Ssr Mining Reports Second Quarter 2018 Production Results
News Release 18-10
SSR Mining Inc. PHONE +1 604.689.3846 Suite 800 - 1055 Dunsmuir Street
www.ssrmining.com TOLL FREE +1 888.338.0046 PO Box 49088
Vancouver, BC, Canada V7X 1G4
July 12, 2018
SSR MINING REPORTS SECOND QUARTER 2018 PRODUCTION RESULTS
VANCOUVER, B.C. – SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (“SSR Mining”) reports
second quarter 2018 operating results at our three mines.
Second Quarter 2018 Operating Highlights
Increased production at Marigold: Produced 49,436 ounces of gold, a n increase of 15%
compared to the first quarter.
Record ore tonnes stacked at Marigold: Stacked a record 7.9 million tonnes of ore at an
increased grade of 0.42 g/t.
Production in line with guidance at Seabee: Produced 23,582 ounces of gold, with all ore
sourced from the high-grade Santoy mine.
Strong quarterly production at Puna Operations: Produced 1.0 million ounces of silver, for
a total of 1.9 million ounces of silver produced in the first half of 2018, exceeding guidance.
Paul Benson, President and CEO said, “Solid performance at each of our operations in the second
quarter keeps us well on track for full year production guidance. With a stronger second half of
the year still in front of us, we look forward to delivering into near-term growth.”
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Marigold Mine, U.S.
Q2 2018 Q1 2018 % Change (1)
Total material mined kt 15,958 16,150 (1.2%)
Waste removed kt 8,083 9,052 (10.7%)
Ore to leach pad kt 7,875 7,099 10.9%
Strip ratio w/o 1.0 1.3 (23.1%)
Gold grade to leach pad g/t 0.42 0.37 13.5%
Gold recovery % 74.4% 73.6% 1.1%
Gold produced oz 49,436 42,960 15.1%
Gold sold oz 46,644 42,078 10.9%
Notes:
(1) Percent changes are calculated using rounded numbers presented in the table.
In the second quarter of 2018, the Marigold mine produced 49,436 ounces of gold, a 15% increase
over the first quarter. Gold sales totaled 46,644 ounces for the quarter, reflecting an increase in
bullion inventory.
During the quarter, 16.0 million tonnes of material were mined, similar to the first quarter primarily
due to longer haul distances associated with the increase in ore tonnes. We expect total material
mined to increase during the second half of 2018 due to shorter haul distances and as the four
additional haul trucks enter service. These factors, along with completion of the new leach pad,
are expected to increase gold production through the second half of the year.
Approximately 7.9 million tonnes of ore were delivered to the heap leach pads, a quarterly record.
Gold grade increased to 0.42 g/t. This compares to 7.1 million tonnes of ore delivered to the heap
leach pads at a gold grade of 0.37 g/t in the first quarter of 2018. The strip ratio was 1.0:1 for the
quarter, 23% lower than the prior quarter.
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Seabee Gold Operation, Canada
Q2 2018 Q1 2018 % Change (1)
Total ore milled t 84,010 93,269 (9.9%)
Ore milled per day t/day 923 1,036 (10.9%)
Gold mill feed grade g/t 7.95 8.95 (11.2%)
Gold recovery % 97.3% 97.4% (0.1%)
Gold produced oz 23,582 23,717 (0.6%)
Gold sold (2) oz 20,512 20,012 2.5%
Notes:
(1) Percent changes are calculated using rounded numbers presented in the table.
(2) Beginning with the first quarter of 2018, the holder of a 3% net smelter returns royalty elected to receive its royalty in-kind
and we will no longer report these ounces within gold sold.
Seabee Gold Operation produced 23, 582 ounces of gold in the second quarter , in line with
production in the previous quarter . Gold sales were 20,500 ounces, lower than production as
gold ounces poured at the end of the second quarter will be sold in the third quarter.
