"We took added measures to monitor the gearbox and were enjoying average daily production rates of 28,000 ounces of silver and 85% recovery rates in September," said
The ball mill re-start is scheduled for mid-October and is expected to achieve design rates through year-end. As a result, 2011 silver production guidance is revised to 7.3 to 7.6 million ounces. Cost guidance will be re-examined and reported with the third quarter results.
Spot sales of silver concentrate were initiated in late September with revenue being recognized in the fourth quarter 2011 and are expected to continue until year end. Negotiations for long-term contracted silver concentrate sales will be the focus of the London Metals Exchange week event, beginning
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Cautionary Statements on Forward Looking Information: All statements in this news release other than statements of historical fact, relating to the future financial or operational performance of Silver Standard including estimates of the timing and amount of future production, costs of production, timing of sales contracts, are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and forward looking information within Canadian securities laws (collectively "forward looking statements"). The words "will", "plans", "expects", "estimates", "guidance", "targets", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain events, or results "may", "could", "might", or "will be taken" identify forward looking statements. Forward looking statements are statements that are not historical facts and are
based on estimates and assumptions that, while considered reasonable by Silver Standard at the date of such statements, are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. Such risks and uncertainties include, but are not limited to Silver Standard's ability to raise sufficient capital to fund development; changes in economic conditions or financial markets; changes in prices for the company's mineral products or increases in input costs; uncertainty of production and cost estimates for the
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