairment of convertible debenture	-		-	2,400		-
Unrealised gain (loss) on financial instruments at FVTPL(1)	12,831		3,022	8,115		12,003
Gain on sale of marketable securities	-		-	-		2,374
Share of loss of associate	(1,705	)	-	(3,992	)	-
Miscellaneous income	(195	)	-	(113	)	-
	10,931		3,022	6,410		14,377

⁽¹⁾ Financial instruments held at FVTPL include the conversion option of the convertible debenture receivable (note 3), the warrant liability (note 6) and the share purchase option embedded in the convertible notes (note 8).

13. OPERATING SEGMENTS

The Company has identifed its operating segments based on the information used by the President and Chief Executive Officer (who is considered to be the chief operating decision maker (“CODM”)) to manage the business. The Company primarily manages its business by looking at individual extractive projects and typically segregates them between production, development and exploration. For reporting purposes all exploration and development projects have been aggregated into a single reportable segment 'exploration and development' because they all have similar characteristics and none exceed the quantitative thresholds for individual disclosure. The only production property, Pirquitas, is considered a single operating segment which derives its revenues from the sale of silver and zinc concentrate. The corporate division only earns income that is considered incidental to the activities of the Company and therefore does not meet the definition of an operating segment.

17 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

13. OPERATING SEGMENTS (Cont’d)

The following reporting segments have been identified:

-     Pirquitas mine

-     Exploration and development properties

The following is a summary of the carrying amounts of income or loss, and segment assets and liabilities by operating segment:

	Pirquitas Mine		Exploration and		Other		Total
			Development		reconciling items
Three months ended June 30, 2011			Properties		(i, ii)
	$		$		$		$
Revenue from external customers	47,271		-		-		47,271
Cost of inventory and export duties	(26,198	)	-		-		(26,198	)
Depletion, depreciation and amortization	(5,235	)	-		-		(5,235	)
Cost of sales	(31,433	)	-		-		(31,433	)
Income from mine operations	15,838		-		-		15,838
Operating income (loss)	13,567		(325	)	(7,046	)	6,196
Income (loss) before income taxes	11,401		(361	)	41,295		52,335
Interest income earned and other finance income	-		-		711		711
Interest expense and other finance costs	(365	)	(58	)	(3,799	)	(4,222	)
Income tax recovery (expense)	(3,121	)	93		(3,542	)	(6,570	)
As at June 30, 2011
Total assets	512,473		217,414		522,473		1,252,360
Non-current assets	398,628		214,096		146,761		759,485
Total liabilities	(62,588	)	(3,858	)	(178,820	)	(245,266	)

18 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

13. OPERATING SEGMENTS (Cont’d)

	Pirquitas Mine		Exploration and		Other		Total
			Development		reconciling items
Three months ended June 30, 2010			Properties		(i)
	$		$		$		$
Revenue from external customers	14,091		-		-		14,091
Cost of inventory and export duties	(11,865	)	-		-		(11,865	)
Depletion, depreciation and amortization	(3,899	)	-		-		(3,899	)
Cost of sales	(15,764	)					(15,764	)
Loss from mine operations	(1,673	)	-		-		(1,673	)
Operating loss	(1,706	)	(54	)	(6,362	)	(8,122	)
Loss before income taxes	(4,169	)	(210	)	(3,944	)	(8,323	)
Interest income earned and other finance income	-		-		311		311
Interest expense and other finance costs	(339	)	(78	)	(3,542	)	(3,959	)
Income tax expense	-		-		(1,062	)	(1,062	)

	Pirquitas Mine		Exploration and		Other		Total
			Development		reconciling items
Six months ended June 30, 2011			Properties		(i, ii)
	$		$		$		$
Revenue from external customers	107,324		-		-		107,324
Cost of inventory and export duties	(52,598	)			-		(52,598	)
Depletion, depreciation and amortization	(11,029	)			-		(11,029	)
Cost of sales	(63,627	)	-		-		(63,627	)
Income from mine operations	43,697		-		-		43,697
Operating income (loss)	40,942		(579	)	(13,727	)	26,636
Income (loss) before income taxes	37,142		(639	)	30,067		66,570
Interest income earned and other finance income	-		-		1,540		1,540
Interest expense and other finance costs	(755	)	(58	)	(7,724	)	(8,537	)
Income tax recovery (expense)	(9,294	)	245		(1,811	)	(10,860	)

19 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

13. OPERATING SEGMENTS (Cont’d)

	Pirquitas Mine		Exploration and		Other		Total
			Development		reconciling items
Six months ended June 30, 2010			Properties		(i)
	$		$		$		$
Revenue from external customers	25,622		-		-		25,622
Cost of inventory and export duties	(33,152	)	-		-		(33,152	)
Depletion, depreciation and amortization	(10,737	)	-		-		(10,737	)
Cost of sales	(43,889	)	-		-		(43,889	)
Loss from mine operations	(18,267	)	-		-		(18,267	)
Operating loss	(18,340	)	(160	)	(13,413	)	(31,913	)
Income (loss) before income taxes	(21,968	)	(354	)	10,100		(12,222	)
Interest income earned and other finance income	-		-		621		621
Interest expense and other finance costs	(621	)	(78	)	(7,077	)	(7,776	)
Income tax expense	-		758		(1,298	)	(540	)

(i)	Other reconciling items refer to items that are not reported as part of segment performance as they are managed on a group basis.
(ii)	Includes the equity accounted investment in Pretium.

Segment revenue by product

	June 30, 2011	June 30, 2010
	%	%
Silver	95%	100
Zinc	5%	-

Segment revenue by location of customer

100% of revenues were sold to a single customer which is based in Switzerland, and is the customer of the Piquitas mine segment.

20 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

13. OPERATING SEGMENTS (Cont’d)

Non-current assets by location

	June 30, 2011	December 31, 2010
	$	$
Canada	148,186	235,563
Argentina	419,112	397,447
Mexico	104,096	89,540
Peru	47,291	43,456
United States	10,590	10,419
Australia	20,720	19,970
Chile	9,490	9,541
Total	759,485	805,936

14. SUPPLEMENTAL CASH FLOW INFORMATION

During the three and six months ended June 30, 2011 and 2010 the Company made the following cash payments for interest and taxes:

	Three months ended June 30		Six months ended June 30
	2011	2010	2011	2010
	$	$	$	$
Interest paid	3,105	3,105	3,105	3,105
Taxes paid	12,370	-	12,685	-
	15,475	3,105	15,790	3,105

15.	RELATED PARTY TRANSACTIONS
	During the period ended June 30, 2011, the Company recorded administrative, technical services and expense reimbursements of $48,000 (December 31, 2010 - $19,000) from companies related by common directors or officers including our equity accounted investee. At June 30, 2011, trade and other receivables include $78,000 (2010 - $2,000) and trade and other payables include $1,091,000 (December 31, 2010 - $nil) with these related parties. Any amounts due from and payable to related parties are non-interest bearing and without specific terms of repayment. Any transactions for expense reimbursement with related parties are under normal business terms.
16.	EVENTS AFTER THE REPORTING DATE
	On August 1, 2011 the Company entered into a sale agreement with Kingsgate Consolidated Limited (“Kingsgate”) to sell the Bowdens project in Australia. Kingsgate is an Australian-based company listed on the Australian Stock Exchange. Under the terms of the agreement the Company will receive a total aggregate consideration of AUD 75 million comprised of cash of AUD 35 million, Kingsgate shares with a value of AUD 30 million, and deferred cash consideration of AUD 10 million (AUD 5 million payable on December 31, 2011 and AUD 5 million payable on June 30, 2012). The impact of the transaction on the financial statements has yet to be determined.

21 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

17. TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

The accounting policies set out in these interim consolidated financial statements have been applied for the three and six months ended June 30, 2011 and 2010.

The Company's transition from Canadian GAAP to IFRS was on January 1, 2010 and the effect of this adoption on the Company's opening IFRS balance sheet as at January 1, 2010, statement of financial position as at December 31, 2010 and income statement for the period ended December 31, 2010 is included in the notes to the unaudited interim financial statements for the three months ended March 31, 2011. The impact of the IFRS adoption on the previously reported Company's equity position as at June 30, 2010 and comprehensive income for the three and six months ended June 30, 2010 is set out in the following tables and accompanying notes;

a) Reconciliation of shareholders’ equity as at June 30, 2010:

		June 30
		2010
		$
Total shareholders' equity reported under Canadian GAAP		623,914
Increase (decrease) net of tax in respect of:
Valuation of Pirquitas mine	(i)	(81,908	)
Share-based compensation	(iii)	(41	)
Functional currency	(iv)	3,694
Convertible notes	(v)	(5,053	)
Deferred tax liabilities	(vi)	(8,021	)
Total shareholders' equity reported under IFRS		532,585

b) Reconciliation of comprehensive income (loss) for the three and six months ended June 30, 2010:

		3 months ended		6 months ended
		June 30		June 30
		2010		2010
		$		$
Total comprehensive income (loss) as reported under Canadian GAAP		(18,024	)	(26,210	)
Increase (decrease) net of tax in respect of:
Valuation of Pirquitas mine	(i)	1,160		2,110
Share-based compensation	(iii)	213		585
Functional currency	(iv)	(2,093	)	(1,339	)
Convertible notes	(v)	2,976		12,032
Deferred tax liabilities	(vi)	(1,270	)	(6,820	)
Total comprehensive income (loss) as reported under IFRS		(17,038	)	(19,642	)

22 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

17. TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (Cont’d)

c)	Explanations of the key differences between Canadian GAAP and IFRS giving rise to adjustments in the reconciliations
	(i) Valuation of the Pirquitas mine
	The Company elected under IFRS 1 to deem the fair value of the Pirquitas mine as cost at January 1, 2010. The fair value of the mine was determined to be approximately US$317 million following a discounted cash flow analysis using a discount rate of 10%. The resulting difference between the carrying value under Canadian GAAP and the deemed cost was charged to accumulated deficit.
	In addition to the adjustment to the carrying value of the Pirquitas mine additional adjustments following the transition to IFRS were recorded. These relate to close down and restoration provisions for $720,000, capitalized interest $797,000 and deferred tax liabilities $20,262,000. The impacts of these adjustments on the carrying value of the Pirquitas mine at January 1, 2010 are detailed below:

	Canadian GAAP	Transition to IFRS adjustment						IFRS
		Fair value as		Close down	Capitalised
		deemed cost of		and restoration	borrowing	Deferred
	January 1, 2010	Pirquitas		provision	costs	taxes		January 1, 2010
		(i)		(ii)	(vi)	(vii)
	$	$		$	$	$		$
Producing properties	180,018	(84,018	)	313	797	(20,262	)	76,850
Construction in progress	8,015							8,015
Mining equipment	12,478							12,478
Plant and equipment	219,305			407				219,712
Other	222							222
Total	420,039	(84,018	)	720	797	(20,262	)	317,278

The lower carrying value of the producing property balance under IFRS also impacts the periodic depletion expense charged. Depletion is charged using the percentage of completion method based on the tonnage of ore mined as a ratio to the total ore expected to be mined over the life of the mine. The lower cost base of the asset has reduced depletion for the three and six months ended June 30, 2010;

	Three months ended June 30	Six months ended June 30
	2010	2010
Cost of Sales	1,160	2,110

23 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

17. TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (Cont’d)

(ii) Close down and restoration provision

Under Canadian GAAP asset retirement obligations for close down and decommissioning costs are measured at the initial date of recognition using a discounted cash flow analysis with the Company's credit-adjusted risk free interest rate. The liability (and corresponding asset) is only re-measured in the event of changes in the amount or timing of cash flows required to settle the obligation.

