Ssr Mining Reports Third Quarter 2017 Production Results
News Release 17-25
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
October 12, 2017
SSR MINING REPORTS THIRD QUARTER 2017 PRODUCTION RESULTS
VANCOUVER, B.C. – SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (“SSR Mining”) reports
third quarter 2017 operating results at our three mines.
Third Quarter 2017 Operating Highlights
Strong gold sales at Seabee: Sales of 21,798 ounces of gold in the quarter from bullion
inventory and solid gold production from sustained daily throughput and recovery rates.
Record quarterly material moved at Marigold: Mined over 20 million tonnes of material
during the quarter. As expected, third quarter production was lower than the previous quarter
at 38,699 ounces of gold.
Achieved annual production guidance at Puna Operations: The Pirquitas mill operated at
a rate of approximately 5,000 tonnes per day, which drove production of 1.5 million ounces of
silver during the quarter and 5.0 million ounces year-to-date, surpassing the lower end of
annual production guidance.
Paul Benson, President and CEO said, “In the third quarter, all three operations had record or
near-record operating achievements, which is particularly notable at Seabee as the mine was
impacted for a significant part of the quarter by nearby forest fires. With Marigold mining through
a low-grade portion of the orebody this year and Puna Operations processing stockpiles, the focus
on operating performance is paramount and drives the sustained performance and growth from
our portfolio. We anticipate strong operating performance in the fourth quarter to round out a
successful year for SSR Mining.”
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Marigold Mine, U.S.
Q3 2017 Q2 2017 % Change (1)
Total material mined kt 20,311 17,985 12.9%
Waste removed kt 13,149 11,075 18.7%
Ore to leach pad kt 7,162 6,910 3.6%
Strip ratio w/o 1.8 1.6 12.5%
Gold grade to leach pad g/t 0.31 0.31 0.0%
Gold recovery % 72% 73% (1.4%)
Gold produced oz 38,699 55,558 (30.3%)
Gold sold oz 38,818 57,426 (32.4%)
Notes:
(1) Percent changes are calculated using rounded numbers presented in the table.
In the third quarter of 2017, the Marigold mine produced 38,699 ounces of gold, 30.3% less than
the previous quarter due to continued lower grades of ore stacked as we began mining the upper
benches of the current phase of the Mackay pit. Gold sales totaled 38,818 ounces for the quarter.
A quarterly record of 20.3 million tonnes of material were mined in the third quarter of 2017, 13%
more than the second quarter of 2017 , primarily due to planned shorter hauls for waste.
Approximately 7.2 million tonnes of ore were delivered to the heap leach pads at an average gold
grade of 0.31 g/t. This compares to 6.9 million tonnes of ore delivered to the hea p leach pads at
a gold grade of 0.31 g/t in the second quarter of 2017. The strip ratio was 1.8:1 for the quarter, a
13% increase compared to the previous quarter.
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Seabee Gold Operation, Canada
Q3 2017 Q2 2017 % Change (1)
Total ore milled t 84,315 84,469 (0.2%)
Ore milled per day t/day 916 928 (1.3%)
Gold mill feed grade g/t 7.03 7.97 (11.8%)
Gold recovery % 97.2% 97.3% (0.1%)
Gold produced oz 18,058 20,690 (12.7%)
Gold sold oz 21,798 17,909 21.7%
Notes:
(1) Percent changes are calculated using rounded numbers presented in the table.
In the third quarter of 2017, the Seabee Gold Operation produced 18,058 ounces of gold, a strong
result considering several operating interruptions. Gold sales were 21,798 ounces for the third
quarter, higher than gold production as bullion inventory accumulated in the previous quarter was
sold in the third quarter.
During the third quarter, 84,315 tonnes of ore were milled at an average gold grade of 7.03 g/t.
This compares to a total of 84,469 tonnes of ore at an average grade of 7.97 g/t in the second
quarter. The Santoy mine supplied 85% of ore milled, predominantly from long hole stopes.
Underground mining activities at Santoy experienced operating interruptions during the third
quarter as a result of forest-fire-related power outages and smoke ingress.
The mill achieved an average throughput of 916 tonnes per day during the quarter, 1.3% lower
than the previous quarter due to a combination of scheduled crusher maintenance activities and
forest-fire-related power outages. Gold recovery remained consistent at 97.2% in the third quarter.
