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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.
Information Links: Yahoo News and Quotes | Yahoo Message Board | StockCharts
More Information Links: Knobias | Canadian Insider Trading
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.
| 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% |
| 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).
All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.
| 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 | $22.83 | ||
| Percentage of Total Metal Value | 8.88% | 71.91% | 5.05% | 0.00% | 11.71% | 2.45% | ||
| Metal Value Percentage Proven + Probable | 7% | 17% | 0% | 0% | 16% | 85% | ||
| Metal Value Percentage Measured + Indicated | 57% | 58% | 81% | 0% | 62% | 13% | ||
| Metal Value Percentage Inferred | 36% | 24% | 19% | 0% | 22% | 2% | ||
The above metal value totals derive from the following projects.
| Project | Location | Metal Value per share (% total) | Average Ore Value US$/t | Gold | Silver | Copper | Molybdenum | 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
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:
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:
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.
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:
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.
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 |
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
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:
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 |
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 |
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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