IFRS (IAS 37) requires initial measurement of the obligation using a pre-tax discount rate that reflects the risk associated with the liability; furthermore the liability is required to be re-measured at each reporting date.

The Company elected to use the IFRS 1 transition exemption from full retrospective adjustment that would have been required under IFRIC 1.

For the three and six month period ended June 30, 2010 no adjustment was recorded as it was insignificant.

(iii) Share-based compensation

The Company's accounting policy for share based compensation under Canadian GAAP was broadly consistent with the requirements of IFRS, however, under IFRS 2 the Company is required to make adjustments to the compensation expense recorded for estimates of non-market vesting conditions, such as options that are not expected to vest i.e. forfeited. The initial estimation of non-market vesting conditions is not mandatory under Canadian GAAP. As a result the Company's accounting policy choice was to make adjustments only when events occurred so that non-market vesting conditions were not met, such as when options were forfeited. The Company elected to apply the IFRS 1 transition exemption, whereby adjustments were only required to be made to options that had been granted after November 7, 2002 and had not vested at the date of transition to IFRS.

The Company estimated the amount of options that would not vest by using historical data, for the three and six months ended June 30, 2010 the impact was a reduction to stock based compensation of $227,000 and $626,000 of which $213,000 and $585,000 was credited to the income statement and the balance of $14,000 and $41,000 was credited to mineral properties.

(iv) Functional currency and cumulative translation adjustment account

Under Canadian GAAP the Company determines whether a subsidiary is an integrated operation or a self-sustaining entity which determines the method of translation into the presentation currency of the Group. IFRS requires that an entity determine the functional currency of each subsidiary individually, prior to consolidation into the Group's presentation currency.

24 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

17. TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (Cont’d)

The Company determined that certain subsidiaries had a functional currency other than the US dollar, which under Canadian GAAP had been classified as being integrated operations. Those subsidiaries under Canadian GAAP were consolidated using the temporal method (i.e. monetary assets and liabilities translated at the current rate and non-monetary assets and liabilities at historic exchange rates with gains or losses being charged to income), whereas under IFRS those entities with non US dollar functional currencies are translated into US dollars using the current rate method (whereby all assets and liabilities are translated using the reporting date exchange rates with any gains or losses being recorded in equity).

For the three and six month period ended June 30, 2010 the impact was a decrease in mineral properties of $2,093,000 and $1,339,000.

(v) Convertible notes

The Company issued US$138 million of convertible notes (“Notes”) in 2008. Under Canadian GAAP the Company accounted for the Notes as a split instrument allocating the value of the notes between the debt and equity components. The debt was valued using a discounted cash flow model, with the residual balance being allocated to equity. At initial recognition the transaction costs were allocated to the debt and equity components pro rata. The debt portion was designated as an 'other liability', those transaction costs allocated to the debt were expensed, those allocated to equity were treated as a reduction of the value of the equity component. Subsequently, the difference in carrying value of the debt and its final redemption amount was recognised as accretion expense in the income statement over the period to maturity using the effective interest rate method.

There are two GAAP differences in relation to this instrument. Firstly, under Canadian GAAP the conversion feature is considered to be an equity instrument, but under IFRS it is considered as an embedded derivative liability due to the fact that if the holder elects to exercise their conversion option, the instrument can be cash-settled at the option of the Company. Secondly, under Canadian GAAP the debt component of the instrument was designated as an 'other liability', and it was similarly designated under IFRS. However, under IFRS, transaction costs relating to an instrument that is designated as an „other liability' must be netted against the carrying value of the instrument, whereas under Canadian GAAP the Company made an accounting policy election to expense those costs.

At initial recognition under IFRS, similar to Canadian GAAP, the fair value of the debt component and conversion option were estimated but under IFRS the conversion option was recognised as a derivative liability. Transaction costs incurred were allocated pro rata to the two components, again consistent with Canadian GAAP. For IFRS the debt has been designated as an 'other liability', which means that the instrument is recorded at amortized cost, net of transaction costs. Subsequently, the accounting is the same as Canadian GAAP whereby the instrument is accreted over an expected life of 5 years using the effective interest method.

The accretion expense each reporting period under IFRS is greater than under Canadian GAAP due to the lower value attributed to the debt portion upon initial recognition, due to the fact that transaction costs are netted against the carrying value of the debt. Differences in accretion expense have been charged to accumulated deficit at the date of transition.

Under IFRS the derivative liability is recognised as FVTPL so all transaction costs were expensed and the instrument is re-measured at each reporting period using a binomial tree approach.

25 | P a g e

Silver Standard Resources Inc.

Notes to Consolidated Interim Financial Statements

For the three and six months ended June 30, 2011

(tabular amounts expressed in thousands of United States dollars unless otherwise stated - unaudited)

17. TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (Cont’d)

The following table illustrates the differences in the income statement for the six months ended June 30, 2011:

	Canadian GAAP	IFRS
	Six months ended	Six months ended
	June 30, 2010	June 30, 2010
Balance sheet impact	$	$
Income statement impact
Interest expense	3,079	3,079
Interest accretion	3,680	3,998
Unrealised (gain) or loss on derivative instruments	-	(12,350	)

(vi) Deferred income tax

Under Canadian GAAP deferred tax liabilities were calculated following the acquisition of various mineral property assets. IFRS does not allow the recognition of deferred tax liabilities for temporary differences that arise in a transaction other than a business combination that at the time of the transaction affects neither the taxable nor accounting profit or loss. As a result deferred tax liabilities recognised on asset acquisitions under Canadian GAAP have been derecognised under IFRS and credited to accumulated deficit.

Non-monetary assets and liabilities of an entity are measured in its functional currency. If an entity's taxable income or loss is determined in a different currency, changes in exchange rate will give rise to a temporary difference that results in a deferred tax asset or liability under IAS 12. Effectively, the carrying value of the non-monetary asset/liability (as measured in the functional currency based on historical exchange rates) is translated from the functional currency to the local currency at the current rate and compared to the tax value in the local currency. The resulting temporary difference (measured in the local currency) is multiplied by the appropriate tax rate to arrive at the deferred tax balance in the local currency. This deferred tax balance is then translated into the functional currency at the current rate and charged/credited to profit or loss.

The above result is different from Canadian GAAP which prohibits the recognition of deferred taxes for temporary differences caused by exchange gains and losses related to foreign non-monetary assets and liabilities that are remeasured into the functional currency using historical exchange rates.

The impact on retained earnings as a result of these differences in the three and six months ended June 30, 2010 was a reduction of $1,270,000 and $6,820,000 respectively.

d)	Adjustments to Statement of Cash Flows
	The transition from Canadian GAAP to IFRS had no significant impact on cash flows generated by the Company.

26 | P a g e

EX-99.2

SILVER STANDARD RESOURCES INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL POSITION AND RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2011

1.	SECOND QUARTER 2011 HIGHLIGHTS
2.	OUTLOOK
3.	BUSINESS OVERVIEW
4.	RESULTS OF OPERATIONS
5.	REVIEW OF PROJECTS
6.	SUMMARIZED FINANCIAL RESULTS
7.	LIQUIDITY
8.	CAPITAL RESOURCES
9.	FINANCIAL INSTRUMENTS AND RELATED RISKS
10.	OTHER RISKS AND UNCERTAINTIES
11.	RELATED PARTY TRANSACTIONS
12.	SIGNFICANT INVESTMENTS ACCOUNTED FOR BY THE EQUITY METHOD
13.	NON-GAAP MEASURES
14.	CRITICAL ACCOUNTING POLICIES AND ESTIMATES
15.	FUTURE ACCOUNTING CHANGES
16.	INTERNAL CONTROLS OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES
17.	CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

SILVER STANDARD RESOURCES INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL POSITION AND RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2011

The following Management's Discussion and Analysis (“MD&A”) is intended to supplement the unaudited interim consolidated financial statements of Silver Standard Resources Inc. (“Silver Standard” or “the Company”) for the three and six months ended June 30, 2011, and the related notes thereto, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Company adopted IFRS on January 1, 2011 with a transition date of January 1, 2010. Full disclosure of the Company's IFRS accounting policies and a reconciliation of the previously disclosed opening balance sheet prepared in accordance with Canadian generally accepted accounting principles (“Canadian GAAP”) to IFRS is set out in note 25 to the unaudited interim consolidated financial statements for the period ended March 31, 2011. A reconciliation of previously disclosed comparative periods presented in accordance with Canadian GAAP to IFRS is set out in note 17 to the current interim financial statements.

The MD&A should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2010 prepared in accordance with Canadian GAAP, the unaudited interim consolidated financial statements for the three months ended March 31, 2011 prepared in accordance with IFRS, the related MD&As, and the most recent Form 20-F on file with the US Securities and Exchange Commission (“SEC”) and Canadian provincial securities regulatory authorities, with reference to the reconciliations referred to above. All figures are expressed in U.S. dollars except where otherwise indicated. This MD&A has been prepared as of August 9, 2011.

Additional information relating to the Company, including the annual information form, is available on SEDAR at www.sedar.com, and on the EDGAR section of the SEC website at www.sec.gov.

This MD&A contains “forward-looking statements” that are subject to risk factors set out in a cautionary note contained herein.

1. SECOND QUARTER 2011 HIGHLIGHTS

• Increased silver production by 16% over the first quarter to 2.0 million ounces at an average total cash cost of $22.06 per ounce.

• Strengthened the balance sheet with cash on hand of $369 million, a $108 million increase from March 31, 2011.

• Generated net earnings of $45.8 million or $0.57 per share.

