Silver Standard Exercises Option to Form Joint Venture with Golden Arrow FOR the Chinchillas Project

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March 31, 2017 News Release 17–09

SILVER STANDARD EXERCISES OPTION TO FORM JOINT VENTURE

WITH GOLDEN ARROW FOR THE CHINCHILLAS PROJECT

VANCOUVER, B.C. -- Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) (“Silver

Standard”) announces it has provided Golden Arrow Resources Corporation (TSX-V: GRG)

(“Golden Arrow”) with the required notice to ex ercise 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 Pirqui tas property and Golden Arrow’s Chinchillas

property and will be owned on a 75%/25% basis by each company, respectively. Silver Standard

will be the operator.

A news release profiling the Chinchillas pre-feasibility study (the “PFS”) was reported by Golden

Arrow on March 31, 2017. The associated National Instrument 43-101 technical report is to be

filed within 45 days and, upon closing of the transaction, will be available under our profile on

SEDAR and on our website. Subject to permitting and closing of the transaction, Silver Standard

has approved a development decision on the project and expects construction to begin in the third

quarter of 2017.

Paul Benson, President and CEO of Silver St andard said, “Forming the joint venture is an

excellent result due to the outstanding cooperation by our partner Golden Arrow, the Argentine

government and many within Silver Standard. We believe Chinchillas will extend the life of our

Pirquitas operation well into next decade and it enables the joint venture to evaluate the viability

of an underground operation at Pirquitas.”

“The successful development of Chinchillas w ill be a great outcome for Argentina and the

Province of Jujuy with the creation of jobs, th e payment of royalties and taxes and significant

export revenue. We look forward to working closely with the local communities and government

as we invest in the developmen t of Chinchillas to extend the operating life at Pirquitas, which

supports Silver Standard as an intermediate precious metals producer with growth and value.”

Transaction Highlights

The full details of our Business Combination Ag reement with Golden Arrow dated September

30, 2015, setting out the terms and conditions for the formation of the joint venture were set out

in our news release dated October 1, 2015. The following is a summary of the key provisions and

benefits of the transaction:

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 Creates a joint venture comprised of the Pirquitas operation and the Chinchillas property with

Silver Standard and Golden Arrow holding 75% /25% interest, respectively, and Silver

Standard being the operator.

 Provides Silver Standard an opportunity to extend the Pirquitas operating life with a limited

capital brownfields investment in a prospect ive silver-lead-zinc de posit approximately 45

kilometers from the mine.

 Near-term production from Chinchillas based on construction beginning in the third quarter

of 2017, followed by ore delivery to the mill in the second half of 2018.

 Enables evaluation of potential for a Pirq uitas underground operation to supply a small-

tonnage high-grade supplementary ore feed to increase the average ore grade and further

extend the mine life into the second half of next decade.

 Option exercise payment by Silver Standard t o G o l d e n A r r o w o f 2 5 % o f P i r q u i t a s m i n e

earnings less certain expenditures incurred si nce October 1, 2015 until closing, currently

estimated at approximately $15 million, payable on closing, which is expected on or before

May 30, 2017.

 The PFS, as further detailed in Golden Arrow’s new release, contemplates a joint venture

project requiring an initial investment of $81 mi llion to develop a mine to deliver ore to the

existing Pirquitas mill that has an operating life of eight year s, producing an annual average

of 8.4 million silver equivalent ounces.

Production Decision and Next Steps

Subject to permitting and closing of the tr ansaction, Silver Standard has approved the

development decision on the Chinchillas project. The permitting process continues to advance

with positive support from the local communiti es and government authorities. The Chinchillas

Environmental and Social Impact Assessment has been prepared and submitted to the Argentine

regulatory authorities, and is in the consultation process. Work with local communities on social

programs and understanding of the Chinchillas project is advancing positively.

Based on and subject to the permi tting process, we anticipate construction at Chinchillas to begin

during the third quarter of 2017 with ore delivery to the Pirquitas mill expected in the second half

of 2018.

Qualified Persons

Except as otherwise set out herein, the scientific and technical information contained in this news

release relating has been reviewed and approved by Bruce Butcher, P.Eng., a Qualified Person

under National Instrument 43-101 - Standards of Disclosure for Mineral Projects . Mr. Butcher is our

Director, Mine Planning.