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Puna Operations, Argentina (1)
Q3 2017 Q2 2017 % Change (3)
Ore milled kt 461 446 3.4%
Silver mill feed grade g/t 153 185 (17.3%)
Silver recovery % 67.8% 73.5% (7.8%)
Silver produced koz 1,541 1,947 (20.9%)
Silver produced (attributable) (2) koz 1,156 1,777 n/a
Silver sold koz 2,076 1,655 25.4%
Silver sold (attributable) (2) koz 1,557 1,473 n/a
Notes:
(1) Figures are on 100% basis unless otherwise noted.
(2) Figures for the third quarter of 2017 are on 75% attributable basis. Figures for the second quarter of 2017 represent 100% for
April and May 2017 and 75% for June 2017.
(3) Percent changes are calculated using rounded numbers presented in the table.
During the first nine months of 2017, the operation produced a total of 5.0 million ounces of silver,
surpassing the lower end of our improved 2017 production guidance as stockpile grades and
metallurgical performance continued to exceed plan. In the third quarter of 2017, silver production
from stockpiles totaled 1.5 million ounces. Silver sales were 2.1 million ounces for the quarter.
Attributable share of silver production and sales in the third quarter were 1.2 million ounces and
1.6 million ounces, respectively.
Ore was milled at an average rate of 5,012 tonnes per day in the third quarter, 25% above the
mill’s nominal throughput of 4,000 tonnes per day. Ore milled in the third quarter of 2017 contained
an average silver grade of 153 g/t, 17% lower than the 185 g/t reported in the second quarter of
2017 as we continue to process lower grade stockpiles. The average silver recovery in the third
quarter was 67.8%, lower than the previous quarter as expected due to planned lower silver mill
feed grade.
Partial Disposal of Pretium Common Shares
During the third quarter and subsequent to September 30, 2017, we sold 7.9 million common
shares of Pretium Resources Inc. (“Pretium”) , realizing pre -tax net cash proceeds of C$85.4
million, of which C$70.8 million will be recognized in the third quarter of 2017. We currently hold
9.04 million common shares, representing approximately 4.99% of Pretium.
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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 Thomas Rice, SME Registered Member, a Qualified Person
under National Instrument 43 -101 – Standards of Disclosure for Mineral P rojects (“NI 43 -101”)
and our Technical Services Manager 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 Per son 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., formerly Silver Standard Resources 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 Operation s
joint venture 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 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,” or variations thereof, or stating that 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 production of
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gold, silver and other metals; the prices of gold, silver and other metals; future successful development of
our projects; 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 updates; 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; our ability to obtain necessary permits for the Chinchillas project; commo dity price fluctuations;
political or economic instability and unexpected regulatory changes; currency and interest rate fluctuations;
the possibility of future losses; general economic conditions; fully realizing the value of our shareholdings
in Pretium and our other marketable securities, due to changes in price, liquidity or disposal cost of such
marketable securities; counterparty and market risks related to the sale of our concentrate and metals;
uncertainty in the accuracy of Mineral Reserves and Min eral Resources estimates and in our ability to
extract mineralization profitably; differences in U.S. and Canadian practices 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 exploration 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; potential
labour unrest, including labour actions by our unionized employees at Puna Operations; 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 properti es; failure to effectively manage our tailings facilities; social and
economic changes following closure of a mine may lead to adverse impacts and unrest; unpredictable risks
and hazards related to the development and operation of a mine or mineral propert y 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 acquisitions; assessments by taxation
authorities in multiple jurisdictions; recoverability of VAT and significant dela ys 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,
including extreme weather conditions; fully realizing our 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 convertible notes may
significantly reduce our liqui dity 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; inf ormation systems security threats; 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 ("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
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, eff icient and effective manner, our
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ability to obtain financing as and when required and on reasonable terms and our ability to continue
operating the Marigold mine and the Seabee Gold Operation. 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 consistent with these forward-looking statements, and management’s
assumptions may prove to be incorrect. Our forward -looking stat ements 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.
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 SEC Industry Guide 7. Consequently, Mineral R eserves 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 companies subject to the reporting and disclosure requirements of the SEC. Under S EC
standards, mineralization may not be classified as a “reserve” unless the determination has been made that
the mineralization could be economically produced or extracted at the time the reserve determination is
made. In addition, the SEC’s disclosure st andards normally do not permit the inclusion of information
concerning “Measured Mineral Resources,” “Indicated Mineral Resources” or “Inferred Mineral Resources”
or other descriptions of the amount of mineralization in mineral deposits that do not constit ute “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 concern ing mineral deposits set forth
herein may not be comparable with information made public by companies that report in accordance with
U.S. standards.