• Realized $113 million of cash proceeds from the sale of 11.5 million units of the Company's investment in Pretium Resources Inc.

2

Subsequent to the quarter;

• Accelerated the development of the Pitarrilla oxide and sulphide mining complex in Mexico.

• Announced the sale of the Bowdens project in Australia for A$75 million.

• Closed the agreement to consolidate the Company's ownership interest in the high-grade gold and silver San Luis project in Peru.

2. OUTLOOK

We maintain our guidance to produce approximately 8.5 million ounces of silver in 2011 at an average direct mining cost of $11.00 per ounce of silver. Due to the change in presentation of our cost per ounce disclosures, as noted below, the previous guidance quoted $9.00 per ounce for cash production costs which included by-product credits, direct mining costs does not include by-product credits. Including by-product credits, third-party charges for smelting, refining, transportation, royalty and production taxes, average total cash cost is estimated at $20 per ounce of silver, a $1 per ounce increase which reflects higher commodity prices that increases third party charges. Including non-cash depreciation, amortization and reclamation costs, total production cost is estimated at $24 per ounce of silver.

We also expect to produce approximately 10 million pounds of zinc in 2011, unchanged from our previous guidance.

Please note the Company has changed its presentation of cash costs per ounce in line with the newly endorsed production cost guidance provided by the Silver Institute. Please refer to non-GAAP financial performance measures and the cautionary note regarding forward looking statements contained in this MD&A.

3. BUSINESS OVERVIEW

Silver Standard is engaged in the exploration, development and production of silver dominant resource properties located primarily in the Americas.

The Company's strategic focus is on optimizing production of silver from the Pirquitas mine and on advancing other principal development and exploration projects, including San Luis, Pitarrilla, Diablillos, Nazas and San Agustin. The Company has a large in-ground silver position and looks to exploit this for the benefit of the Company's shareholders, and certain projects also contain significant gold resources and base metals. The Company's growth is primarily driven through the development of core projects while monetizing others to support funding requirements.

3

4. RESULTS OF OPERATIONS

Pirquitas Mine, Argentina

	June 30	March 31	December 31	September 30	June 30		March 31
Operating data	2011	2011	2010	2010	2010		2010
Tonnes milled	295,004	307,745	313,051	320,174	345,661		276,375
Silver head grades (g/t)	261	233	267	283	240		129
Silver recoveries (%)	80.0	73.6	76.3	66.3	63.7		53.2
Silver (ounces)
- produced	1,975,616	1,697,294	2,067,438	1,932,978	1,692,466		609,258
- sold	1,569,698	2,053,573	1,621,363	2,316,447	1,091,911		906,936
Average realized silver price ($/per ounce)	38.17	34.98	32.51	21.86	17.62		16.77
Average London spot silver price ($/per ounce)	37.36	31.66	26.43	18.96	18.32		16.76
Direct mining cost ($/per oz)(1)	11.57	12.26	9.55	10.43	11.27		29.32
Total cash cost ($/per oz)(1)	22.06	23.23	16.06	16.95	14.98		36.62
Total production cost ($/per oz)(1)	25.26	26.99	19.00	19.89	18.22		46.13
Financial Data ($000s)
Revenue	47,271	60,053	45,077	41,557	14,091		11,531
Earnings (loss) from mine operations	15,838	27,859	19,313	10,990	(1,673	)	(16,594	)
Exploration expenditures	7,992	12,857	4,513	28,599	10,199		4,860

⁽¹⁾ Costs per ounce – the Company reports non-GAAP cost per ounce of silver produced to manage and evaluate operating performance at the Pirquitas mine. Company adopted the Silver Institute presentation guidance for production costs which differs from the Company's previous disclosure. For a better understanding and a reconciliation of these measures to cost of sales, as shown in our consolidated Statement of Income (Loss) please refer to the non-GAAP measures section of this MD&A.

Mine production

The Pirquitas mine produced 2.0 million ounces of silver during the second quarter of 2011 compared with 1.7 million ounces in the first quarter of 2011 and 1.7 million ounces in the second quarter of 2010. The increased production in the quarter as compared to the first quarter was a result of production efficiencies implemented earlier in 2011.

During the second quarter of 2011, 295,004 tonnes of ore were processed at an average milling rate of 3,241 tonnes per day, compared to 307,745 tonnes at an average of 3,419 tonnes per day achieved in the first quarter of 2011 and 345,661 tonnes at an average milling rate of 3,798 tonnes per day in the second quarter of 2010. The reduced tonnage processed during the second quarter of 2011 resulted from a 13-day ball mill shutdown to refurbish the gearbox. Additional repairs and maintenance in July 2011 resulted in a further 17 days of downtime.

The mine continues to process sulphide ore and the metallurgical response and overall silver recovery rates are in line with feasibility study expectations. The ore produced during the second quarter of 2011 contained silver head grades of 261 grams/tonne and achieved recoveries of 80%, compared to silver head grades of 233 grams/tonne and recoveries of 74% in the first quarter of 2011 and silver head grades of 240 grams/tonne and recoveries of 64% in the second quarter of 2010. The higher recovery achieved during the second quarter was due principally to consistent feed and continuous improvements to the crushing and flotation circuits.

4

The mine produced a total of 2.8 million pounds of zinc in the second quarter of 2011 compared to 3.2 million pounds in the first quarter of 2011. The reduction in zinc production is primarily due to a lower grade being processed.

Test work of the tin circuit continues, with the objective of improving the tin recovery while maintaining a good final concentrate tin grade. Preliminary results of this test work are expected later in 2011.

Mine operating costs

During the quarter the Company adopted the Silver Institute presentation guidance for production costs. As this disclosure guidance differs from the Company's previous disclosures, previous disclosures have been restated to conform to the amended presentation. Direct mining expenses in the second quarter were $11.57 per ounce compared to $12.26 per ounce in the first quarter of 2011 and $11.27 per ounce in the second quarter of 2010. The reduction in the second quarter versus the first quarter was driven by an increased number of ounces produced in the second quarter compared to the first quarter.

Total cash cost, which includes by-product credits, treatment and refining costs, royalties and production taxes, was $22.06 per ounce compared to $23.23 per ounce in the first quarter of 2011 and $14.98 per ounce in the second quarter of 2010. Treatment and refining costs, as well as royalties and production taxes are all a function of sales prices and are recorded for the actual ounces sold during the quarter. Consequently, on a per ounce basis, the variability from quarter to quarter is due to sales prices and the difference between production and sale volumes. The lower incremental per ounce impact of these costs in the second quarter of 2011 compared with the first quarter of 2011 is due to a lower volume of sales in that period, which compensates for the higher sales prices recorded in the second quarter. The significant increase in total cash cost per ounce compared to the second quarter of 2010 is a result of the higher silver prices and its effect on treatment, refining and transportation costs, royalties and production taxes.

Total production cost, which includes depreciation and amortization, was $25.26 per ounce in the second quarter of 2011 compared to $26.99 in the first quarter of 2011 and $18.22 in the second quarter of 2010. The depreciation and amortization costs are largely fixed throughout the year.

Drilling program

A diamond drill program of approximately 17,500 meters is being completed at the Pirquitas mine and property area. The objective of the diamond drill program is to increase the reserves and resources definition, particularly within the deeper zones of the San Miguel open pit deposit. In addition to the deeper in-fill drilling at the open-pit, five closely spaced holes were completed at a target located approximately 500 metres north of the current open pit. The assay data from these five holes, together with those from previous holes, may define an additional silver-zinc-tin zone on the property. Laboratory assay results from the diamond drill program are pending.

Fiscal stability agreement

The Pirquitas mine has a fiscal stability agreement with the government of Argentina dating from 1998. In 2002, the government of Argentina implemented an export duty on concentrates that did not apply to companies with pre-existing fiscal stability agreements. In December 2007 the National Customs Authority of Argentina levied an export duty of approximately 10% on concentrates for projects with fiscal stability agreements predating 2002. The Company has been advised that Pirquitas is subject to this export duty despite contrary rights detailed under the 1998 fiscal stability agreement. The legality of the export duty has been challenged and is currently under review by the court in Argentina. In July 2010, the Company filed a claim in provincial Argentina court for repayment of export duties paid to date and for an order to cease payment of the export duty until the matter is decided by the court. An order was granted effective September 29, 2010 to cease payment of the export duty pending the decision of the courts, and in April 2011 a government appeal against this order was denied.

5

As of June 30, 2011 the Pirquitas mine has paid $6.6 million in duties, however, despite the order to cease payment, the Company has continued to accrue duties in full until the outcome of the claim is known with certainty. At June 30, 2011, the accrual totaled $12.7 million, and $9.5 million has been included in cost of sales for the six month period ended June 30, 2011. If these duties are recovered the benefit will be recognized in the statement of earnings for the full amount in the period recovery becomes virtually certain.

5. REVIEW OF PROJECTS

San Luis, Peru

A total of $2.5 million was spent during the quarter at the San Luis project in Peru compared to $1.3 million in the same quarter of the prior year.

During the quarter, long-term land access negotiations continued with local communities. Throughout the remainder of 2011 the Company will continue to work towards achieving long-term land access agreements and the required Environmental Impact Study to enable a construction decision.

On July 28, 2011 the Company completed the previously announced agreement, and acquired the remaining 30% interest in the San Luis project from the Company's former joint venture partner Esperanza Resources Corp. (“Esperanza”). Under the terms of the agreement, the Company paid C$17 million in cash, transferred to Esperanza the 6.459 million shares of Esperanza that the Company owned, and granted to Esperanza a 1% net smelter return royalty on future revenues earned from the San Luis project.

The San Luis project currently comprises proven and probable mineral reserves of 0.29 million ounces of gold, and 7.2 million ounces of silver. All of these are attributable to the Company as of July 28, 2011, following its consolidation of ownership.

Pitarrilla, Mexico

A total of $4.0 million was spent during the quarter at the wholly-owned Pitarrilla project located in Durango, Mexico compared to $4.2 million in the same quarter of the prior year.

On August 10, 2011 the Board of Directors committed a total of $25.0 million to accelerate the advancement of a combined Pitarrilla oxide and sulphide mining project in the state of Durango, Mexico. The oxide zones would be developed first to hasten cash-flow, while the sulphide development would commence construction concurrent with the open pit oxide development, maintaining its longer time to production as expected due to extensive underground development. A combined oxide and sulphide project feasibility study is scheduled to be completed in the first half of 2012 and if approved, detailed design and construction will commence thereafter leading to production within two years. The $25.0 million allows for the purchase of critical path process equipment. This commitment, in addition to recent personnel hires marks a significant step forward in the development of Pitarrilla.

