Silver Standard Resources Inc.
Silver Standard will explore, advance and operate quality precious metals projects in a professional, sustainable and safe manner.
Silver Standard has the largest in-ground silver resource of any publicly-traded primary silver company, with a pipeline of 15 projects ranging from grassroots exploration to production in Argentina, Peru, Mexico, Canada, Chile, the United States and Australia. We are leveraging our project pipeline to generate value through exploration and development, as well as accretive acquisition and divestment opportunities.
The Pirquitas Mine in Argentina achieved commercial production in December 2009, and at full production will rank among the largest open pit primary silver mines in the world. We are advancing our development projects, the high-grade, gold-silver San Luis joint venture project in Peru and our 100%-owned Pitarrilla silver project in Mexico. Work at our exploration projects continues to expand our in-ground silver and gold resources.
Silver Standard's shares are listed on the Toronto Stock Exchange under the symbol SSO and on the Nasdaq Global Market under the symbol SSRI.
The Pirquitas Mine is Silver Standard's first major mining operation, and commercial production was achieved on December 1, 2009. At full production the mine will produce an average of approximately eight to ten million ounces of silver and ten to twelve million pounds of zinc annually, ranking Pirquitas among the largest primary silver mines in the world.
The high-grade, gold-silver Ayelén vein system of the San Luis Project in central Peru has the potential to become Silver Standard's next development project. The San Luis Project is located approximately 25 kilometers northwest of Barrick Gold Corporation's Pierina gold mine, and can be accessed by two all-weather roads. A feasibility study on placing the project into production was completed in the second quarter of 2010.
The Pitarrilla Project is a grass roots discovery made by Silver Standard in 2002. Since then, close to 200,000 meters of diamond drilling plus over 20,000 meters of reverse circulation drilling have steadily increased silver resources in a small area of the largely unexplored property. Today, Pitarrilla ranks among the largest silver discoveries made in the past decade.
The 100%-owned Diablillos gold-silver project is located 160 kilometers southwest of Salta on the altiplano of northern Argentina. The property is road accessible and is 275 kilometers south of our Pirquitas mine.
In a news release dated June 18, 2009, Silver Standard announced an updated resource estimate for Diablillos based on recent diamond drilling which was successful in converting a significant portion of the previously reported inferred resources into the indicated category. The project now hosts indicated resources of 640,000 ounces of gold and 77.1 million ounces of silver, and inferred resources of 187,000 ounces of gold and 6.3 million ounces of silver.
The San Agustin property covers 576 hectares and is centered 85 kilometers north of Durango City in Durango State, Mexico. The mineral concessions were acquired in 2003 through staking. Prior to Silver Standard’s claiming of the property, another junior resource company had identified on surface a zone of oxidized gold mineralization and drilled approximately 10,400 meters on this target. Another 3,890 meters of reverse circulation drilling was carried out by Silver Standard to follow up on the encouraging results obtained by the other company’s drill-holes. Then in 2006, Silver Standard optioned the property to a third party which spent more than $10 million on various exploration programs, including 35,247 meters of diamond drilling. Due to the global economic crisis at the end of 2008, that company was not able to meet the terms of the option agreement and consequently had to return the mineral rights to the property back to Silver Standard.
A large property covering 6,668 hectares and comprising 14 contiguous mineral concessions, Berenguela is located in the altiplano of sourthern Peru, 60 kilometers southwest of the city of Juliaca. Access is good, with a major paved highway and a main-line railway crossing the southern claims of the property.
This 22,378-hectare property covers desert highlands in Chile’s Region I and is centered about 130 kilometers southeast of the major port city of Iquique. Access is good, with the Pan-American highway passing 30 kilometers west of the property.
Maverick Springs is located in northeastern Nevada at the southeast end of the Carlin Trend belt of gold-silver deposits. Access is by gravel road. The property is now held in a joint venture with Allied Nevada Gold Corp. We hold the rights to the silver resource while Allied Nevada holds the rights to the gold resource.
The Bowdens Project is located 200 kilometers northwest of Sydney, Australia. It is readily accessible by road; a major power line is close by; and we own the surface rights covering the mineralization and the proposed mine infrastructure. The property consists of a single exploration tenement covering 188 square kilometers. It was discovered by stream sediment sampling in 1988 and to date, 395 drill holes totaling 43,309 meters have been completed.
Situated in the Sierra Madre mountains, San Marcial lies 90 kilometers east of Mazatlan in Mexico. It consists of a single claim totaling 1,250 hectares in a district that has produced silver, gold, lead and zinc.
Our wholly-owned Candelaria Mine Project is located in the Candelaria Hills in west central Nevada. Candelaria is approximately 55 miles south of Hawthorne and approximately five miles west of Highway 95, which connects Reno to Las Vegas. Access to Candelaria is by paved road from Highway 95. The mine site is connected to the local power grid and has water wells and pumping equipment in place.
Sunrise Lake is located in the Northwest Territories 130 kilometers northeast of Yellowknife, and hosts silver-gold and base metal mineralization outlined by 21,774 meters of surface diamond drilling since discovery in 1987. The Sunrise Lake deposit is a typical volcanogenic massive sulphide deposit comprising a steeply dipping massive lens three to four meters thick, 120 meters wide and 190 meters long. Underlying the massive mineralization is lower grade disseminated mineralization up to about 50 meters thick.
Located in southern Chihuahua State in Mexico, the Parral Project comprises four separate properties in the Parral mining district where more than 200 million ounces of silver were produced during three centuries of intermittent mining. The Veta Colorada, La Palmilla and San Patricio properties lie less than 10 kilometers northwest of the city of Parral, while the large Chilicote claim group was staked a short distance east of the city.
Silver Standard Resources Inc.
999 West Hastings Streetx
Canada V6C 2W2