pirquitas is finally back on track with higher production and lower costs. and yet the company somehow managed to record a small loss for the quarter. there are times i think this company could try the patience of a saint. but they are moving ahead on pitarrilla as well, so we will finally get to see the feasibility study later in the year.

VANCOUVER, BRITISH COLUMBIA--(Marketwire -05/08/12)- Silver Standard Resources Inc. (SSO.TO)(SSRI) ("Silver Standard" or the "Company") reports consolidated financial results for the first quarter ended March 31, 2012.

"One of our goals in 2012 is to demonstrate strong quarter-on-quarter performance at the Pirquitas mine. Record production and stable mine cost performance in the first quarter provides a strong start to build on for the rest of the year," said John Smith, President and CEO. "The Pitarrilla feasibility study is progressing well and will be presented to the Board in the second half of 2012. With the recent proceeds from the exercised Pretium warrants, Silver Standard is financially strong to develop our substantial project portfolio and continue aggressive exploration."

 

First Quarter 2012 Highlights:

(All figures are in U.S. dollars unless otherwise noted)

--  Record production of 2.2 million ounces of silver, a 24% quarter-on-
    quarter increase.
--  Lowered direct mining costs to $11.86 per ounce of silver produced, a
    21% quarter-on-quarter improvement.
--  Operated the debottlenecked plant at an average of 4,567 tonnes per day
    throughput, a rate 14% above nominal design.
--  Recorded revenues of $38.4 million on the sale of 1.5 million ounces of
    silver and 1.8 million pounds of zinc.
--  Entered into two long-term silver concentrate sales contracts with
    smelters for 60% of monthly production commencing April 2012.
--  During and subsequent to the quarter, enhanced corporate liquidity by
    realizing gross cash proceeds of C$71.0 million from exercised Pretium
    Resources Inc. ("Pretium") share purchase warrants pursuant to the
    secondary offering completed last year.


Pirquitas Mine, Argentina

Summary Mine Operating Statistics (1)

----------------------------------------------------------------------------
                                      Q1       Q4       Q3       Q2       Q1
                                    2012     2011     2011     2011     2011
----------------------------------------------------------------------------
Total Material Mined         Kt    4,297    4,640    4,185    4,483    4,172
----------------------------------------------------------------------------
Ore Processed                Kt      416      241      245      295      308
----------------------------------------------------------------------------
Silver Mill Feed Grade  g/tonne      221      274      250      261      233
----------------------------------------------------------------------------
Recoveries                    %     77.3     82.4     82.9     80.0     73.6
----------------------------------------------------------------------------
Silver Produced        '000 oz.    2,172    1,751    1,631    1,976    1,697
----------------------------------------------------------------------------
Direct Mining Cost      US$/oz.   $11.86   $14.97   $16.20   $11.57   $12.26
----------------------------------------------------------------------------
Total Cash Cost         US$/oz.   $20.30   $17.72   $20.60   $22.06   $23.23


http://finance.yahoo.com/news/silver-standard-reports-first-quarter-020900614.html