Drilling activity continued during the quarter at the Pitarrilla project to support efforts to enhance the recovery of oxidized silver resources, which are distributed between five separate zones. To date, approximately 13,700 meters of diamond drilling has been completed. The ongoing work involves resource in-fill and geotechnical drilling, metallurgical test work and project planning to optimize the sequencing of production from the oxide and sulphide silver resources.

The Pitarilla project currently comprises probable mineral reserves of 91.7 million ounces of silver, measured and indicated resources of 551.6 million ounces of silver and inferred resources of 82.2 million ounces of silver.

6

Nazas, Mexico

A total of $1.6 million was spent during the quarter at the Company's wholly owned Nazas property, compared to $0.3 million during the same quarter of the prior year.

The Nazas property, which covers approximately 236 square kilometres, is centered about 16 kilometres east of the Pitarrilla project and covers an extensive system of gold and silver bearing quartz veins and related hydrothermal alteration. Approximately 8,400 metres of diamond drilling was completed in the quarter. A further six holes will follow up on results from this diamond drilling and to test other prospects on the Nazas property. The exploration goal is to discover a system of precious metal-rich quartz veins and/or silver-rich polymetallic veins.

Diablillos, Argentina

A total of $0.7 million was spent during the quarter at the Company's wholly owned Diablillos project (which is located 275 kilometres south of the Pirquitas Mine in northwestern Argentina) compared to $0.5 million in the same quarter of the prior year.

The expenditure in the quarter was primarily spent on engineering and metallurgical studies done in association with a scoping study. The scoping study was completed during the quarter, as planned, and evaluates open pit mining with processing options of conventional milling and heap-leaching. Further metallurgical testing and exploration work is ongoing. A small exploration program was also conducted on the property during the quarter to identify satellite zones of near-surface oxidized gold mineralization that would be complimentary to the resources defined in the main Oculto deposit. This work involved following up on gold anomalies defined by geochemical sampling conducted by previous owners. These anomalies were re-examined to determine whether any mechanical trenching and additional sampling should be carried out at some of them.

The Oculto deposit at the Diablillos project has indicated mineral resources that total 0.64 million ounces of gold and 77.1 million ounces of silver, with additional inferred resources totaling 0.19 million ounces of gold and 6.3 million ounces of silver.

San Agustin, Mexico

A total of $0.1 million was spent during the quarter at the Company's wholly-owned San Agustin project located in Durango State, Mexico consistent with the $0.3 million spent in the same quarter of the prior year.

A 5,000 metre diamond drilling program is planned for the second half of 2011 with the objective of expanding the near surface oxidized gold resource. Detailed metallurgical studies will also be undertaken and will focus on the gold recovery characteristics of the oxide gold mineralization.

The San Agustin project currently comprises indicated mineral resources of 1.59 million ounces of gold and 47.8 million ounces of silver, along with inferred resources of 1.06 million ounces of gold and 36.9 million ounces of silver.

7

6. SUMMARIZED FINANCIAL RESULTS

The following table sets out selected quarterly results, which are stated in thousands of U.S. dollars, except per share amounts.

		2011	2010							2009(1)
	30-Jun	31-Mar	31-Dec	30-Sep		30-Jun		31-Mar		31-Dec		30-Sep		30-Jun
Revenue	47,271	60,053	45,077	41,557		14,091		11,531		5,442		-		-
Income (loss) from mine operations	15,838	27,859	19,313	10,990		(1,673	)	(16,594	)	(2,523	)	-		-
Income (loss)	45,765	9,943	367,164	(10,408	)	(9,385	)	(3,376	)	(9,126	)	(95	)	(1,374	)
Basic earnings (loss) per share	0.57	0.12	4.63	(0.13	)	(0.12	)	(0.04	)	(0.13	)	(0.00	)	(0.02	)
Dliuted earnings (loss) per share	0.57	0.12	4.60	(0.13	)	(0.12	)	(0.04	)	(0.13	)	(0.00	)	(0.02	)
Cash and cash equivalents	368,759	260,733	232,311	35,839		57,719		102,995		26,659		42,886		52,835
Total assets	1,252,360	1,178,644	1,147,990	717,749		701,356		721,795		749,925		718,259		653,622
Working capital	418,812	335,764	306,891	65,201		89,429		117,441		24,515		27,036		37,890
Convertible notes	122,612	118,924	118,201	114,517		113,981		110,429		112,815		109,563		109,396

⁽¹⁾ Information for 2009 is presented in accordance with Canadian GAAP and was not required to be restated to IFRS.

Three months ended June 30, 2011 compared to the three months ended June 30, 2010

Net earnings for the three months ended June 30, 2011 were $45.8 million ($0.57 per share) compared to a net loss of $9.4 million ($0.12 per share) in the second quarter of 2010. The following is a summary and discussion on significant components of income and expenses recorded during the quarter compared to the same period in the prior year.

During the second quarter 2011 the Company recorded total revenues from the Pirquitas Mine of $47.3 million from the sale of 1.6 million ounces of silver at a realized price of $38.17 per ounce, and 2.0 million pounds of zinc at a realized price of $1.04 per pound. This is compared with the second quarter of 2010 which recorded revenues of $14.1 million from the sale of 1.1 million ounces of silver at a realized price of $17.62, and no zinc sales. The relative increase in sales is reflective of the volume of silver ounces sold, the significant increase in the price of silver as well as zinc pounds sold.

Since the Company's initial start up in late 2009 and continuing to the end of the second quarter 2011, silver concentrates have been sold pursuant to a sales contract to a single customer. The contract was terminated subsequent to the quarter and several smelters and metal traders have been contacted to establish new contractual relationships. It is anticipated that these negotiations will be concluded by the end of the third quarter.

Cost of sales for the second quarter 2011 was $31.4 million compared to $15.8 million in the second quarter of 2010. This resulted in earnings from mine operations of $15.8 million in the second quarter of 2011 compared to a loss of $1.7 million in the second quarter of 2010. The increase in cost of sales is primarily due to the volume of product sold. Margins improved as a result of higher silver prices and because a significant majority of mine costs are fixed costs. There was also an improvement in the operational efficiency at the mine, a focus on increasing plant throughput and recoveries resulting in higher production.

General and administration expenses for the three months ended June 30, 2011 were $7.0 million compared to $6.3 million in 2010. General costs are consistent with the increase primarily due to higher employee related costs related to growth in the Company's headcount through the last year, higher travel and corporate administrative expenses, partially offset by lower consulting costs.

8

Exploration costs of $2.6 million for the second quarter of 2011 relate primarily to the drilling program at the Pirquitas mine which was new in 2011. Such costs at the operating property are expensed in line with the Company's accounting policy.

In the second quarter of 2011 the Company sold 11.5 million units (each unit comprised one common share of Pretium held by the Company and one half of a warrant to purchase an additional share within a year for C$12.50) for gross proceeds of $120 million resulting in a pre-tax gain of $39.3 million.

In the three months ended June 30, 2010 the Company recorded a pre-tax gain on sale of mineral properties of $13.1 million following the sale of the Company's 100% interest in the Silvertip property located in British Columbia, Canada. The Company received $14.9 million; comprising cash of $7.1 million and 1,200,000 common shares of Silvercorp, the acquirer, with a fair value of $7.8 million. There were no sales of mineral properties in the second quarter of 2011, but a loss of $0.3 million was recorded which resulted from the final settlement of transaction costs incurred in 2011 in relation to the sale of the Snowfield and Brucejack properties in December 2010 and overallotment option exercised in the first quarter of 2011.

Included within other income (expenses) in the second quarter of 2011 was $1.7 million representing the Company's share of the losses of Pretium. The re-measurement of financial instruments held at fair value through profit and loss (“FVTPL”) (warrant liability and convertible notes conversion option) resulted in a gain of $12.8 million for the second quarter of 2011 compared to a gain of $3.0 million in the second quarter of 2010.

In the three months ended June 30, 2011 there was an income tax expense of $6.6 million compared to $1.1 million in the first quarter of 2010. Of the total tax expense in 2011, $3.1 million is in relation to the Pirquitas mining operations and $3.5 million at the corporate level recognising the current tax on the sale of the Pretium shares during the quarter.

Six months ended June 30, 2011 compared to the six months ended June 30, 2010

Net earnings for the six months ended June 30, 2011 were $55.7 million ($0.70 per share) compared to a net loss of $12.8 million ($0.17 per share) in the same period of 2010. The following is a summary and discussion on significant components of income and expenses recorded during the six month period compared to the same period in the prior year.

During the six months ended June 30, 2011 the Company recorded total revenues from the Pirquitas Mine of $107.3 million from the sale of 3.6 million ounces of silver with a realized price of $36.02 per ounce, and 6.5 million pounds of zinc realizing $1.06 per pound. This is compared with the first half of 2010 which recorded revenues of $25.6 million from the sale of 2.0 million ounces of silver with a realized price of $17.24, with no zinc sales. The relative increase in sales is reflective of the volume of silver ounces sold, the significant increase in the price of silver as well as zinc pounds sold.

Cost of sales for the first half of 2011 was $63.6 million compared to $43.9 million in the first half of 2010. This resulted in earnings from mine operations of $43.7 million in 2011 compared to a loss of $18.3 million in the first half of 2010. The increase in cost of sales is primarily due to the volume of product sold. Margins improved as a result of higher silver prices and because a significant majority of mine costs are fixed costs. There was also an improvement in the operational efficiency at the mine, a focus on increasing plant throughput and recoveries resulting in higher production.

General and administration expenses for the six months ended June 30, 2011 were $13.6 million compared to $13.4 million in 2010. General costs are consistent; there was an increase in employee related costs related to growth in the Company's headcount through the last year which was offset by severance recorded in 2010, higher travel and corporate administrative expenses, partially offset by lower consulting costs.

9

Exploration costs of $3.5 million for the first half of 2011 relate primarily to the drilling program at the Pirquitas mine which was new in 2011.

In April 2011 the Company sold 11.5 million units and recognised a pre-tax gain of $39.3 million, as discussed above.

In the first half of 2010 the Company recorded a pre-tax gain on sale of mineral properties of $13.1 million following the sale of the Company's 100% interest in the Silvertip property located in British Columbia, Canada.

Included within other income (expenses) in the first half of 2011 was $4.0 million representing the Company's share of the losses of Pretium. The re-measurement of financial instruments held at fair value through profit and loss (“FVTPL”) (warrant liability and convertible notes conversion option) resulted in a gain of $8.1 million in 2011 compared to a gain of $12.0 million in the first half of 2010. The reversal of a previous impairment loss on the Aurcana convertible debenture resulted in a gain of $2.4 million in the first half of 2011, and in the first half of 2010 there was a gain on the sale of marketable securities of $2.4 million.

