Silver Standard Resolves Export Duty Claim IN Argentina
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March 31, 2017 News Release 17–08
SILVER STANDARD RESOLVES EXPORT DUTY CLAIM IN ARGENTINA
VANCOUVER, B.C. -- Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) (“Silver
Standard”) announces it has 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 subjec t 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.
Paul Benson, President and CEO of Silver Standard said, “Resolving the outstanding export duty
dispute with the Argentine tax authorities provides us with the certainty required to exercise our
option on the Chinchillas project. We are now moving forward to focus on making Chinchillas a
successful mine development that extends the life of our Pirquitas operation well into the next
decade and enables us to evaluate the viability of an underground operation at Pirquitas.”
Pirquitas entered into a fiscal stability agreemen t with the Federal Govern ment of Argentina in
1998 for production from the mine. In Decemb er 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. We challenged the legality of the export
duty applied to silver concentrate, thereby accr uing a provision for the export duty on silver
concentrate of $67.1 million as of December 31, 2016. The entry into the moratorium resolves this
long-standing dispute. The Argentine govern ment removed export duties on mineral
concentrates in February 2016.
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
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.
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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,”
“believes,” or variations thereof, or stating that certain actions, events or results “may,” “could,” “would,” “might”
or “will” be taken, occur or be achiev ed, or the negative of an y of these terms or simila r expressions. The forward-
looking statements in this news release relate to, among other things: estimated timing and amounts of payments
under the Moratorium; extension of the operating life at the Pirquitas mine; future successful development of the
Chinchillas project; the anticipated economic and social impacts of the Chinchillas project; 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 an d cost estimates for the Pi rquitas mine; our ability to
complete and successfully integrate Golden Arrow’s Chinch illas project, on a joint vent ure basis, into our current
operations; commodity price fluctuations; political or ec onomic instability and unexpected regulatory changes;
currency fluctuations; the possibility of future losses; general economic cond itions; future de velopment risks,
including start-up delays and cost overr uns; our ability to obtain adequate financing for further exploration and
development programs and opportunities; uncertainty in acquiring additional commercially mineable mineral rights;
delays in obtaining or failure to obtain governmental perm its, or non-compliance with our permits; potential labour
unrest, including labour actions by our unionized employ ees at the Pirquitas mine; the impact of governmental
regulations, including increased costs and restrictions on operations due to compliance with such regulations; social
and economic changes following closure of a mine, including the expected closure of the Pirquitas mine in late 2017
or early 2018, may lead to adverse impacts and unrest; un predictable risks and hazards related to the development
and operation of a mine or mineral property that are beyond our control; and those other various risks and
uncertainties 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 Report on Form 40-F filed with
the U.S. Securities and Exchange Commission.
This list is not exhaustive of the factors that may affect any of our forward-looking statements. Our forward-looking
statements reflect current expectations regarding future ev ents 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, expectations 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.