GoldMinerPulse Report: Silver Standard Resources Inc. Metal Value

Silver Standard Resources Inc. (SSO) NI 43-101 Metal Value Report

Updated January 7, 2011 to remove the Snowfield and Brucejack projects. Silver Standards holds 32.538M shares of Pretium, the company that purchased Snowfield-Brucejack in a deal completed December 23, 2010.

The Silver Standard Resources Inc. website is at www.silverstandard.com.

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GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-03-02.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**Silver Standard Resources Inc. Metric Summary**
General Metric	Value on 2012-02-03
In Situ Metal Value per Share (MVpSh)	US$932.83
Average Ore Value per Tonne	US$95.76
Metal Value Leverage (MVL)	53.16
Market Capitalization as a Percentage of Metal Value	1.9%
Recent Closing Stock Price	C$17.43 [note 1]
Fully Diluted Share Count	84.37 M [note 2]
Percentage In Situ Proven + Probable Reserve	17%
Percentage In Situ Measured + Indicated Resource	59%
Percentage In Situ Inferred Resource	24%

**Silver Specific Metrics**
Metric	Value on 2012-02-03
Silver Reserves + Resources	1.68 B oz
Average Silver Ore Grade	63.7 g/t
Market Capitalization per oz of Silver In Situ	US$0.88 ( C$0.87 )
Silver Equivalent Ounces Estimate	2.34 B oz
Market Capitalization per oz of Silver Equivalent	US$0.63 ( C$0.63 )

Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count is from the September 30, 2010 MD&A filing (p. 19 of 23).

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2012-02-03**
Metric / Metal	Gold	Silver	Copper	Molybdenum	Zinc	Tin
Total Counts (reserves + resources)	4.05 M oz	1.68 B oz	463.32 K t		4.33 M t	79.42 K t
Metal Prices in US$ (from 2012-02-03)	$1,725.90 / oz	$33.63 / oz	$3.89 / lb	$14.00 / lb	$0.96490 / lb	$11.00 / lb
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$82.88	$670.81	$47.10	$0.00	$109.22	$22.83
Percentage of Total Metal Value	8.88%	71.91%	5.05%	0.00%	11.71%	2.45%
Metal Value Percentage Proven + Probable	7%	17%	0%	0%	16%	85%
Metal Value Percentage Measured + Indicated	57%	58%	81%	0%	62%	13%
Metal Value Percentage Inferred	36%	24%	19%	0%	22%	2%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03**
Project	Location	Metal Value per share (% total)	Average Ore Value US$/t	Gold	Silver	Copper	Zinc	Tin	PP%	MI%	I%
Pitarrilla	Durango, Mexico	$366.60 ( 39.3% )	US$113.92		725.78 M oz	87.48 K t	2.71 M t		13%	76%	11%
Pirquitas	Jujuy Province, Argentina	$128.01 ( 13.7% )	US$226.90		240.52 M oz		369.26 K t	79.42 K t	81%	13%	7%
San Agustin	Durango State, Mexico	$114.01 ( 12.2% )	US$45.33	2.65 M oz	84.80 M oz		1.03 M t		0	58%	42%
Berenguela	Province of Lucanas, Peru	$108.16 ( 11.6% )	US$211.24		175.50 M oz	375.84 K t			0	76%	24%
Maverick Springs	Nevada, USA	$61.90 ( 6.6% )	US$37.09		155.29 M oz				0	45%	55%
Candelaria	Nevada, USA	$54.82 ( 5.9% )	US$73.54	202.20 K oz	127.15 M oz				0	34%	66%
Diablillos	Salta Province, Argentina	$50.14 ( 5.4% )	US$146.88	827.10 K oz	83.33 M oz				0	87%	13%
Sunrise Lake	Northwest Territories, Canada	$17.33 ( 1.9% )	US$358.35	75.36 K oz	26.71 M oz		203.84 K t		0	47%	53%
Challacollo	Iquique, Chile	$16.82 ( 1.8% )	US$178.31		42.21 M oz				0	44%	56%
San Luis	Yungay Province, Peru	$8.98 ( 1.0% )	US$1,485.89	296.20 K oz	7.33 M oz				100%	0	0
San Marcial	Sinaloa State, Mexico	$6.06 ( 0.6% )	US$221.42		14.24 M oz		15.25 K t		0	0	100%

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

Berenguela

Updates: Mineral Reserves and Resources December 23, 2010

Project Location: Province of Lucanas, Peru. View project on a Google Map.

Average Ore Value (all estimate types): US$211.24

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$26.39	66.20 M oz	132.000 g/t	15.60 M t
Copper	$14.59	143.52 K t	9,200.000 g/t	15.60 M t

Estimate notes:
50 g/t silver cut-off.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$8.59	21.55 M oz	111.700 g/t	6.00 M t
Copper	$4.51	44.40 K t	7,400.000 g/t	6.00 M t

Estimate notes:
50 g/t silver cut-off.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$26.39	66.20 M oz	132.000 g/t	15.60 M t
Copper	$14.59	143.52 K t	9,200.000 g/t	15.60 M t

Estimate notes: Mineral Reserves and Resources December 23, 2010

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$8.59	21.55 M oz	111.700 g/t	6.00 M t
Copper	$4.51	44.40 K t	7,400.000 g/t	6.00 M t

Estimate notes:

Candelaria

Latest NI43-101 Report: Candelaria Project Technical Report
2001-05-24 (68 pages).