The Company recorded a foreign exchange gain for 2011 of $2.1 million compared to a loss of $0.7 million in 2010. The Company's main exposure to foreign exchange risk is related to net monetary assets denominated in Canadian dollars and Argentinean pesos. Canadian dollar assets generated gains due to the strengthening of the Canadian dollar against the U.S. dollar, which was offset due to a weakening Argentine Peso against the U.S. dollar, on a net Peso asset balance.

In the six months ended June 30, 2011 there was an income tax expense of $10.9 million compared to $0.5 million in the first half of 2010. Of the total tax expense in 2011, $9.3 million is in relation to the Pirquitas mining operations and $1.8 million at the corporate level recognising the current tax on the sale of the Pretium shares.

7. LIQUIDITY

At June 30, 2011, the Company held $368.8 million in cash and cash equivalents and $23.8 million in marketable securities compared to $232.3 million and $33.5 million respectively at December 31, 2010. The increase in cash for the six months ended June 30, 2011 was the result of cash inflows from operations of $28.7 million, $13.4 million generated from financing activities, and $94.3 million from investing activities.

Operating Activities
The Company recorded a net cash inflow from operations of $28.7 million in the six months ended June 30, 2011, compared to an outflow of $25.8 million in the same period in 2010.

The inflow in 2011 was primarily from positive cash flows from the Pirquitas mine of $68.7 million, offset by general and administration expenses and exploration expenses of $17.1 million, and interest and tax payments of $15.5 million.

Financing Activities
The Company generated a total of $13.4 million in the six months ended June 30, 2011 through financing activities as compared to $108.7 million in the corresponding period in 2010. Proceeds in 2011 were received upon the exercise of stock options, and in 2010 $107.9 million was from a public share offering of 6.8 million shares at C$17.00 per share, and $0.8 million from the exercise of stock options.

In the six months ended June 30, 2011, a total of 688,625 (2010 – 58,430) shares were issued on the exercise of stock options for total proceeds received of $13.4 million (2010 - $0.8 million). The weighted average exercise price of options exercised was C$18.95 (2010 - C$13.74) per share.

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Investing Activities

During the second quarter of 2011 the Company received net proceeds of $112.9 million from the partial sale of its investment in Pretium.

The Company spent the following on its mineral exploration projects:

	Three months ended June 30				Six months ended June 30
	2011		2010		2011	2010
	$000's		$000's		$000's	$000's
Berenguela	84		660		239	755
Diablillos	696		451		1,214	709
Pitarrilla	4,038		4,200		11,653	6,026
San Agustin	111		264		261	467
San Luis	2,498		1,344		3,578	4,458
Snowfield	-		2,802		-	3,736
Brucejack	-		3,624		-	3,985
Nazas	1,604		336		2,365	596
Other	444		413		821	830
Change in non-cash working capital	(1,483	)	(3,895	)	718	(6,503	)
Cash spent on exploration and development properties	7,992		10,199		20,849	15,059

The Snowfield and Brucejack properties were sold in December 2010 and hence there was no expenditure in 2011.

During the six months ended June 30, 2011 the Company spent $7.8 million compared to $37.8 million in the prior period for sustaining capital at Pirquitas. Capital expenditure in 2011 was primarily to increase the size of the tailings dam, and implementing a new tertiary crushing circuit, while the large cash expenditure in the same period in 2010 was primarily related to the payment of construction related payables from 2009.

The Company spent $7.0 million in value added tax (“VAT”) primarily in Argentina related to the Pirquitas mine for the six months ended June 30, 2011 compared to $8.3 million in the prior year due to the lower level of expenditure in the current period compared to the payment of construction payables in 2010. The Company continues to work with the fiscal authorities regarding the process of recovering the VAT receivable. As metal concentrates continue to be exported, additional VAT applications will be submitted on an ongoing basis to recover the remaining balance of VAT receivable.

Working capital

Working capital at June 30, 2011 was $418.8 million, an increase of $111.9 million from December 31, 2010. The increase in working capital resulted primarily from a $136.5 million increase in cash and cash equivalents, driven by positive cash flows from Pirquitas, cash received from options exercised, the exercise of the overallotment option, and the sales of Pretium shares. There was also an increase in inventory of $16.3 million, plus the reclassification of the convertible debenture from Aurcana of $9.7 million from a non-current to a current asset, which was offset by an increase in payables of $17.1 million, and taxes payable of $16.4 million.

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8. CAPITAL RESOURCES

Shareholders' equity at June 30, 2011 was $1,006.5 million, an increase of $68.9 million from $937.7 million at December 31, 2010. This was due to the exercise of 688,625 options, stock based compensation and the comprehensive income reported for the period.

As at June 30, 2011 the Company had approximately 80.4 million common shares outstanding, with a share capital value of $695.7 million. The Company also had 3.6 million stock options outstanding which are exchangeable into common shares at exercise prices ranging between 11.50 and 40.62.

The Company's financial position at June 30, 2011, and the operating cash flows that are expected over the next twelve months, lead management to believe that the Company's liquid assets are sufficient to fund currently planned capital expenditures and to discharge liabilities as they come due. In addition, the Company is positioned to take advantage of strategic opportunities as they become available.

Outstanding share data
The authorized capital consists of an unlimited number of common shares without par value. As at August 9, 2011, the following common shares and options were outstanding:

	Number of		Exercise	Remaining
	Shares		Price	Life
			C$	(years)
Capital stock	80,559,266
Stock options	3,365,474	$	11.50 - $40.62	0.1 - 9.3
Fully diluted	83,924,740

9. FINANCIAL INSTRUMENTS AND RELATED RISKS

The Company's financial instruments are exposed to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company's overall risk management strategy seeks to minimise potential adverse effects on the Company's financial performance. Risk management is carried out under policies approved by the Board of Directors.

The Company may, from time to time, use foreign exchange contracts, commodity price contracts and interest rate swaps to manage its exposure to fluctuations in foreign exchange, metal prices and interest rates. The Company does not have a practice of trading derivatives. In the past, the Company's use of derivatives was limited to specific programs to manage fluctuations in foreign exchange risk, which are subject to the oversight of the Board of Directors. The risks associated with the Company's financial instruments, and the policies on how the Company mitigates those risks are set out below.

a) Market Risk

This is the risk that the fair values of financial instruments will fluctuate owing to changes in market prices. The significant market risks to which the Company is exposed are commodity price risk, currency risk and interest rate risk.

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(i) Commodity Price Risk

Price risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in market prices. There has been no change in the Company's objectives and policies for managing this risk and no significant change to the Company's exposure to price risk during the six months ended June 30, 2011.

(ii) Foreign Exchange Risk

Foreign exchange risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in foreign currency exchange rates. The Company is exposed to foreign exchange risk on its cash and cash equivalents, certain receivable balances, the convertible debenture receivable, VAT receivable and certain accounts payable and accrued liabilities.

The Company monitors and manages this risk closely with the objective of ensuring its group wide exposure to negative fluctuations in currencies against the USD is minimized. As at June 30, 2011 the Company has not entered into any derivatives to mitigate this risk. There has been no change in the Company's objectives and policies for managing this risk and no significant change to the Company's exposure to foreign exchange risk during the six months ended June 30, 2011.

(iii) Interest Rate Risk

Interest rate risk mainly arises from the interest rate impact on our cash and cash equivalents because they are the only financial instrument the Company holds that earns interest based on variable market interest rates. The long-term convertible debenture receivable and long-term convertible notes have fixed interest rates and are therefore not exposed to fluctuations in interest rates.

The Company monitors its exposure to interest rates closely and has not entered into any derivative contracts to manage its risk. There has been no change in the Company's objectives and policies for managing this risk and no significant change to the Company's exposure to interest rate risk during the six months ended June 30, 2011.

b) Credit Risk

Credit risk is the risk that a third party might fail to discharge its obligations under the terms of a financial contract. The Company's credit risk is limited to deposits with financial institutions, trade receivables in the ordinary course of business, the recovery of the convertible debenture and the recovery of value added taxes, and the quality of its financial investments. There has been no change in the Company's objectives and policies for managing this risk and no significant change to the Company's exposure to credit risk during the six months ended June 30, 2011. However, subsequent to the period end the credit risk associated with the convertible debenture from Auracana was considered to have reduced following the repayment of C$7 million on July 15, 2011.

c) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages its liquidity risk through a rigorous planning and budgeting process, which is reviewed and updated on a regular basis, to help determine the funding requirements to support the Company's current operations, expansion and development plans, and by managing its capital structure.

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The Company's objective is to ensure that there are sufficient committed financial resources to meet its short-term business requirements for a minimum of twelve months. There has been no change in the Company's objectives and policies for managing this risk and the Company considers that during the period the significant cash proceeds received from selling 11.5 million shares of Pretium has further reduced the Company's exposure to liquidity risk during the six months ended June 30, 2011.

10. OTHER RISKS AND UNCERTAINTIES

There were no changes to the Company's exposure to risks and uncertainties, including risks relating to the Company's foreign operations and environmental regulation as described in the 2010 year end and March 31, 2011 interim “Management Discussion and Analysis”.

For further information regarding the Company's operational risks, please refer to the section entitled 'Risk Factors' in the Annual Report on Form 20-F' for the year ended December 31, 2010, which is available at www.sedar.com.

11. RELATED PARTY TRANSACTIONS

During the six months ended June 30, 2011, the Company recorded administrative, technical services and expense reimbursements of $48,000 (2010 - $19,000) from companies related by common directors or officers including our equity accounted investee. At June 30, 2011, trade and other receivables include $78,000 (December 31, 2010 - $2,000) and trade and other payables include $1,091,000 (December 31, 2010 - $nil) with these related parties primarily due to transaction costs from the sale of the Snowfield and Brucejack properties and the subsequent sale of Pretium shares. Any amounts due from and payable to related parties are non-interest bearing and without specific terms of repayment. Any transactions for expense reimbursement with related parties are under normal business terms.

12. SIGNFICANT INVESTMENTS ACCOUNTED FOR BY THE EQUITY METHOD

As at June 30, 2011 the Company retained an ownership interest in Pretium of 28.86% . This investment is being accounted for under the equity method. The following table is an estimation of the assets and liabilities, and net loss of Pretium at:

	June 30	December
	2011	2010
	C$ 000s	C$ 000s
Cash and cash equivalents	36,277	48,534
Mineral properties	458,838	450,000
Other fixed assets	1,393	-
Other receivables and payables	129	(40,146	)
Net assets	496,637	458,388

	Three months ended		Six months ended
		June 30		June 30
	2011	2010	2011	2010
	C$ 000s	C$ 000s	C$ 000s	C$ 000s
Stock based compensation	3,643	-	9,031	-
Other	814	-	1,503	-
Net Loss	4,457	-	10,534	-

Subsequent to June 30, 2011 Pretium completed a C$15 million private placement of 1.39 million flow through shares. The Company did not participate in this which resulted in a dilution of the Company's ownership to approximately 28.39%.

