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Silver Standard's Q2 gold, silver output slips; FY'16 production target still achievable

SilverStandard Resources Inc. produced less gold and silver in the secondquarter compared to the prior quarter despite the of and adding theSeabee goldmine in Saskatchewan to its portfolio.

Total production amounted to 97,790 gold equivalent ounces duringthe quarter, according to the July 13 results.

Gold output from the Marigold mine in Nevada was 6.6% lower quarterover quarter at 47,195 ounces, while the Seabee mine produced 13.5% less goldat 17,524 ounces.

Silver Standard attributed the lower output at Marigold toplanned ore stacking at higher elevations on the leach pads, with irrigation ofthese areas starting later in the quarter.

The Pirquitas mine in Argentina produced 2.5 million ouncesof silver, which was a 4.3% drop on the first quarter. No zinc was produced atthe mine due to the lower grade.

Silver Standard said it will discontinue disclosing zincdata from the third quarter.

Quarterly gold sales from the Marigold and Seabee minestumbled 3% and 22.5% to 47,124 ounces and 16,305 ounces, respectively, comparedto the first quarter, while silver sales from Pirquitas fell 19.5% to 2.6million ounces.

Zinc sold from the Pirquitas mine amounted to 798,000 poundscompared to no zinc sold in the previous quarter.

Although overall production was lower during the quarter,Silver Standard said all three mines are on track to achieve full-yearproduction guidance.

The company updated its full-year gold production guidance in May tobetween 200,000 ounces and 210,000 ounces from 190,000 ounces to 200,000 ouncespreviously.