Ssr Mining Reports Second Quarter 2019 Production Results
News Release 19-13
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 11, 2019
SSR MINING REPORTS SECOND QUARTER 2019 PRODUCTION RESULTS
VANCOUVER, B.C. – SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (“SSR Mining”) reports
second quarter 2019 operating results at our three mines.
Second Quarter 2019 Operating Highlights
▪ On track for higher annual gold production: Produced over 98,000 consolidated gold
equivalent ounces from our three operations during the second quarter and over 210,000 gold
equivalent ounces year-to-date.
▪ Strong operating performance at Marigold: Produced 54,922 ounces of gold. Stacked 7.1
million tonnes of ore at a gold grade of 0.38 g/t, both a quarter-on-quarter increase.
▪ Solid gold production at Seabee: Increased gold grade and recovery led to 26,539 ounces
of gold production.
▪ Focused on steady state production at Puna: Mining activities achieved planned rates,
with silver production of 1.5 million ounces.
Paul Benson, President and CEO said, “With each of our operations performing well during the
second quarter, we delivered over 9 8,000 gold equivalent ounces. Notably, at Marigold we
stacked a higher amount of ore a t an increasing gold grade, driving toward a record production
year for the mine as we celebrate its 30 th anniversary. At Seabee, production is ahead of plan ,
while at Puna, our focus was on achieving steady state production levels. Our strong first six
months of the year put us in a favorable position to meet or exceed our annual production
guidance for the eighth consecutive year.”
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Marigold Mine, U.S.
Q2 2019 Q1 2019 % Change (1)
Total material mined kt 19,254 17,295 11.3%
Waste removed kt 12,185 11,767 3.6%
Ore to leach pad kt 7,070 5,528 27.9%
Strip ratio w/o 1.7 2.1 (19.0%)
Gold grade to leach pad g/t 0.38 0.34 11.8%
Gold recovery % 75.0% 73.0% 2.7%
Gold produced oz 54,922 53,151 3.3%
Gold sold oz 59,702 55,517 7.5%
Notes:
(1) Percent changes are calculated using rounded numbers presented in the table.
In the second quarter of 2019, the Marigold mine produced 54,922 ounces of gold, a 3% increase
from the first quarter mainly due to higher gold grade and ore mined, which was stacked on lower
areas of the leach pads. Gold sales totaled 59,703 ounces, 8% higher than the previous quarter
as we sold a portion of bullion inventory accumulated in the first quarter of 2019.
During the quarter, 19.3 million tonnes of material were mined, an 11% increase compared to the
first quarter of 2019, due to improved hauling efficiency and shorter haul distances. Approximately
7.1 million tonnes of ore were delivered to the heap leach pads at a grade of 0.38 g/t gold. This
compares to 5.5 million tonnes of ore delivered to the heap leach pads at a grade of 0.34 g/t gold
in the first quarter of 2019. The strip ratio was 1.7:1 for the quarter.
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Seabee Gold Operation, Canada
Q2 2019 Q1 2019 % Change (1)
Total ore milled t 88,424 90,756 (2.6)%
Ore milled per day t/day 971 1,008 (3.7)%
Gold mill feed grade g/t 9.83 8.59 14.5%
Gold recovery % 98.4% 97.2% 1.2%
Gold produced oz 26,539 31,183 (14.9)%
Gold sold oz 24,276 27,999 (13.3)%
Notes:
(1) Percent changes are calculated using rounded numbers presented in the table.
The Seabee Gold Operation produced 26,539 ounces of gold in the second quarter of 2019, a
15% decrease mainly due to timing of gold pours at year -end 2018 that led to higher gold
production in the first quarter of 2019. Gold sales totaled 24,276 ounces for the second quarter.
The four new pieces of underground mining equipment, delivered over the ice road in the first
quarter, were commissioned at the beginning of the second quarter and are operating at the
Santoy mining complex. The mill achieved an average throughput of 971 tonnes per day over the
second quarter, a 4% decline compared to the previous quarter largely due to planned
modifications to the electrical distribution system as part of the tailings expansion project . Gold
mill feed grade was 9.83 g/t, 15% higher compared to the first quarter and in line with plan. Gold
recovery for the quarter was 98.4%, a 1.2% increase over the first quarter.