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13. NON-GAAP MEASURES

Non-GAAP measures – Cash cost per ounce of silver

The Company uses the non-GAAP measures of direct mining cost, total cash cost and total production cost per ounce of silver to manage and evaluate operating performance. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flows. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

This classification is based upon the Silver Institute's production cost standard as endorsed on June 16, 2011. Previously the Company reported cash production cost, cash operating cost and total production cost, and has moved to the Silver Institute's production cost standard in order to disclose a more standardized meaning within the industry. The key differences between this new presentation and the Company's previous disclosure is that cash production costs included by-product credits whereas direct mining costs per the Silver Institute guidance only include costs incurred at the mine site. Total cash costs and cash operating costs remain consistent. Total production costs are consistent except that the Company had previously included reclamation costs which are excluded from the Silver Institute's guidance.

The following table provides a reconciliation of direct mining costs, total cash costs and total production costs to cost of sales, as reported in our Consolidated Statement of Earnings (Loss):

	3 months ended June 30			6 months ended June 30
	2011		2010	2011		2010
	$000s		$000s	$000s		$000s
Cost of inventory per income statement	20,602		10,607	43,149		31,054
Movement in inventory	2,399		8,463	654		5,878
Other adjustments	(152	)	-	(152	)	-
Direct mining expenses	22,849		19,070	43,651		36,932
Third party smelting, refining and transportation costs	13,964		4,840	29,532		8,345
By-product credits	(733	)	-	(2,983	)	-
Royalties & production taxes	7,507		1445	12,813		2,386
Total cash costs	43,587		25,355	83,013		47,663
Depletion, depreciation and amortization per income statement	5,235		3,899	11,029		10,737
Movement in inventory	1,090		1,582	1,681		539
Total production costs	49,912		30,836	95,723		58,939
Production (ounces)	1,975,616		1,692,466	3,672,910		2,301,724
Direct mining expenses (per ounce)	11.57		11.27	11.88		16.05
Total cash cost (per ounce)	22.06		14.98	22.60		20.71
Total production cost (per ounce)	25.26		18.22	26.06		25.61

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Non-GAAP measures – adjusted earnings

The Company has included the non-GAAP performance measure of adjusted net income and adjusted basic earnings per share. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors may want to use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

The following table provides a reconciliation of adjusted net earnings to the consolidated financial statements:

	Three months ended June 30,				Six months ended June 30,
	2011		2010		2011		2010
	$000's		$000's		$000's		$000's
Net income (loss) attributable to shareholders	45,765		(9,385	)	55,710		(12,762	)
Adjusted for:
Loss (gain) on sale of mineral property	284		-		823		(13,138	)
Gain on partial disposal of associate	(39,266	)	-		(39,266	)	-
Unrealised (gain) loss on financial instruments at FVTPL	(12,831	)	(3,022	)	(8,115	)	(12,003	)
Share of loss of associate	195		-		113		-
Adjusted net income	(5,853	)	(12,406	)	9,265		(37,903	)
Weighted average shares outstanding (000's)	80,290		78,733		80,057		76,902
Adjusted basic earnings per share (cents)	(0.07	)	(0.16	)	0.12		(0.49	)

14. CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Critical Accounting Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to use estimates and assumptions that affect the reported amounts of assets and liabilities, as well as revenues and expenses.

There has been no change to the Company's critical accounting estimates since March 31, 2011. Readers are encouraged to read the critical accounting policies and estimates as described in the Company's unaudited interim consolidated financial statements (note 2) and in the Management's Discussion and Analysis for the three months ended March 31, 2011.

International Financial Reporting Standards (“IFRS”)

Effective January 1, 2011 Canadian publicly listed entities were required to prepare their financial statements in accordance with IFRS. Due to the requirement to present comparative financial information, the effective transition date is January 1, 2010. The three months ended March 31, 2011 was the Company's first reporting period under IFRS.

The Company has now substantially completed its IFRS changeover plan, with just the post-implementation phase remaining.

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The following outlines the Company's transition project, IFRS transitional impacts and the on-going impact of IFRS on our financial results.

Notes 2 and 25 to the consolidated interim financial statements for the three months ended March 31, 2011 provide more detail on key Canadian GAAP to IFRS differences, accounting policy decisions and IFRS 1, First-Time Adoption of International Financial Reporting Standards (“IFRS 1”), optional exemptions for significant or potentially significant areas that have had an impact on the Company's financial statements on transition to IFRS or may have an impact in future periods.

Shareholders’ Equity Impact

As a result of accounting policy choices selected and changes that were required to be made under IFRS, the Company recorded a reduction in shareholders' equity of $97.3 million as at January 1, 2010. A full reconciliation of this adjustment is included in the interim consolidated financial statements for the three months ended March 31, 2011. The table below outlines adjustments to shareholders' equity on adoption of IFRS at June 30, 2010 for comparative purposes. In accordance with IFRS 1, the Company was required to maintain estimates and assumptions in existence at June 30, 2010 including but not limited to metal prices, discount rates, capital and operating costs, reserves and resources.

The following is a summary of the adjustments to shareholders' equity as at June 30, 2010 under IFRS (all of which are outlined in the notes to the consolidated interim financial statements), expressed in thousands of USD:

	June 30
	2010
	$
Total shareholders' equity reported under Canadian GAAP	623,914
Increase (decrease) net of tax in respect of:
Valuation of Pirquitas mine	(81,908	)
Share-based payments	(41	)
Functional currency	3,694
Convertible notes	(5,053	)
Deferred tax liabilities	(8,021	)
Total shareholders' equity reported under IFRS	532,585

Comprehensive Income Impact

As a result of accounting policy choices selected and changes that were required to be made under IFRS, the Company has recorded an increase in total comprehensive income of $1.0 million and $6.6 million for the three and six months ended June, 2010 respectively.

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The following is a summary of the adjustments to comprehensive income for the three and six months ended June 30, 2010 under IFRS (all of which are outlined in the notes to the consolidated interim financial statements), expressed in thousands of USD:

	3 months ended		6 months ended
	June 30		June 30
	2010		2010
	$		$
Total comprehensive income (loss) as reported under Canadian GAAP	(18,024	)	(26,210	)
Increase (decrease) net of tax in respect of:
Valuation of Pirquitas mine	1,160		2,110
Share-based payments	213		585
Functional currency	(2,093	)	(1,339	)
Convertible notes	2,976		12,032
Deferred tax liabilities	(1,270	)	(6,820	)
Total comprehensive income (loss) as reported under IFRS	(17,037	)	(19,642	)

Cash Flow impact

The transition from Canadian GAAP to IFRS had no significant impact on cash flows generated by the Company.

Control Activities

For all changes to policies and procedures that have been identified, the effectiveness of internal controls over financial reporting and disclosure controls and procedures have been assessed and any changes have been implemented. In addition, controls over the IFRS changeover process have been implemented, as necessary. The Company has identified and implemented the required accounting process changes that resulted from the application of IFRS accounting policies and these changes were not significant. The Company is in the final stages of completing the design, implementation and documentation of the internal controls over accounting process changes resulting from the application of IFRS accounting policies. The existing control framework has been applied to the IFRS changeover process. All accounting policy changes, transitional exemption elections and transitional financial position impacts were subject to review by senior management and the Audit Committee of the Board of Directors.

Business Activities and Key Performance Measures

The Company is in the process of reviewing the impacts of the IFRS transition project on its compensation arrangements, in particular those that are calculated based on indicators in the financial statements.

Information Technology and Systems

The IFRS transition project did not have a significant impact on information systems for the convergence periods, nor is it expected that significant changes are required in the post-convergence periods.

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Post-Implementation

The post-implementation phase will involve continuous monitoring of changes in IFRS in future periods. It has been noted that the standard-setting bodies that determine IFRS have significant ongoing projects that could impact the IFRS accounting policies that the Company has selected. In particular, there may be additional new or revised IFRSs or Interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”) in relation to consolidation, financial instruments, leases, revenue recognition and stripping costs in the production phase of a surface mine. The International Accounting Standards Board is also currently working on an extractive industries project, which could significantly impact the financial statements of the Company primarily in the areas of capitalization of exploration costs and disclosures. Processes are in place to ensure that potential changes are monitored and evaluated. The impact of any new IFRSs and IFRIC Interpretations will be evaluated as they are drafted and published.

15. FUTURE ACCOUNTING CHANGES

On May 12, 2011 the IASB issued the following statements:

i.	IFRS 10, Consolidation (“IFRS 10”)
ii.	IFRS 11 Joint Venture (“IFRS 11”)
iii.	IFRS 12 Disclosures of Involvement with Other Entities (“IFRS 12”)
iv.	IAS 27 Separate Financial Statement (revised 2011) (“IAS 27”), has been amended for issuance of IFRS 10 while maintaining the current guidance for separate financial statements
v.	IAS 28 Investments in Associates and Joint Ventures (revised 2011) (“IAS 28”), has been amended for conforming changes based on the issuance of IFRS 10 and IFRS 11.

Each of these standards has an effective date for annual periods beginning on or after January 1, 2013. Early adoption of any of these standards is permitted only if the other standards are also adopted early.

i.

IFRS 10 establishes control as the single basis for consolidation of entities, regardless of the nature of the investee. An entity has control over an investee when it has power over it; it is exposed, or has the rights, to variable returns from its involvement with the investee; and has the ability to use its power over the investee to affect those returns. IFRS 10 replaces IAS 27's guidance that addresses when and how an investor should prepare consolidated financial statements and replaces all of SIC-12. The Company has not yet assessed the impact of the standard or determined whether it will adopt the standard early.

ii.

IFRS 11 requires a venturer to classify its interest in a joint arrangement as a joint venture or joint operation. A joint operation is a joint arrangement whereby the parties that have joint control have rights to the assets and the obligations for the liabilities. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. The determination whether a joint arrangement constitutes a joint operation or a joint venture is based on the parties' rights and responsibilities under the arrangement and thus the existence of a separate legal vehicle is no longer the main factor in making such determination. Joint ventures will be accounted for using the equity method of accounting thereby eliminating the option available under existing IFRS to use either the proportionate consolidation method or the equity method. Joint operations are accounted for by a venturer by recognizing its share of the assets, liabilities, revenues and expenses of the joint operation. The Company has not yet assessed the impact of the standard or determined whether it will adopt the standard early.

