Silver Standard Res. : Silver Standard Pirquitas Ball Mill and Sales Contract Update
10/24/2011| 08:20am US/Eastern
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VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 10/24/11 --
Silver Standard Resources Inc. ("Silver
Standard")Argentina.
The Pirquitas ball mill was shut down September 24, 2011, due
to the condition of the ball mill gearbox and repairs on the
unit were completed on October 10, 2011. The gearbox was
tested under load and initially operated the ball mill;
however continuous condition monitoring indicated it was
functioning outside acceptable parameters.
To improve ball mill reliability, the decision was
subsequently made to rebuild the gearbox with all new
internal parts recently received from Siemens AG. This work
is on-going and is scheduled to be complete mid-November. A
separate new spare gearbox is now scheduled for delivery in
January 2012 and will provide added reliability and
redundancy.
Silver concentrate sales have resumed on a spot basis. Spot
silver concentrate sales are expected to continue through the
second quarter of 2012 until long-term contracts are
finalized. Several potential silver concentrate buyers,
including smelters, have expressed interest and are analyzing
samples. Long-term silver concentrate negotiations are
expected to conclude second quarter 2012, in-line with
seasonal re-negotiation talks. Zinc concentrate sales have
continued as projected.
To receive Silver Standard's news releases by e-mail,
contact Investor Relations at invest@silverstandard.com
or call (888) 338-0046.
Cautionary Statements on Forward Looking Information: All
statements in this news release other than statements of
historical fact, relating to the future financial or
operational performance of Silver Standard including
estimates of the timing and amount of future production,
costs of production, timing of sales contracts, 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"). The words
"will", "plans", "expects",
"estimates", "guidance",
"targets", "intends",
"anticipates", "believes", or variations
of such words and phrases or statements that certain events,
or results "may", "could",
"might", or "will be taken" identify
forward looking statements. Forward looking statements are
statements that are not historical facts and are based on
estimates and assumptions that, while considered reasonable
by Silver Standard at the date of such statements, 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, 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 mining, 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. Silver Standard does not intend, and
does not assume any obligation, to update any forward looking
statements, other than as required by applicable law.
(Source: Silver Standard Resources Inc.)
The TSX has neither approved nor disapproved of the
information contained herein.
Contacts:
Silver Standard Resources Inc.
Ian Chadsey
Director, Investor Relations
N.A. toll-free: (888) 338-0046 or (604) 484-8216
invest@silverstandard.com
www.silverstandard.com
Source: Silver Standard Resources Inc.
News Provided by Acquire Media
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