Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) released consolidated financial report for the third quarter ended September 30, 2015.Paul Benson, the CEO and President, said that it was a robust quarter with both mines achieving as per planned in terms of cash costs and production.
Importantly, the company has set up the mines, especially Marigold, for a robust fourth quarter and are moving as planned to achieve guidance metrics at both. This progress along with strong balance sheet with more than $300 million in marketable securities and cash, and added liquidity via the revolving credit facility, allows Silver Standard management to pursue growth prospects and continue enhancing shareholder value.
Silver Standard Resources achieved the production target as the gold production from the Marigold mine stood at 41,262 ounces while that of silver was 2.6 million ounces at the Pirquitas mine.There was continued market trend of low yellow metal cash costs. The company recorded $719 per payable ounce of yellow metal sold at the Marigold mine.
Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) strengthened corporate liquidity as it entered into a 3-year senior secured revolving credit facility worth $75 million, and maintained a cash reserve of $200 million. It recorded remarkable exploration success at Marigold andannounced the discovery of new gold mineralized zones, the 8D area and the HideOut area.
Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) closed the acquisition deal of the Valmy Property. It bought 2,844 hectare land package attached with the Marigold mine in a deal valued at $11.5 million in cash. The company is seeking prospects to extend operating life at its Pirquitas mine. It finalized a deal with Golden Arrow Resources Corporation to assess and explore the Chinchillas project, located nearly 30 kilometers from its Pirquitas mine.The production at Marigold mine came at 41,262 gold ounces in 3Q2015, down 15% over the second quarter.