Silver Standard Resources, Inc.
SILVER STANDARD RESOURCES INC (Form: 6-K, Received: 04/06/2017 16:23:35)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For April 6, 2017
Commission File Number: 000-26424
SILVER STANDARD RESOURCES INC.
(Translation of registrant's name into English)

#800 - 1055 Dunsmuir Street
PO Box 49088, Bentall Postal Station
Vancouver, British Columbia
Canada V7X 1G4
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ ] Form 20-F   [x] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [         ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [             ]

INCORPORATION BY REFERENCE

This Form 6-K is hereby incorporated by reference into the registration statements on Form S-8 (File No. 333-185498, 333-196116 and 333-198092) of Silver Standard Resources Inc.

DOCUMENTS FILED AS PART OF THIS FORM 6-K

See the Exhibit Index hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



 
Silver Standard Resources Inc.
 
(Registrant)
 
 
 
Date: April 6, 2017
By:
Signed: "Gregory Martin"
 
 
Gregory Martin
 
Title:
Chief Financial Officer







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SUBMITTED HEREWITH

Exhibits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






Form 51-102F3
Material Change Report


Item 1
Name and Address of Company
Silver Standard Resources Inc.  
Suite 800 – 1055 Dunsmuir Street
PO Box 49088
Vancouver, British Columbia V7X 1G4
Item 2
Date of Material Change
March 31, 2017
Item 3
News Release
The news release dated March 31, 2017 was disseminated through CNW Group and filed on the System for Electronic Document Analysis and Retrieval (SEDAR) and with the U.S. Securities and Exchange Commission on EDGAR.
Item 4
Summary of Material Change
On March 31, 2017, Silver Standard Resources Inc. (“ Silver Standard ”) entered into the tax moratorium system in Argentina to resolve the dispute regarding the application of export duties on its Pirquitas mine. Under the conditions of the moratorium, which converts the tax liability to Argentine pesos (“ ARS ”), Pirquitas has agreed to pay approximately ARS 1 billion with 5% paid upon entry and the balance in equal installments over 60 months. Outstanding ARS amounts are subject to interest at a rate of 1.5% per month. Upon completion of these payments all liabilities related to historical export duties and interest will be extinguished. Resolving the export duty dispute provided Silver Standard with the certainty required to exercise its option on the Chinchillas project to form a joint venture with Golden Arrow Resources Corporation (“ Golden Arrow ”).
Item 5
Full Description of Material Change
 
On March 31, 2017, Silver Standard entered into the tax moratorium system in Argentina to resolve the dispute regarding the application of export duties on its Pirquitas mine. Under the conditions of the moratorium, which converts the tax liability to ARS, Pirquitas has agreed to pay approximately ARS 1 billion with 5% paid upon entry and the balance in equal installments over 60 months. Outstanding ARS amounts are subject to interest at a rate of 1.5% per month. Upon completion of these payments all liabilities related to historical export duties and interest will be extinguished.











- 2 -


 
Pirquitas entered into a fiscal stability agreement with the Federal Government of Argentina in 1998 for production from the mine. In December 2007, the National Customs Authority of Argentina (Dirección Nacional de Aduanas) (“ Customs ”) levied an export duty of approximately 10% from concentrate for projects with fiscal stability agreements pre-dating 2002 and Customs asserted that the Pirquitas mine was subject to this duty. Silver Standard challenged the legality of the export duty applied to silver concentrate, thereby accruing a provision for the export duty on silver concentrate of U.S.$67.1 million as of December 31, 2016. The entry into the moratorium resolves this long-standing dispute. The Argentine government removed export duties on mineral concentrates in February 2016.
Resolving the export duty dispute provided Silver Standard with the certainty required to exercise its option on the Chinchillas project and form a joint venture with Golden Arrow for the development of the property. The joint venture will be comprised of Silver Standard's Pirquitas property and Golden Arrow’s Chinchillas property and will be owned on a 75%/25% basis by each company, respectively, with Silver Standard as the operator.
Subject to permitting and closing of the transaction, Silver Standard has approved a development decision on the Chinchillas project and expects construction to begin in the third quarter of 2017 with ore delivery to the Pirquitas mill expected in the second half of 2018.
Item 6
Reliance on subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7
Omitted Information
Not applicable.
Item 8
Executive Officer
Kelly Stark-Anderson
Vice President, Legal and Corporate Secretary
+1 (604) 484-8217
Item 9
Date of Report
Dated at Vancouver, British Columbia, this 6th day of April, 2017.