Silver Standard reports first quarter 2012 results

MINING.COM Staff Writer | May 8, 2012 | 2:23 pm Precious Metals Canada Europe Silver 

Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) reports consolidated financial results for the first quarter ended March 31, 2012.

“One of our goals in 2012 is to demonstrate strong quarter-on-quarter performance at the Pirquitas mine. Record production and stable mine cost performance in the first quarter provides a strong start to build on for the rest of the year,” said John Smith, President and CEO. “The Pitarrilla feasibility study is progressing well and will be presented to the Board in the second half of 2012. With the recent proceeds from the exercised Pretium warrants, Silver Standard is financially strong to develop our substantial project portfolio and continue aggressive exploration.”

First Quarter 2012 Highlights:

(All figures are in U.S. dollars unless otherwise noted)

  • Record production of 2.2 million ounces of silver, a 24% quarter-on-quarter increase.
  • Lowered direct mining costs to $11.86 per ounce of silver produced, a 21% quarter-on-quarter improvement.
  • Operated the debottlenecked plant at an average of 4,567 tonnes per day throughput, a rate 14% above nominal design.
  • Recorded revenues of $38.4 million on the sale of 1.5 million ounces of silver and 1.8 million pounds of zinc.
  • Entered into two long-term silver concentrate sales contracts with smelters for 60% of monthly production commencing April 2012.
  • During and subsequent to the quarter, enhanced corporate liquidity by realizing gross cash proceeds of C$71.0 million from exercised Pretium Resources Inc. (“Pretium”) share purchase warrants pursuant to the secondary offering completed last year.

More details in the company’s press release.

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