The mill achieved an average throughput of 923 tonnes per day, an 11% decrease from the first
quarter. Production during the second quarter was impacted by planned maintenance, the
transition of mining activities to the high-grade Santoy mine, and a forest fire. Mill throughput is
expected to increase through the second half of the year relative to the second quarter . G old
recovery for the quarter remained consistent at 97.3%.
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Puna Operations, Argentina (1)
Notes:
(1) Figures are on 100% basis unless otherwise noted.
(2) Data for zinc production and sales relate only to zinc in zinc concentrate. “NA” indicates data not applicable due to
no comparable data available in Q1 2018.
(3) Figures are on a 75% attributable basis.
(4) Percent changes are calculated using rounded numbers presented in the table.
During the second quarter of 2018, the operation produced 1.0 million ounces of silver, for a total
of 1.9 million ounces produced in the first half of 2018, exceeding our silver production guidance
of 1.6 million ounces . Silver sales were 1.1 million ounces for the quarter, as concentrate
inventories were further reduced. Our attributable share of silver production and sales in the
second quarter were 0.7 million ounces and 0.9 million ounces, respectively.
Ore was milled at an average rate of 4,353 ton nes per day in the second quarter, 5% above the
previous quarter. Ore milled in the second quarter contained an average silver grade of 110 g/t,
4% lower than the 115 g/t average silver grade in the first quarter, consistent with processing of
increasingly lower grade stockpiles. The average silver recovery in the second quarter was 64%,
6% lower than the previous quarter.
We commenced production of zinc co ncentrate from stockpiles later in the second quarter, and
produced approximately 1.5 million pounds of zinc. No zinc sales occurred during the quarter.
Q2 2018 Q1 2018 % Change (4)
Ore milled kt 396 373 6.2%
Silver mill feed grade g/t 110 115 (4.3%)
Zinc mill feed grade (2) % 0.71% - NA
Silver recovery % 63.4% 67.7% (6.4%)
Zinc recovery (2) % 31.5% - NA
Silver produced koz 954 938 1.7%
Silver produced (attributable) (3) koz 716 704 1.7%
Zinc produced (2) lbs 1,521 - NA
Zinc produced (attributable) (2) (3) lbs 1,141 - NA
Silver sold koz 1,142 1,064 7.3%
Silver sold (attributable) (3) koz 857 798 7.4%
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Qualified Persons
The scientific and technical data contained in this news release relating to the Marigold mine has
been reviewed and approved by Karthik Rathnam, MAusIMM (C P), a qualified person under
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and our
Chief Engineer at the Marigold mine. The scientific and technical data contained in this news
release relating to the Seabee Gold Operation has been reviewed and approved by Cameron
Chapman, P.Eng., a qualified person under NI 43-101 and General Manager at the Seabee Gold
Operation. The scientific and technical data contained in this news release relating to Puna
Operations has been reviewed and approved by Bruce Butcher, P.Eng., a qualified person under
NI 43-101 and our Director, Mine Planning.
About SSR Mining
SSR Mining Inc. is a Canadian-based precious metals producer with three operations, including
the Marigold gold mine in Nevada, U.S., the Seabee Gold Operation in Saskatchewan, Canada
and the 75% owned and operated Puna Operations joint venture in Jujuy Pr ovince, 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 o n growing production and Mineral Reserves
through the exploration and acquisition of assets for accretive growth, while maintaining financial
strength.
SOURCE: SSR Mining Inc.
For further information contact:
W. John DeCooman, Jr.
Vice President, Business Development and Strategy
SSR Mining Inc.
