Marigold And Pirquitas Achieved Record Production

VANCOUVER - Silver Standard Resources Inc. reported its fourth quarter and full year 2015 operating results, with both Marigold in Nevada and Pirquitas in Argentina achieving record annual production. Additionally, we are providing production and cost guidance for 2016.

Paul Benson, President and CEO said, "We had a strong quarter which led to record annual production at both mines, coupled with an improvement in our safety performance. This was the result of our continuous focus on operational excellence at all levels of the business and our commitment to safe production. While our performance and strong balance sheet position us well to navigate the current challenging market conditions, they also enable us to continue to invest in our future."

"At Marigold we continue drilling to grow our Reserves and Resources, while at Pirquitas we are investing in the evaluation of the Chinchillas project and the potential for a small high grade underground mine beneath the San Miguel open pit to extend the Pirquitas mine life. We also continue to pursue external growth opportunities."

Gold production for 2015 totaled 207,006 ounces, a record for the Marigold mine since it began operating in 1988, exceeding the higher end of our increased annual production guidance range. Gold sales were 206,338 ounces, an annual record.

Total material mined and ore stacked on leach pads of 74.6 million tonnes and 20.5 million tonnes in 2015, respectively, were record amounts for the Marigold mine. During the year, the productivity rate of the rope shovel increased by 12%, when compared to 2014, contributing to improved overall mine production. More ore tonnes and gold ounces were mined in 2015 due to the increased mining rate and the continued identification of ore tonnes in addition to existing Mineral Reserves.

During the fourth quarter, Marigold produced 61,461 ounces of gold, higher than the previous quarter as higher grade ore tonnes were sourced from the deeper benches of the Mackay pit during the third and fourth quarters of 2015. Gold sales totaled 62,827 ounces for the quarter.

In 2015, the Pirquitas mine produced a record 10.3 million ounces of silver, significantly higher than the 8.7 million ounces produced in 2014 and nearing the upper end of our increased annual production guidance range. During the year, silver mined grade and silver mill feed grade increased 15% and 13%, respectively, compared to the silver grades realized in 2014. The mine achieved higher sustained silver recovery of 82.6%, compared to 77.3% in 2014, as we accessed higher quality suphide ore and process control improvements positively impacted plant operating performance. Silver sales totaled 10.3 million ounces for the year.

In the fourth quarter of 2015, Pirquitas produced 2.6 million ounces of silver, in line with silver produced in the third quarter of 2015. Silver sales totaled 1.9 million ounces for the quarter, a 31% decrease from the third quarter, and lower than production in the fourth quarter, as two shipments left the port in early January 2016 .

Ore was milled at an average rate of 4,579 tonnes per day in the fourth quarter, 3% higher than the previous quarter. Ore milled contained an average silver grade of 237 g/t, in line with the 238 g/t reported in the third quarter. The average recovery rate for silver in the fourth quarter was 80.8%, marginally lower than the 82.0% in the previous quarter.

In 2015, Pirquitas also produced 9.5 million pounds of zinc in zinc concentrate, with 865,000 pounds of zinc in zinc concentrate produced in the fourth quarter. The zinc circuit was curtailed intermittently in the fourth quarter due to variable zinc mined grade.

Marigold production is expected to stay strong in 2016 with quarterly and annual variations driven by Mackay pit phase sequencing. Capital expenditures include approximately $6 million for additional leaching capacity as construction has been accelerated due to the increased ore tonnes mined, $16 million for maintenance and capitalized spares for mining equipment, and $3 million for permitting.

At the Pirquitas mine, annual silver production is expected to decline relative to 2015 due to the anticipated completion of the Phase 2 pit during the fourth quarter and the associated cessation of San Miguel open pit mining activities. We are conducting engineering and economic studies to determine the viability of the limited deepening of the Phase 2 pit. Lower grade stockpile processing is expected to commence upon cessation of open pit mining activities and the duration will be dependent on metal prices in late 2016.