Beat VANCOUVER, May 11, 2016 /PRNewswire/ - Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ("Silver Standard") reports consolidated financial results for the first quarter ended March 31, 2016.
Paul Benson, President and CEO said, "We have had an excellent start to the year with 84,000 gold equivalent ounces produced at cash costs and AISC of $715/oz and $859/oz, respectively. We are well-positioned to continue with strong production in Q2 and the devaluation of the peso has allowed us to reduce our cash cost guidance at Pirquitas. Our robust operating performance has also allowed us to continue to add cash to the balance sheet despite investing in exploration and projects for the future.
The quarter was also important in the strategic development of the company with the announcement of the acquisition of Claude Resources. Pending the respective shareholder votes on May 18, the addition of the high-grade, high-margin Seabee operation in Saskatchewan into the Silver Standard portfolio creates a high-quality intermediate precious metals producer. The strengthened combined company will have low cost production, excellent exploration potential at each of its sites and an enviable balance sheet that will allow us to pursue both internal and external growth opportunities."
First Quarter 2016 Highlights:
(All figures are in U.S. dollars unless otherwise noted)
Announced the acquisition of Claude Resources: Establishes a high-quality intermediate precious metals producer by combining high-margin precious metals operations with scale and financial strength in attractive mineral belts and political regions.
Decreased cost guidance at Pirquitas: Reduced cash costs guidance to between $9.50 and $11.50 per payable ounce of silver sold after currency devaluation and achieving record low quarterly cash costs of $8.93 per payable ounce of silver sold.
Improved production and cost guidance at Marigold: As previously announced, gold production guidance increased to between 200,000 ounces and 210,000 ounces and cash costs guidance reduced to between $690 to $740 per payable ounce of gold sold due to mine productivity and the addition of three haul trucks.
Achieved lower quarterly unit costs at Marigold: The mine moved total material at $1.45 per tonne.
Increased ore tonnes to leach pads at Marigold: Stacked ore increased to 5.7 million tonnes containing approximately 60,000 recoverable ounces during the quarter and strip ratio declined to 2.0:1.
Increased cash balance: Quarter-end balance increased to $217.6 million, an increase of $5.8 million from year-end 2015 and $42.0 million from the first quarter 2015. Cash from operations totaled $12.7 million. Value of marketable securities increased by $6.6 million to $94.8 million.
Generated adjusted net income: Adjusted net income of $9.0 million, or $0.11 per share.
Advanced the Chinchillas project: Completed drilling program, metallurgical testing and Mineral Resources estimate on schedule for a fourth quarter development decision.
May 11 (Reuters) - Silver Standard Resources Inc(SSRI)
* Sees fy gold production from marigold mine 200,000 oz - 210,000 oz
* Qtrly revenue $101.5 million versus $111.7 million
* Silver standard reports first quarter 2016 results
* Q1 adjusted earnings per share $0.11
* Q1 earnings per share view $-0.03 -- Thomson Reuters
BTW bot 100 ssri before close 8.76 and put in 9.49 sell order for aftmkt, it worked, sold