About Silver Standard

Silver Standard is a Canadian-based precious me tals producer with three wholly-owned and

operated mines, including the Marigold gold mi ne in Nevada, U.S., the Seabee Gold Operation

in Saskatchewan, Canada and the Pirquitas silver mine in Jujuy Province, Argentina. We also

have two feasibility stage projects and a portfolio of exploration properties in North and South

America. We are committed to delivering safe production through relentless emphasis on

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Operational Excellence. We are also focused on growing production and Mineral Reserves

through the exploration and acquisition of a ssets for accretive growth, while maintaining

financial strength.

SOURCE: Silver Standard Resources Inc.

For further information contact:

W. John DeCooman, Jr.

Vice President, Business Development and Strategy

Silver Standard Resources Inc.

Vancouver, BC

N.A. toll-free: +1 (888) 338-0046

All others: +1 (604) 689-3846

E-Mail: [email protected]

To receive Silver Standard’s news releases by e-mail, please register using the Silver Standard website at

www.silverstandard.com.

Cautionary Note Regarding Forward-Looking Statements:

This news release contains forward-looking information within the meaning of Canadian securities laws and forward-

looking statements within the meaning of the U.S. Private Securities Litigati on Reform Act of 1995 (collectively,

“forward-looking statements”). All stat ements, other than statements of hi storical fact, are forward-looking

statements. Generally, forward-looking statements can be identified by the use of words or phrases such as “expects,”

“anticipates,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,”

or variations thereof, or stating that certain actions, events or results “may,” “could,” “w ould,” “might” or “will”

be taken, occur or be achieved, or th e negative of any of these terms or si milar expressions. The forward-looking

statements in this news release relate to, among other things: our ability to complete and successfully integrate Golden

Arrow's Chinchillas project, on a joint ve nture basis, into our current operations; future production of gold, silver

and other metals; future costs of inventory and cash costs per payable ounce of gold, silver and other metals sold; the

prices of gold, silver and other metals; the effects of laws, regulations and government policies affecting our operations

or potential future operations; future successful development of our projects; the sufficiency of our current working

capital, anticipated operating cash flow or our ability to raise necessary funds; estimated production rates for gold,

silver and other metals produced by us; timing of development and production and the cash costs of production at the

Chinchillas project; ability to extend life of Pirquitas operations into next decade; impact of the Chinchillas project on

local communities; expected operating costs; the estimated cost of sustaining capital; estimated initial capital

expenditures at the Chinchillas project; expected ore supply generated from the Ch inchillas project; expected

composition of mining fleet at the Chinchillas project; outcome of permitting process for the Chinchillas project;

ongoing or future development plans and capital replacement, improvement or remediation programs; the estimates

of expected or anticipated economic returns from our mining projects, including future sales of metals, concentrate or

other products produced by us; our ability to expand Mineral Resources and convert Mineral Resources into Mineral

Reserves; and our plans and expectations for our properties and operations.

These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors

that could cause actual events or results to differ from th ose expressed or implied, including, without limitation, the

following: uncertainty of production, development plans and cost estimates for the Pirquitas mine and the Chinchillas

project; our ability to replace Mineral Reserves; our abilit y to complete and successfully integrate Golden Arrow's

Chinchillas project, on a joint venture basis, into our curr ent operations; ability to obta in necessary permits for the

Chinchillas project; ability to satisfy closing conditions and successfully form the joint venture with Golden Arrow;

commodity price fluctuations; political or economic instability and unexpe cted regulatory changes; currency

fluctuations; the possibility of future losses; general economic conditions; fully realizing the value of our shareholdings

in Pretium Resources Inc. and our other marketable securities, due to changes in price, liquidity or disposal cost of

such marketable securities; export duty and related interest on past production and sales of silver concentrate from

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the Pirquitas mine; counterparty and market risks related to the sale of our concentrate and metals; uncertainty in the

accuracy of Mineral Reserves and Mineral Resources estimates and in our ability to extract mineralization profitably;

differences in U.S. and Canadian practices for reporting Mi neral Reserves and Mineral Resources; lack of suitable

infrastructure or damage to existing infrastructure; future development risks, including start-up delays and cost

overruns; our ability to obtain adequate financing fo r further exploration and development pr ograms and

opportunities; uncertainty in acquirin g additional commercially mineable min eral rights; delays in obtaining or

failure to obtain governmental permits, or non-compliance with our permits; our ability to attract and retain qualified

personnel and management; potential labour unrest, includ ing labour actions by our unionized employees at the