Updates: Mineral Reserves and Resources December 23, 2010

Project Location: Nevada, USA. View project on a Google Map.

Average Ore Value (all estimate types): US$73.54

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.20	9.90 K oz	0.100 g/t	3.08 M t
Silver	$6.01	15.07 M oz	152.200 g/t	3.08 M t

Estimate notes:
0.5 oz/ton cut-off.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.61	29.84 K oz	0.100 g/t	9.28 M t
Silver	$11.58	29.06 M oz	97.400 g/t	9.28 M t

Estimate notes:
0.5 oz/ton cut-off.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.32	162.46 K oz	0.100 g/t	50.53 M t
Silver	$33.09	83.02 M oz	51.100 g/t	50.53 M t

Estimate notes:

Challacollo

Latest NI43-101 Report: CHALLACOLLO SILVER PROPERTY TECHNICAL REPORT
2002-04-24 (152 pages).

Updates: Mineral Reserves and Resources December 23, 2010

Project Location: Iquique, Chile. View project on a Google Map.

Average Ore Value (all estimate types): US$178.31

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$7.41	18.59 M oz	170.600 g/t	3.39 M t

Estimate notes: Mineral Reserves and Resources December 23, 2010
50 g/t Silver cut-off.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$9.41	23.61 M oz	160.700 g/t	4.57 M t

Estimate notes:
50 g/t Silver cut-off.

Diablillos

Latest NI43-101 Report: TECHNICAL REPORT ON THE DIABLILLOS PROPERTY � SALTA AND CATAMARCA PROVINCES, ARGENTINA
2009-07-27 (103 pages).

Updates: Mineral Reserves and Resources December 23, 2010

Project Location: Salta Province, Argentina. View project on a Google Map.

Average Ore Value (all estimate types): US$146.88

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$13.10	640.29 K oz	0.922 g/t	21.60 M t
Silver	$30.73	77.08 M oz	111.000 g/t	21.60 M t

Estimate notes:
42 g/t silver-equivalent using 60:1 silver to gold ration.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.82	186.81 K oz	0.807 g/t	7.20 M t
Silver	$2.49	6.25 M oz	27.000 g/t	7.20 M t

Estimate notes:

Maverick Springs

Latest NI43-101 Report: TECHNICAL REPORT MAVERICK SPRINGS PROJECT NEVADA, USA
2004-04-13 (89 pages).

Updates: Mineral Reserves and Resources December 23, 2010

Project Location: Nevada, USA. View project on a Google Map.

Average Ore Value (all estimate types): US$37.09

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$27.78	69.68 M oz	34.300 g/t	63.19 M t

Estimate notes:
1.0 oz/ton silver-equivalent cut-off.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$34.12	85.61 M oz	34.300 g/t	77.63 M t

Estimate notes:
1.0 oz/ton silver-equivalent cut-off.

Pirquitas

Latest NI43-101 Report: Technical Report on Pirquitas, Silver, Tin and Zinc Project
2008-09-29 (136 pages).

Updates: Mineral Reserves and Resources December 23, 2010

Project Location: Jujuy Province, Argentina in the Bolivian Silver-Tin Belt mining region. View project on a Google Map.

Average Ore Value (all estimate types): US$226.90

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$26.67	66.91 M oz	194.500 g/t	10.70 M t
Zinc	$1.89	74.90 K t	7,000.000 g/t	10.70 M t
Tin	$8.00	27.82 K t	2,600.000 g/t	10.70 M t

Estimate notes: Mineral Reserves and Resources December 23, 2010

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$51.10	128.19 M oz	202.400 g/t	19.70 M t
Zinc	$4.37	173.36 K t	8,800.000 g/t	19.70 M t
Tin	$11.33	39.40 K t	2,000.000 g/t	19.70 M t

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$2.90	7.27 M oz	51.400 g/t	4.40 M t
Zinc	$0.74	29.48 K t	6,700.000 g/t	4.40 M t
Tin	$0.63	2.20 K t	500.000 g/t	4.40 M t

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$7.58	19.03 M oz	56.900 g/t	10.40 M t
Zinc	$1.84	72.80 K t	7,000.000 g/t	10.40 M t
Tin	$2.39	8.32 K t	800.000 g/t	10.40 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$7.62	19.12 M oz	247.800 g/t	2.40 M t
Zinc	$0.47	18.72 K t	7,800.000 g/t	2.40 M t
Tin	$0.48	1.68 K t	700.000 g/t	2.40 M t

Pitarrilla

Latest NI43-101 Report: TECHNICAL REPORT - PITARRILLA PROPERTY PRE-FEASIBILITY STUDY
2009-06-12 (251 pages).

Updates: Mineral Reserves and Resources December 23, 2010

Project Location: Durango, Mexico in the Sierra Madre Occidental mining region. View project on a Google Map.

