Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) reports consolidated financial results for the second quarter ended June 30, 2015.
Silver Standard's new President and CEO Paul Benson said, "This quarter we added more than $40 million of cash to the balance sheet due to continued strong operating performance at both of our mines and asset sale proceeds. Having visited the sites and talked to our teams, I am impressed with the quality of the operations and our focus on safe production. Our competitive advantage of operational excellence and liquidity have positioned Silver Standard to take advantage of current market conditions and grow shareholder value."
Second Quarter 2015 Highlights:
(All figures are in U.S. dollars unless otherwise noted)
- Generated strong operating cash flow: Cash flows from operating activities of $21.9 million.
- Increased cash balance: $217.2 million in cash and cash equivalents, an increase of $41.6 million quarter-on-quarter due to strong production and the receipt of the deferred consideration from the sale of the San Agustin project.
- Delivered strong production results: Produced 48,685 ounces of gold and 2.4 million ounces of silver for silver equivalent production of 6.0 million ounces.
- Continued trend of lower gold cash costs: Reported $717 per payable ounce of gold sold at the Marigold mine.
- Achieved lower silver cash costs: Reported $9.45 per payable ounce of silver sold at the Pirquitas mine, continuing our trend of lower cash costs.
- Continued exploration success at Marigold: Mineral development drilling continues to extend higher grade mineralization at the 8 South pit area and identified a new mineralized structure.
Subsequent to quarter end:
- Improved full year 2015 cost guidance: Marigold cash cost guidance decreased to $700 to $750 per payable ounce of gold sold. Pirquitas cash cost guidance decreased to $10.50 to $11.50 per payable ounce of silver sold.
- Paul Benson appointed as President and CEO: Effective August 1, 2015, Paul Benson was named President and CEO following the retirement of John Smith.
- Expanded financial liquidity: We entered into a $75 million three-year senior secured revolving credit facility with a syndicate of three leading Canadian banks.