Silver Standard Resources Inc. Announces Operating Results for the Fourth Quarter and Full Year of 2016; Provides Production and Capital Expenditure Guidance for the Full Year of 2017
For the year, the company reported that the Marigold mine produced 205,116 ounces, compared to 207,006 ounces of gold produced in 2015, achieving the mid-point of their improved 2016 production guidance. Seabee Gold Operation production totaled 77,640 ounces of gold, marking record annual production since the beginning of operations in 1991. Pirquitas mine produced a record 10.4 million ounces of silver, close to the upper end of their increased annual production guidance range. This was largely the result of achieving a 14% increase in daily milling rate during the year. Silver mined grade of 183 g/t was in line with that realized in 2015, while silver mill feed grade was 6% lower than the previous year, in line with expectations as medium grade stockpiled ore supplemented the mill feed. Silver recovery of 77.8% was lower compared to 2015, due to a combination of closing down the zinc circuit in January 2016, lower silver grade throughout the year and higher mill throughput in the latter half of 2016.
The company provided production and capital expenditure guidance for the full year of 2017. For the year, the company expects gold production of 205,000 oz - 215,000 oz for Marigold mine, 72,000 oz - 82,000 oz for Seabee Gold Operation and silver production of 4.5 Moz 5.5 Moz. The company expects capital expenditures of $30 million, $8 million and $5 million for Marigold mine, Seabee Gold Operation and Pirquitas mine respectively.