Silver Standard Reports On Its Exploration Activities

VANCOUVER, BC - Silver Standard Resources Inc. reported exploration activities at its Marigold mine in Nevada, and its Seabee Gold Operation in Saskatchewan, Canada. At the Marigold mine, the company conducted Mineral Resource development drilling in the Mackay North area and the Valmy property with the objective to convert Mineral Resources to Mineral Reserves. Highlighted results include: At HideOut, drillhole MR6270 intersected 1.96 g/t gold over 93.0 meters from 144.8 meters below surface; At Valmy, drillhole MR6283 intersected 1.65 g/t gold over 59.4 meters from 91.4 meters below surface; and at Terry Zone North, drillhole MR6185 intersected 1.56 g/t gold over 39.6 meters from 176.8 meters below surface.

Silver Standard completed the Assay Program at the Marigold mine with results consistent with our 2015 results that contribute to a longer dated production and cost outlook for the Marigold mine later in the third quarter. The Seabee Gold Operation reports positive exploration drill results from an area outside existing Mineral Resources down plunge from the Santoy 8A production area. Highlighted results include: At Santoy 8A, drillhole SUG-16-912 intersected 39.06 g/t gold over 2.7 meters of true width; At Santoy 8A, drillhole SUG-16-908 intersected 15.38 g/t gold over 6.0 meters of true width; and at Santoy 9A, drillhole JOY-16-701 intersected 52.80 g/t gold over 2.1 meters of true width, as previously reported.

Paul Benson, President and CEO said, "We are pleased with the positive exploration results at the Mackay North area at Marigold, where we continue to encounter mineralization with higher gold grades outside current Mineral Reserves. In addition, we are focused on driving exploration efforts at the Valmy property to add to and convert Mineral Resources. We also look forward to providing a revised outlook for the Marigold mine in the third quarter, based on our Assay Program, operational improvements and exploration results."

Exploration activities in the second quarter of 2016 at the Marigold mine focused on drilling at each of the HideOut, Terry Zone North (TZN) and 8 South pit extension (8SX) areas and on the adjacent Valmy property. The objective of these drilling activities is to convert Mineral Resources to Mineral Reserves and to expand Mineral Resources, in certain instances. Two track–mounted rigs completed 15,575 meters of reverse circulation drilling in 73 drillholes on targets, where previous results show potential for Mineral Resource additions. At TZN, mineralization is open to the south, while the 500-meter long corridor between the HideOut and the 8SX areas has only two drillholes and remains open to the north and south, respectively.

Drill results demonstrate the presence and continuity of higher-grade structures with additional drillhole results pending. The best result from this period's drilling program was drillhole MR6270, which intersected 1.96 g/t gold over 93.0 meters, including 5.01 g/t over 32.0 meters at HideOut. At TZN, the best result was drillhole MR6185, which intersected 1.56 g/t over 39.6 meters, including 3.92 g/t over 13.7 meters. TIndicated Mineral Resources at HideOut and the 8 South areas totaled 350,000 ounces of gold as at December 31, 2015. 

Drilling at the Valmy property, including the Valmy and Mud pits, commenced in May 2016, with 3,275 meters of reverse circulation drilling in 17 drillholes completed during the second quarter. The most notable drill result is drillhole MR6283, which intersected 1.65 g/t gold over 59.4 meters from 91.4 meters below surface. The Valmy mineralization is open to the south, and in the second half of 2016 the company expects to drill outside of the current pit areas, including the eastern extension of the Basalt pit mineralization.

Indicated Mineral Resources at the Basalt pit, on Marigold tenures, comprised 80,000 ounces of gold, while Inferred Mineral Resources at the Valmy property totaled 300,000 ounces of gold as at December 31, 2015, respectively.