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iii. IFRS 12 sets out the required disclosures relating to an entity's interest in subsidiaries, joint arrangements, associates and unconsolidated structured entities. An entity is required to disclose information that enable users of its financial statements to assess the nature of, and risks associated with, its interests in other entities and the effects of those interests on its financial statements. The Company has not yet assessed the impact of the standard or determined whether it will adopt the standard early.

IFRS 13 Fair Value Measurement (“IFRS 13”) was also issued on May 12, 2011 and establishes a single framework for measuring fair value where it is required by other standards. IFRS 13 applies to all transactions (whether financial or non-financial) for which IFRSs require or permit fair value measurements, with the exception of share-based payment transactions accounted for under IFRS 2 Share-based Payment and leasing transactions within the scope of IAS 12 Leases, and measurements that have some similarities to fair value but are not fair value such as net realisable value under IAS 2 Inventories or value in use under IAS 36 Impairment of assets. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price).

This standard is required to be applied for accounting periods beginning on or after January 1, 2013, with earlier adoption permitted. The Company has not yet assessed the impact of the standard or determined whether it will adopt the standard early.

16. INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES

Management is responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. There have been no changes in our internal control over financial reporting during the quarter ended June 30, 2011, that have materially affected, or are reasonably likely to affect our internal control over financial reporting.

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17. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

The MD&A contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” within Canadian securities laws (collectively “forward looking statements”) related to the Company and its operations, and in particular, the anticipated developments in our operations in future periods, our planned exploration activities, the adequacy of our financial resources and other events or conditions that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. These forward looking statements relate to, among other things: future production of silver and other metals; future cash costs per ounce of silver; the price of silver and other metals; the effects of laws, regulations and government policies affecting our operations or potential future operations; future successful development of our San Luis and Pitarrilla projects and other development projects; the sufficiency of the Company's current working capital, anticipated operating cash flow or our ability to raise necessary funds; estimated production rates for silver and other payable metal produced by the Company; timing of production and the cash and total costs of production at our Pirquitas mine; the estimated cost of sustaining capital; ongoing or future development plans and capital replacement, improvement or remediation programs; the estimates of expected or anticipated economic returns from the Company's mining projects including; future sales of the metals, concentrates or other products produced by the Company; and the Company's plans and expectations for its properties and operations. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: uncertainty of production and cost estimates for the Pirquitas Mine; uncertainty of production at our mineral exploration properties; risks and uncertainties associated with new mining operations, including start-up delays and operational issues; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological or structure formations, pressures, cave-ins and flooding); risks related to our ability to obtain adequate financing for our planned development activities and to complete further exploration programs; fluctuations in spot and forward markets for silver, gold and base metals and certain other commodities; our history of losses; and the potential for future losses; risks related to general economic conditions, including recent market and world events and conditions; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; relationships with and claims by local communities and indigenous populations; diminishing quantities or grades of mineral reserves as properties are mined; challenges to, or difficulty maintaining, the Company's title to properties and continued ownership thereof; risks related to our covenants given with respect to our 4.5% convertible senior notes due 2028; differences in U.S. and Canadian practices for reporting mineral resources and reserves; risks and uncertainties relating to the interpretation of drill results and the geology, grade and continuity of our mineral deposits; unpredictable risks and hazards related to the development and operation of a mine or mine property that are beyond our control; changes in national and local legislation, taxation, controls or regulations and political or economic developments or changes in Canada, the United States, Argentina, Mexico, Peru or other countries where the Company holds assets or may carry on business; risks related to the delay in obtaining or failure to obtain required permits, or non-compliance with permits we have obtained; increased costs and restrictions on operations due to compliance with environmental laws and regulations; regulations and pending legislation governing issues involving climate change, as well as the physical impacts of climate change; risks related to reclamation activities on our properties; uncertainties related to title to our mineral properties and the surface rights thereon; our ability to successfully acquire additional commercially mineable mineral rights; risks related to currency fluctuations (such as the Argentine peso, Peruvian sol and Mexican peso); increased costs affecting the mining industry, including the current high rate of inflation in Argentina; increased competition in the mining industry for properties, qualified personnel and management; risks related to some of our directors' and officers' involvement with other natural resource companies; our ability to attract and retain qualified management to grow our business; risks related to estimates of future income tax assets and liabilities; risks related to claims and legal proceedings; our ability to maintain adequate internal control over financial reporting; our ability to monetize the full value of our interest in Pretium and to consolidate the 100% ownership of Reliant Ventures S.A.C. (our subsidiary that holds the San Luis project); and those factors identified under the heading “Risk Factors” in the Company's most recent Form 20-F and Annual Information Form filed with the United States Securities and Exchange Commission (the “SEC”) and Canadian and Provincial securities regulatory authorities.

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This list is not exhaustive of the factors that may affect any of our forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and our actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in this MD&A under the heading „„Risks and Uncertainties”. Our forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and we do not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

Cautionary note to U.S. investors: The terms “measured mineral resource”, “indicated mineral resource”, and “inferred mineral resource” used in this MD&A are Canadian geological and mining terms as defined in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves. We advise U.S. investors that while such terms are recognized and required under Canadian regulations, the SEC does not recognize these terms. “Inferred mineral resources” in particular have a great amount of uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules estimates of inferred mineral resources may not generally form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that any part or all of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of contained metal expressed in ounces is in compliance with NI 43-101, but does not meet the requirements of Industry Guide 7 of the SEC, which will only accept the disclosure of tonnage and grade estimates for non-reserve mineralization.

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EX-99.3

August 10, 2011 News Release 11- 19

SILVER STANDARD REPORTS SECOND QUARTER 2011 RESULTS

VANCOUVER, B.C. -- Silver Standard Resources Inc. (NASDAQ: SSRI, TSX: SSO) (“Silver Standard” or the “Company”) is pleased to report the Company’s unaudited financial and operating results for the quarter ended June 30, 2011. The Company produced 2.0 million ounces of silver and 2.8 million pounds of zinc, and generated revenue of $47.3 million during the second quarter 2011.

“While Pirquitas continues its performance improvement, the key milestone this quarter is the Board’s approval totaling $25 million to accelerate the advancement of a combined Pitarrilla oxide and sulphide mining complex in Mexico,” said John Smith, President and CEO of Silver Standard. “The program will evaluate the development of the oxide zones to bring in early cash-flow and develop project infrastructure to enable early development of the sulphide resource.”

Second Quarter 2011 Highlights
(All figures are in U.S. dollars unless otherwise noted)

• Increased silver production by 16% over the first quarter to 2.0 million ounces while overcoming a 13-day mill maintenance program

• Strengthened balance sheet with cash on hand of $369 million, a $108 million increase from March 31, 2011

• Generated net earnings of $45.8 million or $0.57 per share

• Realized C$113 million of gross cash proceeds from the sale of 11.5 million units of Pretium Resources Inc. (“Pretium”)

Subsequent to the quarter

• Accelerated the development of the Pitarrilla oxide and sulphide mining complex

• Announced the sale of the Bowdens project in Australia for A$75 million

• Closed the agreement to own 100% of the San Luis project in Peru

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Pirquitas Mine, Argentina

Summary Mine Operating Statistics ⁽¹⁾

		Q2 2011	Q1 2011	Q4 2010	Q3 2010	Q2 2010
Total Material Mined	Kt	4,483	4,172	4,360	3,920	3,900
Ore Processed	Kt	295	308	313	320	346
Silver Grade	g/tonne	261	233	267	283	240
Recoveries	%	80.0	73.6	76.3	66.3	63.7
Silver Produced	‘000 oz.	1,976	1,697	2,067	1,933	1,692
Direct Mining Cost	US$/oz.	$11.57	$12.26	$9.55	$10.43	$11.27
Total Cash Cost	US$/oz.	$22.06	$23.23	$16.06	$16.95	$14.98

(1) (1) The company adopted the Silver Institute presentation guidance for production costs which differs from the company’s previous disclosure. Direct mining cost per ounce and total cash cost per ounce are Non-GAAP measures discussed under non-GAAP financial performance measures contained in the management discussion and analysis (“MD&A”) for the quarters ended June 30, 2011 and December 31, 2010.

Mine production

The Pirquitas mine produced 2.0 million ounces of silver during the second quarter of 2011 compared with 1.7 million ounces in the first quarter of 2011 and 1.7 million ounces in the second quarter of 2010. The increased production in the quarter as compared to the first quarter was a result of production efficiencies implemented earlier in 2011.

During the second quarter of 2011, 295,004 tonnes of ore were processed at an average milling rate of 3,241 tonnes per day, compared to 307,745 tonnes at an average of 3,419 tonnes per day achieved in the first quarter of 2011 and 345,661 tonnes at an average milling rate of 3,798 tonnes per day in the second quarter of 2010. The reduced tonnage processed during the second quarter of 2011 resulted from a 13-day ball mill shutdown to refurbish the gearbox. Additional repairs and maintenance in July 2011 resulted in a further 17 days of downtime.

The mine continues to process sulphide ore, and the metallurgical response and overall silver recovery rates are in line with feasibility study expectations. The ore produced during the second quarter of 2011 contained silver head grades of 261 grams/tonne and achieved recoveries of 80%, compared to silver head grades of 233 grams/tonne and recoveries of 74% in the first quarter of 2011 and silver head grades of 240 grams/tonne and recoveries of 64% in the second quarter of 2010. The higher recovery achieved during the second quarter was due principally to consistent feed and continuous improvements to the crushing and flotation circuits.

The mine produced a total of 2.8 million pounds of zinc in the second quarter of 2011 compared to 3.2 million pounds in the first quarter of 2011. The reduction in zinc production is primarily due to a lower grade being processed.

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Test work of the tin circuit continues, with the objective of improving the tin recovery while maintaining a satisfactory final concentrate tin grade. Preliminary results of this test work are expected later in 2011.

Mine operating costs

During the quarter the Company adopted the Silver Institute presentation guidance for production costs. As this disclosure guidance differs from the Company’s previous disclosures, previous disclosures have been restated to conform to the amended presentation. Direct mining expenses in the second quarter were $11.57 per ounce compared to $12.26 per ounce in the first quarter of 2011 and $11.27 per ounce in the second quarter of 2010. The reduction in the second quarter versus the first quarter was driven by an increased number of ounces produced in the second quarter compared to the first quarter.

