PR Newswire
VANCOUVER, Nov. 8, 2016
VANCOUVER, Nov. 8, 2016 /PRNewswire/ - Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ("Silver Standard") reports consolidated financial results for the third quarter ended September 30, 2016.
Paul Benson, President and CEO said, "In the third quarter of 2016 we demonstrated increased scale and healthy margin with our record quarterly production, among other operating records. We produced nearly 113,000 gold equivalent ounces at all-in sustaining costs of $940 per ounce, and have improved guidance at our Marigold and Pirquitas mines. Importantly, we continued to drive our Operational Excellence programs, which delivered tangible results at all operations, including our updated five-year outlook at Marigold, a successful plant trial at Seabee and record production and quarterly throughput at Pirquitas."
"We further strengthened our balance sheet, which boasts $278 million of cash and cash equivalents and $178 million of marketable securities. Our three cash-flowing mines generated $53 million of operating cash flow, while we continued investing in our future. We also demonstrated once again the value held within our project portfolio with our announced project sales in the latter part of the quarter. The team delivered solid results in the third quarter and we remain focused on generating shareholder value through all parts of our business going forward."
Third Quarter 2016 Highlights:
(All figures are in U.S. dollars unless otherwise noted)
Marigold mine, U.S.
| Three months ended | |||||||||
Operating data | September 30 | | June 30 | | March 31 | | December 31 | | September 30 2015 | |
Total material mined (kt) | 19,558 | | 18,685 | | 17,291 | | 18,560 | | 18,425 | |
Waste removed (kt) | 14,741 | | 12,005 | | 11,611 | | 13,788 | | 11,242 | |
Total ore stacked (kt) | 4,817 | | 6,680 | | 5,680 | | 4,772 | | 7,183 | |
Strip ratio | 3.1 | | 1.8 | | 2.0 | | 2.9 | | 1.6 | |
Mining cost ($/t mined) | 1.48 | | 1.55 | | 1.45 | | 1.54 | | 1.65 | |
Gold stacked grade (g/t) | 0.42 | | 0.44 | | 0.47 | | 0.48 | | 0.43 | |
Processing cost ($/t processed) | 0.95 | | 0.70 | | 0.71 | | 0.86 | | 0.66 | |
Gold recovery (%) | 71.0 | | 70.7 | | 70.0 | | 69.9 | | 69.7 | |
General and admin costs ($/t processed) | 0.56 | | 0.38 | | 0.47 | | 0.47 | | 0.41 | |
| | | | | | |||||
Gold produced (oz) | 47,456 | | 47,195 | | 50,520 | | 61,461 | | 41,262 | |
Gold sold (oz) | 47,278 | | 47,124 | | 48,605 | | 62,827 | | 39,525 | |
| | | | | | |||||
Realized gold price ($/oz) (1) | 1,330 | | 1,259 | | 1,189 | | 1,084 | | 1,110 | |
| | | | | | |||||
Cash costs ($/oz) (1) | 636 | | 663 | | 719 | | 727 | | 719 | |
AISC ($/oz) (1) | 1,139 | | 1,067 | | 841 | | 799 | | 998 | |
| | | | | | |||||
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