VANCOUVER, Jan. 8, 2013 /PRNewswire/ - Silver Standard Resources Inc. (NASDAQ: SSRI, TSX: SSO) ("Silver Standard" or the "Company") announced 2012 production at the Pirquitas mine in Jujuy, Argentina and provided production and cost guidance for 2013.
"In 2012, our team delivered on its commitments," said John Smith, President and CEO. "At Pirquitas, we exceeded the high-end of our silver production guidance range, producing a record 8.6 million ounces and delivered on our sales strategy. Exploration remains key to our business model, and we continue to focus on adding value through the drill bit. In the fourth quarter, we completed the Pitarrilla Feasibility Study, defining a mine with approximately 480 million ounces of reserves and producing 15 million ounces of silver per year on average during the first 18 years of a 32-year project."
During 2012, the Pirquitas mine produced a record 8.6 million ounces of silver. The mine produced 2.3 million ounces of silver during the fourth quarter, 4.9% quarter-on-quarter improvement reflecting higher average silver recoveries in the plant and higher mill throughput. The mine also produced 3.2 million pounds of zinc in the fourth quarter, bringing total zinc production to 11.2 million pounds for the year, near the high-end of the 2012 zinc production guidance range.
Approximately 417,000 tonnes of ore were milled at an average rate of 4,531 tonnes per day during the quarter, 13% above the plant's nominal design. On an annual basis, the mill processed 4,433 tonnes per day during 2012.
Ore milled during the fourth quarter of 2012 contained an average silver grade of 212 g/t, in line with the 214 g/t reported for the third quarter. The average recovery rate for silver increased to 79.9% from 77.7% in the third quarter.
SOURCE Silver Standard Resources Inc.