Total cash cost, which includes by-product credits, treatment and refining costs, royalties and production taxes, was $22.06 per ounce compared to $23.23 per ounce in the first quarter of 2011 and $14.98 per ounce in the second quarter of 2010. Treatment and refining costs, as well as royalties and production taxes are all a function of sales prices and are recorded for the actual ounces sold during the quarter. Consequently, on a per ounce basis, the variability from quarter to quarter is due to sales prices and the difference between production and sale volumes. The lower incremental per ounce impact of these costs in the second quarter of 2011 compared with the first quarter of 2011 is due to a lower volume of sales in that period, which compensates for the higher sales prices recorded in the second quarter. The significant increase in total cash cost per ounce compared to the second quarter of 2010 is a result of the higher silver prices and its effect on treatment, refining and transportation costs, royalties and production taxes.

Total production cost, which includes depreciation and amortization, was $25.26 per ounce in the second quarter of 2011 compared to $26.99 in the first quarter of 2011 and $18.22 in the second quarter of 2010. The depreciation and amortization costs are largely fixed throughout the year.

Drilling Program

A diamond drill program of approximately 17,500 meters is being completed at the Pirquitas mine and property area. The objective of the diamond drill program is to increase reserve and resource definition, particularly within the deeper zones of the San Miguel open pit deposit. In addition to the deeper in-fill drilling at the open pit, five closely spaced holes were completed at a target located approximately 500 meters north of the current open pit. The assay data from these five holes, together with those from previous holes, may define an additional silver-zinc-tin zone on the property. Laboratory assay results from the diamond drill program are pending.

Financial Results

Our financial results are now reported under International Financial Reporting Standards (“IFRS”) and the 2010 comparative results have been restated to IFRS in the current period financial statements. Refer to Note 2 in the unaudited June 30, 2011 and March 31, 2011 financial statements for a detailed description of our accounting policies under IFRS and for disclosures and reconciliation of the impact of IFRS on previously reported results. See Notes 17 and 25 in the Financial Statements for the six months ended June 30, 2011 and year ended December 31, 2010, respectively.

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Mine Operations

During the second quarter 2011 the Company recorded revenues from the Pirquitas mine of $47.3 million from the sale of 1.6 million ounces of silver at a realized price of $38.17 per ounce and 2.0 million pounds of zinc at a realized price of $1.04 per pound. This is compared with the second quarter of 2010 which recorded revenues of $14.1 million from the sale of 1.1 million ounces of silver at a realized price of $17.62 per ounce and no zinc sales.

Since the Company’s initial startup in late 2009 and continuing to the end of the second quarter 2011, silver concentrates have been sold pursuant to a sales contract to a single customer. The contract was terminated subsequent to the quarter and several smelters and metal traders have been contacted to establish new contractual relationships. It is anticipated that these negotiations will be concluded by the end of the third quarter.

Cost of sales for the second quarter 2011 was $31.4 million compared to $15.8 million in the second quarter of 2010, which resulted in earnings from mine operations of $15.8 million in the second quarter of 2011 compared to a loss of $1.7 million in the second quarter of 2010.

Net Earnings

Net earnings for the three months ended June 30, 2011, were $45.8 million ($0.57 per share) compared to a net loss of $9.4 million (-$0.12 per share) in the second quarter of 2010.

Liquidity

At June 30, 2011, the Company held $368.8 million in cash and cash equivalents and $23.8 million in marketable securities compared to $232.3 and $33.5 million, respectively, on December 31, 2010. In addition, our remaining Pretium investment is valued at $234.0 million on June 30, 2011.

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Selected Financial Data (US$000’s, except per share amounts)   This comparison is now reporting under International Financial Reporting Standards (“IFRS”) and the 2010 comparative results have been restated to IFRS in the current period financial statements. Refer to Note 2 in the unaudited June 30, 2011 financial statements for a detailed description of our accounting policies under IFRS and Note 16 for disclosures and reconciliation of the impact of IFRS on previously reported results. This summary of selected financial data should be read in conjunction with the MD&A of the audited consolidated operating results and financial condition of the company for the three and six months ended June 30, 2011.
	Three Months Ended June 30, 2011	Three Months Ended June 30, 2010
Earnings (loss) from mine operations	15,838	(1,673)
Earnings (loss) from operations	6,196	(8,122)
Net earnings (loss) for the period	45,765	(9,385)
Basic earnings (loss) per share	0.57	(0.12)
Cash generated (used) in operating activities	6,980	(9,560)
Cash generated by financing activities	6,711	317
Cash generated by (used in) investing activities	94,335	(36,033)
Financial Position	June 30, 2011	Dec 31, 2010
Cash and cash equivalents	368,759	232,311
Current assets – total	492,875	342,054
Current liabilities – total	74,063	35,163
Working capital	418,812	306,891
Total assets	1,252,360	1,147,990
	Six Months Ended June 30, 2011	Six Months Ended June 30, 2010
Earnings (loss) from mine operations	43,697	(18,267)
Earnings (loss) from operations	26,636	(31,913)
Net earnings (loss) for the period	55,710	(12,762)
Basic earnings (loss) per share	0.70	(0.17)
Cash generated (used) in operating activities	28,739	(25,758)
Cash generated by financing activities	13,440	108,674
Cash generated by (used in) investing activities	94,269	(51,856)

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Principal Projects

San Luis, Peru

A total of $2.5 million was spent during the quarter at the San Luis project in Peru compared to $1.3 million in the same quarter of the prior year.

During the quarter, long-term land access negotiations continued with local communities. Throughout the remainder of 2011, the Company will continue to work towards achieving long-term land access agreements and the required Environmental Impact Study to enable a construction decision.

On July 28, 2011, the Company completed the previously announced agreement, and acquired the remaining 30% interest in the San Luis project from the Company’s former joint venture partner Esperanza Resources Corp. (“Esperanza”). Under the terms of the agreement, the Company paid C$17.0 million in cash, transferred to Esperanza the 6.459 million shares of Esperanza that the Company owned, and granted to Esperanza a 1% net smelter return royalty on future revenues earned from the San Luis project.

The San Luis project currently comprises proven and probable mineral reserves of 0.29 million ounces of gold, and 7.2 million ounces of silver. All of these are attributable to the Company as of July 28, 2011, following its consolidation of ownership.

Pitarrilla, Mexico

A total of $4.0 million was spent during the quarter at the wholly-owned Pitarrilla project located in Durango, Mexico compared to $4.2 million in the same quarter of the prior year.

On August 9, 2011, the Board of Directors committed a total of $25 million to accelerate the advancement of a combined Pitarrilla oxide and sulphide mining project. The oxide zones would be developed first to hasten cash-flow, while the sulphide development would commence construction concurrent with the open pit oxide development, maintaining its longer time to production as expected due to extensive underground development. A combined oxide and sulphide project feasibility study is scheduled to be completed in the first half of 2012 and if approved, detailed design and construction will commence thereafter, leading to production within two years. The $25 million allows for the purchase of critical path process equipment and development of property infrastructure. This commitment, in addition to recent personnel hires, marks a significant step forward in the development of Pitarrilla.

Drilling activity continued during the quarter at the Pitarrilla project to support efforts to enhance the recovery of oxidized silver resources, which are distributed between five separate zones. To date, approximately 13,700 meters of diamond drilling has been completed. The ongoing work involves resource in-fill and geotechnical drilling, metallurgical test work and project planning to optimize the sequencing of production from the oxide and sulphide silver resources.

The Pitarrilla project currently has probable mineral reserves of 91.7 million ounces of silver, measured and indicated resources of 551.6 million ounces of silver and inferred resources of 82.2 million ounces of silver.

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Exploration Projects

The Nazas property, which covers approximately 236 square kilometers, is centered about 16 kilometers east of the Pitarrilla project and covers an extensive system of gold and silver bearing quartz veins and related hydrothermal alteration. Approximately 8,400 meters of diamond drilling was completed in the quarter. A further six holes will follow up on results from this diamond drilling and to test other prospects on the Nazas property. The exploration goal is to discover a system of precious metal-rich quartz veins and/or silver-rich polymetallic veins.

At our Diablillos project, the expenditure of $0.7 million in the quarter was primarily spent on engineering and metallurgical studies in association with a scoping study. The scoping study was completed during the quarter, as planned, and evaluates open pit mining with processing options of conventional milling and heap-leaching. Further metallurgical testing and exploration work is ongoing. The Oculto deposit at the Diablillos project has indicated mineral resources that total 0.64 million ounces of gold and 77.1 million ounces of silver, with additional inferred resources totaling 0.19 million ounces of gold and 6.3 million ounces of silver.

Management Discussion & Analysis and Conference Call

This news release should be read in conjunction with Silver Standard’s second quarter 2011 Financial Statements and Management’s Discussion and Analysis filed with Canadian securities regulators available at www.sedar.com, with United States Securities Regulators available at www.sec.gov, and the company’s web site at www.silverstandard.com.

• Conference Call and Webcast: Thursday, August 11, 2011, at 1:00 p.m. Eastern Time.

Toll-free in North America:	(888) 429-4600
All other callers:	(970) 315-0481
Webcast:	http://ir.silverstandard.com/events.cfm

• The call will be archived and available at www.silverstandard.com after August 11, 2011.

Audio replay will be available for one week by calling:
Toll-free in North America:	(855) 859-2056, replay conference ID 85549832
All other callers:	(404) 537-3406, replay conference ID 85549832

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For further information contact:

Ian Chadsey

Director Investor Relations

N.A. toll-free: (888) 338-0046

Telephone: (604) 484-8216

E-Mail: invest@silverstandard.com

Cautionary Statements on Forward Looking Information: Statements in this news release relating to the estimated production and recoveries of silver, tin and zinc, timing of processing of sulphide ore, anticipated revenues, cash and operating costs per silver ounce, estimated costs of mining, milling and administration, operations of the tin circuit, all relating to the Pirquitas Mine, timing to complete feasibility studies and assessments of principal projects, statements concerning mineral reserves and resource estimates, and certain statements relating to our other projects, 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.

Cautionary note to U.S. investors: The terms “measured mineral resource”, “indicated mineral resource”, and “inferred mineral resource” used in this news release are Canadian geological and mining terms as defined in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves. We advise U.S. investors that while such terms are recognized and required under Canadian regulations, the U.S. Securities and Exchange Commission (the “SEC”) does not recognize these terms. “Inferred mineral resources” in particular have a great amount of uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules estimates of inferred mineral resources may not generally form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that any part or all of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of contained metal expressed in ounces is in compliance with NI 43-101, but does not meet the requirements of Industry Guide 7 of the SEC, which will only accept the disclosure of tonnage and grade estimates for non-reserve mineralization.

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