Ssr Mining Reports Third Quarter 2019 Production Results
News Release 19-21
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 9, 2019
SSR MINING REPORTS THIRD QUARTER 2019 PRODUCTION RESULTS
VANCOUVER, B.C. – SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (“SSR Mining”) reports
third quarter 2019 operating results at our three mines.
Third Quarter 2019 Operating Highlights
▪ On track for higher annual gold production: Produced over 100,000 consolidated gold
equivalent ounces from our three operations during the third quarter, and over 310,000
consolidated gold equivalent ounces year-to-date.
▪ Record quarterly gold production at Seabee: Produced 32,345 ounces of gold. Gold mill
feed grade reached 12. 4 g/t and gold recovery was 98.8% , both quarterly high s for the
operation under our ownership.
▪ Solid operating performance at Marigold: Produced 52,968 ounces of gold. Stacked 6.4
million tonnes of ore at a higher gold grade of 0.51 g/t. Total material mined was over 19
million tonnes, continuing to demonstrate strong and efficient operating practices.
▪ Improved production at Puna: Increased silver mill feed grade and recovery led to 1.7
million ounces of silver production . Ore mined was significantly higher than ore milled,
increasing the ore stockpile in advance of the rainy season.
▪ Consolidated 100% ownership in Puna : Completed acquisition of the remaining 25%
interest in Puna Operations leading to immediate increase in silver production profile and
improved operational flexibility.
Paul Benson, President and CEO said, “During the third quarter, we delivered over 100,000 gold
equivalent ounces from our three operations, with each mine achieving solid production results
and operating performance. Each operation continues to track well against our improved
production gu idance for the year, position ing us to meet or exceed consolidated production
guidance for the eighth consecutive year.”
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Marigold Mine, U.S.
Q3 2019 Q2 2019 % Change (1)
Total material mined kt 19,033 19,254 (1.1)%
Waste removed kt 12,676 12,185 4.0%
Ore to leach pad kt 6,357 7,070 (10.1)%
Strip ratio w/o 2.0 1.7 17.6%
Gold grade to leach pad g/t 0.51 0.38 34.2%
Gold recovery % 77.0% 75.0% 2.7%
Gold produced oz 52,968 54,922 (3.6)%
Gold sold oz 50,650 59,702 (15.2)%
Notes:
(1) Percent changes are calculated using rounded numbers presented in the table.
In the third quarter of 2019, the Marigold mine produced 52,968 ounces of gold, a 4% decrease
from the second quarter mainly due to the stacking of ore on higher areas of the leach pads ,
resulting in a longer leach time. Gold sales totaled 50,650 ounces, 15% lower than the previous
quarter, due to lower gold production and a significant inventory drawdown in the second quarter.
During the quarter, 19.0 million tonnes of material were mined, in line with the second quarter of
2019. Approximately 6.4 million tonnes of ore were delivered to the heap leach pads at a grade
of 0.51 g/t gold. This compares to 7.1 million tonnes of ore delivered to the heap leach pads at a
grade of 0.38 g/t gold in the second quarter. The gold grade to leach pad was 34% higher quarter
on quarter, consistent with plan, as we mined higher grade ore in the current phase of the Mackay
pit. The strip ratio was 2.0:1 for the third quarter.
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Seabee Gold Operation, Canada
Q3 2019 Q2 2019 % Change (1)
Total ore milled t 77,465 88,424 (12.4)%
Ore milled per day t/day 842 971 (13.3)%
Gold mill feed grade g/t 12.39 9.83 26.0%
Gold recovery % 98.8% 98.4% 0.4%
Gold produced (2) oz 32,345 26,539 21.9%
Gold sold oz 28,278 24,276 16.5%
Notes:
(1) Percent changes are calculated using rounded numbers presented in the table.
(2) Q3 2019 gold produced includes 1,244 ounces of gold recovered from sludges, fines and cathodes accumulated through 2018
and early 2019 and shipped offsite. These ounces had not been previously recorded as inventory and are not included in the
gold recovery for the quarter.
The Seabee Gold Operation produced a record 32,345 ounces of gold in the third quarter of 2019,
a 22% increase from the second quarter, largely due to higher gold mill feed grade. Gold sales
totaled 28,278 ounces for the third quarter.
The mill achieved an average throughput of 842 tonnes per da y over the third quarter, a 13 %
decline compared to the previous quarter largely due to electrical transformer damage resulting
from lightning strikes. Gold mill feed grade was 12.39 g/t, 26 % higher compared to the second
quarter due to the mining of higher-grade stopes. Gold recovery for the quarter was a record
98.8%, reflecting Operational Excellence initiatives that have exceeded recovery performance
estimated in the 2017 Technical Report.
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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 1.7 million ounces of silver in the third quarter of 2019, 12% higher
than the second quarter, mainly due to higher mill throughput and silver mill feed grade. Silver
sales totaled 1.5 million ounces, in line with production after a significant inventory drawdown in
the second quarter.
During the third quarter, ore was milled at an average throughput of 3,648 tonnes per day, a 7%
increase compared to the previous quarter, mainly due to improved performance of the tailings
pumping system. During the month of September 2019, following a mill maintenance shutdown,
ore was milled at an average throughput of 4,539 tonnes per day. Processed ore in the third
quarter of 2019 contained an average silver grade of 165 g/t, a 3% increase compared to the
Q3 2019 Q2 2019 % Change (2)
Total material mined kt 3,116 3,304 (5.7)%
Waste removed kt 2,531 3,114 (18.7)%
Ore mined kt 585 191 206.3%
Strip ratio w/o 4.3 16.3 (73.6)%
Ore milled kt 336 313 7.3%
Silver mill feed grade g/t 165 160 3.1%
Lead mill feed grade % 0.81% 0.71% 14.1%
Zinc mill feed grade % 0.60% 0.46% 30.4%
Silver recovery % 93.5% 92.4% 1.2%
Lead recovery % 88.1% 79.4% 11.0%
Zinc recovery % 49.3% 48.1% 2.5%
Silver produced koz 1,664 1,486 12.0%
Silver sold koz 1,505 2,679 (43.8)%
Lead produced (3) klb 5,304 3,879 36.7%
Lead sold (3) klb 4,119 7,666 (46.3)%
Zinc produced (4) klb 2,206 1,539 43.3%
Zinc sold (4) klb 2,030 5,753 (64.7)%
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second quarter, consistent with the mine plan and average silver reserve grade. The strip ratio
during the third quarter was 4.3:1.
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 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 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 Puna Opera tions in Jujuy, 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.
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.
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,”
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“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; meeting or exceeding our production
guidance for the eighth consecutive year; achieving record production in 2019; ongoing or future
development plans and capital repl acement, 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 expres sed 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; commo dity 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 me tals; 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 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 acquiri ng 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 regulati ons, 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 securities; uncertainties related to title to our mineral properties and
the abilit y 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; competiti on 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 relation s
and an impediment to our overall ability to advance our projects; 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 sh ares; 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.
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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, 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 Operations ; 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 ca nnot
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 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 l aw.
For the reasons set forth above, you should not place undue reliance on forward-looking statements.