Average Ore Value (all estimate types): US$113.92

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$36.60	91.81 M oz	171.000 g/t	16.70 M t
Lead	$4.92	187.04 K t	11,200.000 g/t	16.70 M t
Zinc	$10.82	429.19 K t	25,700.000 g/t	16.70 M t

Estimate notes: Mineral Reserves and Resources December 23, 2010
Underground cut-off: 65 g/t AgEq; Open Pit cut-off: 20 g/t AgEq (in

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$54.91	137.75 M oz	102.500 g/t	41.80 M t
Copper	$1.70	16.72 K t	400.000 g/t	41.80 M t
Lead	$6.05	229.90 K t	5,500.000 g/t	41.80 M t
Zinc	$11.28	447.26 K t	10,700.000 g/t	41.80 M t

Estimate notes:
Underground cut-off: 65 g/t AgEq; Open Pit cut-off: 20 g/t AgEq

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$165.04	414.05 M oz	72.800 g/t	176.90 M t
Copper	$7.19	70.76 K t	400.000 g/t	176.90 M t
Lead	$16.75	636.84 K t	3,600.000 g/t	176.90 M t
Zinc	$37.02	1.47 M t	8,300.000 g/t	176.90 M t

Estimate notes:
Underground cut-off: 65 g/t AgEq; Open Pit cut-off: 20 g/t AgEq

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$32.75	82.17 M oz	70.800 g/t	36.10 M t
Lead	$4.46	169.67 K t	4,700.000 g/t	36.10 M t
Zinc	$9.28	368.22 K t	10,200.000 g/t	36.10 M t

Estimate notes:
Underground cut-off: 65 g/t AgEq; Open Pit cut-off: 20 g/t AgEq

San Agustin

Latest NI43-101 Report: SAN AGUSTIN RESOURCE ESTIMATE
2009-05 (70 pages).

Updates: Mineral Reserves and Resources December 23, 2010

Project Location: Durango State, Mexico in the Sierra Madre Occidental mining region. View project on a Google Map.

Average Ore Value (all estimate types): US$45.33

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$32.63	1.59 M oz	0.410 g/t	121.00 M t
Silver	$19.07	47.85 M oz	12.300 g/t	121.00 M t
Lead	$1.91	72.60 K t	600.000 g/t	121.00 M t
Zinc	$14.95	592.90 K t	4,900.000 g/t	121.00 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$21.59	1.06 M oz	0.360 g/t	91.20 M t
Silver	$14.73	36.95 M oz	12.600 g/t	91.20 M t
Lead	$1.68	63.84 K t	700.000 g/t	91.20 M t
Zinc	$11.04	437.76 K t	4,800.000 g/t	91.20 M t

Estimate notes:

San Luis

On February 28, 2011, Silver Standards Resources acquired 100% ownership of this project. [Source: December 31, 2010 MD&A]

Latest NI43-101 Report: Technical Report for the SAN LUIS PROJECT FEASIBILITY STUDY Ancash Department, Peru
2009-06 (268 pages).

Updates: Mineral Reserves and Resources December 23, 2010

Project Location: Yungay Province, Peru. View project on a Google Map.

Average Ore Value (all estimate types): US$1,485.89

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.12	54.59 K oz	28.300 g/t	60.00 K t
Silver	$0.46	1.17 M oz	604.500 g/t	60.00 K t

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.94	241.61 K oz	16.700 g/t	450.00 K t
Silver	$2.46	6.17 M oz	426.200 g/t	450.00 K t

San Marcial

Latest NI43-101 Report: TECHNICAL REPORT ON THE SAN MARCIAL PROJECT
2002-10-15 (43 pages).

Updates: Mineral Reserves and Resources December 23, 2010

Project Location: Sinaloa State, Mexico in the Sierra Madre Occidental mining region. View project on a Google Map.

Average Ore Value (all estimate types): US$221.42

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$5.68	14.24 M oz	191.800 g/t	2.31 M t
Lead	$0.19	7.39 K t	3,200.000 g/t	2.31 M t
Zinc	$0.38	15.25 K t	6,600.000 g/t	2.31 M t

Sunrise Lake

Latest NI43-101 Report: REPORT ON THE SUNRISE PROPERTY, NWT
2003-09-03 (42 pages).

Updates: Mineral Reserves and Resources December 23, 2010

Project Location: Northwest Territories, Canada. View project on a Google Map.

Average Ore Value (all estimate types): US$358.35

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.70	34.21 K oz	0.700 g/t	1.52 M t
Silver	$5.10	12.80 M oz	262.000 g/t	1.52 M t
Lead	$0.96	36.48 K t	24,000.000 g/t	1.52 M t
Zinc	$2.30	91.20 K t	60,000.000 g/t	1.52 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.84	41.15 K oz	0.500 g/t	2.56 M t
Silver	$5.54	13.91 M oz	169.000 g/t	2.56 M t
Lead	$1.28	48.64 K t	19,000.000 g/t	2.56 M t
Zinc	$2.84	112.64 K t	44,000.000 g/t	2.56 M t

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