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Puna Operations, Argentina (1)
Notes:
(1) Figures are on 100% basis.
(2) Percent changes are calculated using rounded numbers presented in the table.
(3) Data for lead production and sales relate only to lead in lead concentrate.
(4) Data for zinc production and sales relate only to zinc in zinc concentrate.
Puna Operations produced 1.5 million ounces of silver for the second quarter, 38% lower than
the first quarter of 2019, mainly due to lower silver grades, consistent with plan, and processing
less ore . Silver sales totaled 2.7 million ounces as we began to deliver silver/lead and zinc
concentrates into annual contracts with the aim of aligning quarterly production and sales. On an
attributable basis, silver production and sales for the second quarter totaled 1.1 million ounces
and 2.0 million ounces, respectively.
During the second quarter, ore was milled at an average of 3,436 tonnes per day, a n 11 %
decrease compared to the previous quarter, mainly due to maintenance of control systems and
continued debottlenecking of the new tailings pumping system that is expected to continue
Q2 2019 Q1 2019 % Change (2)
Total material mined kt 3,304 2,618 26.2%
Waste removed kt 3,114 2,469 26.1%
Ore mined kt 191 150 27.3%
Strip ratio w/o 16.3 16.5 (1.2%)
Ore milled kt 313 345 (9.3%)
Silver mill feed grade g/t 160 235 (31.9%)
Lead mill feed grade % 0.71% 1.07% (33.6%)
Zinc mill feed grade % 0.46% 0.46% 0.0%
Silver recovery % 92.4% 91.7% 0.8%
Lead recovery % 79.4% 83.6% (5.0%)
Zinc recovery % 48.1% 47.3% 1.7%
Silver produced koz 1,486 2,392 (37.9%)
Silver sold koz 2,679 927 189.0%
Lead produced (3) klb 3,879 6,789 (42.9%)
Lead sold (3) klb 7,652 2,977 157.0%
Zinc produced (4) klb 1,539 1,640 (6.2%)
Zinc sold (4) klb 5,757 3,218 78.9%
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through the third quarter of 2019 . Processed ore in the second quarter of 2019 contained an
average silver grade of 160 g/t, a 32% decrease compared to the first quarter, consistent with the
mine plan and average silver reserve grade. The strip ratio during the seco nd quarter was 16:1
as mining of the next phase at the Chinchillas pit continues as planned.
Qualified Persons
The scientific and technical data contained in this news release relating to the Marigold mine has
been reviewed and approved by Greg Gibson, P.E., SME Registered Member, a qualified person
under National Instrument 43 -101 – Standards of Disclosure for Mineral Project s (“NI 43 -101”)
and General Manager at the Marigold mine. The scientific and technical data contained in this
news release relating to the Seabee Gold Operation has been re viewed 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 Robert Gill, P.Eng., a qualified person
under NI 43-101 and General Manager at Puna Operations.
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, A rgentina. 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 assets for accretive growth, while maintaining financial
strength.
SOURCE: SSR Mining Inc.
For further information contact:
W. John DeCooman, Jr.
Senior 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.
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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 thing s: future
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 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 production at the Marigold mine, the Seabee Gold Operation and Puna
Operations; timing of our exploration and development programs; timing for completion of the ramp up and
achievement of steady state production and debottlenecking of the new tailings pumping system at Puna
Operations; achieving re cord production in 2019; 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 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; counterparty
and market risks related to the sale of our concentrates 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 pra ctices for reporting 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 e xploration and 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 Puna credits balance and significant 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 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 securi ties; 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 securit y 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 conf idence; 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 2013 convertible notes or our 2019 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
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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 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 hav e
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 Resource s 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 reasonable 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 activities ; 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 Operation s; 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 co mmodity 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 consis tent 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.