Vancouver, BC
Toll free: +1 (888) 338-0046
All others: +1 (604) 689-3846
E-Mail: [email protected]
To receive SSR Mining's news releases by e-mail, please register using the SSR Mining website
at www.ssrmining.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 Litigation Reform Act of 1995
(collectively, “forward-looking statements”) concerning the anticipated developments in our operations in
future periods, and other events or conditions that may occur or exist in the future . All statements, other
than statements of historical 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 t hat certain actions, events or results “may,” “could,”
“would,” “might” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar
expressions. The forward -looking statements in this news release relate to, among other things: future
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production of gold, silver and other metals; the prices of gold, silver and other metals; the effects of laws,
regulations and government policies affecting our opera tions 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 production at the Marigold mine, the Seabee Gold Operation and Puna
Operations; timing of our exploration and development programs; the expected benefits of the four
additional haul trucks and the new leach pad at the M arigold mine; 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 produ cts
produced by us; our ability to achieve our production guidance; 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 those expressed or implied, including,
without limitation, the following: uncertainty of production, development plans and cost estimates for the
Marigold mine, the Seabee Gold Operation, Puna Operations and our projects; our ability to replace Mineral
Reserves; commodity price fluctuations; political or economic instability and unexpected regulatory
changes; currency fluctuations; the possibility of future losses; general economic conditions; counterpar ty
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 r eporting Mineral 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 for further exploration a nd development programs
and opportunities; uncertainty in acquiring additional commercially mineable mineral 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; the impact of governmental regulations, including health,
safety and environmental regulations, including increased costs and restrictions on operations due to
compliance with such regulations; unpredictable risks and hazards related to the development and
operation of a mine or mineral property that are beyond our control; reclamation and closure requirements
for our mineral properties; potential labour unrest, including labour actions by our unionized employees at
Puna Operations; indigenous peoples’ title claims and rights to consultation and accommodation may affect
our existing operations as well as development projects and future acquisitions; certain transportation risks
that could have a negative impact on our ability to operate; assessments by taxation authorities in multiple
jurisdictions; recoverability of value added tax and significant delays in the collection process in Argentina;
claims and legal proceedings, including adverse rulings in litigation against us and/o r 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
our interest in deferred consideration received in connection with recent divestitures; fully realizing the value
of our shareholdings in our marketable securities, due to changes in price, liquidity or disposal cost of such
marketable securities; 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; reputation loss resulting in decreased investor confidence, increased
challenges in developing and maintaining community relations and an impediment to our overall ability to
advance our projects; risks normally associated with the conduct of joint ventures; an event of default under
our convertible notes may significantly reduce our liquidity and adversely affect our business; failure to meet
covenants under our senior secured revolving credit facility; information systems security threats; conflicts
of interest that could arise from certain of our directors’ and officers’ involvement with other natural resource
companies; other risks related to our common shares ; 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 au thorities and included in our most recent Annual Report on Form 40 -F
filed with the U.S. Securities and Exchange Commission ("SEC").
This list is not exhaustive of the factors that may affect any of our forward-looking statements. Our forward-
looking statements are based on what our management currently considers to be reasonable assumptions,
beliefs, expectations and opinions based on the information currently available to it. Assumptions have
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been made regarding, among other things, our ability to carry on our exploration and development activities,
our ability to meet our obligations under our property agreements, the timing and results of drilling programs,
the discovery of Mineral Resources and Mineral Reserves on our mineral properties, the timely receipt of
required approvals and permits, including those approvals and permits required for successful project
permitting, construction and operation of our projects, the price of the minerals we produce, the costs of
operating and exploration expenditures, our ability to operate in a safe, efficient and effective manner, our
ability to obtain financing as and when required and on reasona ble terms, our ability to continue operating
the Marigold mine, the Seabee Gold Operation and Puna Operations, dilution and mining recovery
assumptions, assumptions regarding stockpiles, the success of mining, processing, exploration and
development activi ties, the accuracy of geological, mining and metallurgical estimates, no significant
unanticipated operational or technical difficulties, maintaining good relations with the communities
surrounding the Marigold mine, the Seabee Gold Operation and Puna Oper ations, no significant events or
changes relating to regulatory, environmental, health and safety matters, certain tax matters and no
significant and continuing adverse changes in general economic conditions or conditions in the financial
markets (including commodity prices, foreign exchange rates and inflation rates). You are cautioned that
the foregoing list is not exhaustive of all factors and assumptions which may have been used. We cannot
assure you that actual events, performance or results will be co nsistent with these forward -looking
statements, and management’s assumptions may prove to be incorrect. Our forward -looking statements
reflect current 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, 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.