Pirquitas mine; the impact of governmental regulations, including health, safety and environmental regulations,

including increased costs and restrictions on operations due to compliance with such regulations; reclamation and

closure requirements for our mineral properties; social and economic changes following closure of a mine, including

the anticipated closure of the Pirquitas mine in late 20 17 or early 2018, may lead to adverse impacts and unrest;

unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond

our control; indigenous peoples' title claims and rights to consultation and accommodation may affect our existing

operations as well as development projects and future acquis itions; assessments by taxation authorities in multiple

jurisdictions; recoverability of value added tax and signific ant delays in the collection process in Argentina; claims

and legal proceedings, including adverse rulings in litigation against us and/ or our directors or officers; compliance

with anti-corruption laws and internal controls, and increased regulatory compliance costs; complying with emerging

climate change regulations and the impact of climate change; fully realizing ou r interest in deferred consideration

received in connection with recent divestitures; uncertainties related to title to our mineral properties and the ability

to obtain surface rights; the sufficiency of our insurance coverage; civil disobedience in the countries where our mineral

properties are located; operational safety and security risks; actions required to be taken by us under human rights

law; competition in the mining industry for mineral properties; our ability to complete and successfully integrate an

announced acquisition; an event of default under our co nvertible notes may significantly reduce our liquidity and

adversely affect our business; failure to meet covenants under our senior secured revolving credit facility; conflicts of

interest that could arise from certain of our directors’ and officers’ involvement with other natural resource companies;

information systems security threats; an d those various risks and uncertainti es identified under the heading “Risk

Factors” in our most recent Annual Information Form filed with the Canadian securities regulatory authorities and

included in our most recent Annual Re port on Form 40-F filed with the U.S. Securities and Exchange Commission

(“SEC”). Our forward-looking statements reflect curren t expectations regarding future events and operating

performance and speak only as of the date hereof and we do not assume any obligation to update forward-looking

statements if circumstances or management's beliefs, expect ations or opinions should change other than as required

by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting

standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI

43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all

public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards

differ significantly from the requirements of the SEC set out in Industry Gu ide 7. Consequently, Mineral Reserves

and Mineral Resources information included in this news release is not comparable to similar information that would

generally be disclosed by domestic U.S. reporting compan ies subject to the reporting and disclosure requirements of

the SEC. Under SEC standards, mineralization may not be classified as a “reserve” unless the determination has been

made that the mineralization could be economically produc ed or extracted at the time the reserve determination is

made.

In addition, the SEC's disclosure standards normally do not permit the inclusion of information concerning

“Measured Mineral Resources,” “Indicated Mineral Reso urces” or “Inferred Mineral Resources” or other

descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards

in documents filed with the SEC. U.S. investors should understand that “Inferred Mineral Resources” have a great

amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Moreover,

the requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves

reported by us in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly,

information concerning mineral deposits set forth herein ma y not be comparable with information made public by

companies that report in accordance with U.S. standards.

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Cautionary Note Regarding Non-GAAP Measures

This news release includes certain terms or performance me asures commonly used in the mining industry that are

not defined under International Financial Reporting Standards (“IFRS”), including cash costs and all-in sustaining

costs per payable ounce of precious metals sold. Non-GAAP financial measures do not have any standardized meaning

prescribed under IFRS and, therefore, they may not be comp arable to similar measures reported by other companies.

We believe that, in addition to conventional measures prep ared in accordance with IFRS, certain investors use this

information to evaluate our performance. The data presented is intended to provide additional information and should

not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These

non-GAAP measures should be read in conjunction with our consolidated financial statements. Readers should refer

to “Non-GAAP and Additional GAAP Financial Measures” in section 13 of our most recent MD&A, available under

our corporate profile at www.sedar.com or on our website at www.silverstandard.com, for a more detailed discussion

of how we calculate such measures and for a reconciliation of such measures to IFRS terms.