VANCOUVER, Jan. 15, 2020 /PRNewswire/ - SSR Mining Inc.
(NASDAQ: SSRM) (TSX: SSRM) ("SSR Mining") reports fourth quarter
and 2019 operating results. Additionally, we are providing 2020
operating guidance.
Fourth Quarter and Full Year 2019 Operating
Highlights
(All figures are in U.S. dollars unless
otherwise noted)
- Record annual gold equivalent production: Our three
operations produced a record 421,906 consolidated gold
equivalent ounces in 2019 including 106,208 gold equivalent ounces
produced in the fourth quarter. Each operation exceeded the top end
of production guidance for the year.
- Continued operating strength at Marigold: In 2019,
Marigold produced 220,227 ounces of gold, a record in its
30th year of continuous operation and above the top end
of annual guidance. Fourth quarter production was 59,186 gold
ounces.
- Seabee gold production growth: Higher gold grade and
recovery led to the site's fourth consecutive annual production
record of 112,137 ounces of gold, exceeding the top end of
guidance.
- Puna achieves steady-state performance: Annual
production of 7.7 million ounces of silver exceeded the top end of
guidance, with fourth quarter milling rates and recoveries showing
significant improvements.
2020 Operating Guidance Highlights
- Strong production: At the mid-point of guidance, we
expect to produce approximately 425,000 gold equivalent ounces,
with anticipated annual production records at Marigold and
Seabee.
- Robust margins: Gold equivalent cash costs at the
mid-point of guidance are expected to be $740 per payable ounce sold (1).
- Capital investments focus on infrastructure to support
longer mine lives and lowering unit costs: At Marigold,
investments include building an additional leach pad and
replacement of higher cost haul trucks. At Seabee, our tailings
facility expansion, anticipated to be completed in 2021, is
expected to provide capacity into the early 2030s at current mill
rates.
- Exploration aims for added Mineral Resources and new
discoveries: Reverse circulation drilling at Marigold
and Trenton Canyon is focused on near-surface Mineral Resources,
while diamond drilling targeting high-grade sulphides has already
commenced at Trenton Canyon. At Seabee, the priorities are Santoy
Gap Hanging Wall and testing regional targets identified during the
2019 field program.
(1)
|
We report the
non-GAAP financial measure of cash costs per payable ounce of gold
and silver sold to manage and evaluate operating performance at the
Marigold mine, the Seabee Gold Operation and Puna Operations.
Please see "Cautionary Note Regarding Non-GAAP
Measures".
|
Paul Benson, President and CEO
said, "SSR Mining achieved record production again in 2019 due to
solid operating performance at each of our three operations. Most
importantly, the corporate production record was accomplished
safely. We carry that momentum into 2020 where we anticipate
another strong year of gold equivalent production. At Marigold,
gold grades are anticipated to increase compared to 2019 resulting
in higher production and robust margins. At Seabee, increased mill
throughput and strong ore grades are anticipated to drive another
record year of gold production. Together with our exploration
programs, we anticipate another successful year with our operating
performance driving cash flow and generating value for our
shareholders."
Marigold Mine, U.S.
|
|
Q4
2019
|
Q3
2019
|
% Change
(1)
|
FY
2019
|
FY
2018
|
% Change
(1)
|
Total material
mined
|
kt
|
18,457
|
19,033
|
(3.0%)
|
74,040
|
70,431
|
5.1%
|
Waste
removed
|
kt
|
11,736
|
12,676
|
(7.4%)
|
48,364
|
42,906
|
12.7%
|
Ore to leach
pad
|
kt
|
6,721
|
6,357
|
5.7%
|
25,676
|
27,525
|
(6.7%)
|
Strip
ratio
|
w/o
|
1.7
|
2.0
|
(12.4%)
|
1.9
|
1.6
|
20.8%
|
Gold grade to leach
pad
|
g/t
|
0.36
|
0.51
|
(29.4%)
|
0.40
|
0.37
|
8.1%
|
Gold
recovery
|
%
|
76
|
77
|
(1.3%)
|
75
|
73
|
2.7%
|
Gold
produced
|
oz
|
59,186
|
52,968
|
11.7%
|
220,227
|
205,160
|
7.3%
|
Gold sold
|
oz
|
61,088
|
50,650
|
20.6%
|
226,957
|
198,884
|
14.1%
|
|
Note:
|
(1)
|
Percent changes
are calculated using rounded numbers presented in the
table.
|
In 2019, the Marigold mine produced 220,227 ounces of gold,
surpassing the upper end of our revised production guidance. This
compares to 205,160 ounces of gold produced in 2018. Production in
2019 benefited from higher grades and ore stacking in the fourth
quarter of 2018. Gold sales for the year were 226,957
ounces.
Material mined during the year totaled 74.0 million tonnes, a 5%
increase as compared to 2018. Marigold stacked 25.7 million tonnes
of ore on the leach pads.
In the fourth quarter of 2019, Marigold produced 59,186 ounces
of gold, representing a 12% increase as compared to the previous
quarter due largely to the higher grade ore that was stacked in the
third quarter. Gold sales totaled 61,088 ounces for the
quarter.
During the fourth quarter, 18.5 million tonnes of material were
mined, down 3% from the third quarter due mainly to planned
maintenance of one hydraulic shovel and longer haulage cycles
associated with the increased ore stacked. The new leach pad cell
was commissioned on schedule and on budget with ore stacking
commencing in the fourth quarter of 2019.
Approximately 6.7 million tonnes of ore were delivered to the
heap leach pads at a gold grade of 0.36 g/t in the fourth quarter.
This compares to 6.4 million tonnes of ore delivered to the leach
pads at a gold grade of 0.51 g/t in the third quarter. Gold grade
mined in the fourth quarter was 29% lower than the third quarter
due to planned mining of lower grade material in the Mackay pit.
The strip ratio declined to 1.7:1 in the quarter, a 12% reduction
compared to the previous quarter.
Seabee Gold Operation, Canada
|
|
Q4
2019
|
Q3
2019
|
% Change
(1)
|
FY
2019
|
FY
2018
|
% Change
(1)
|
Total ore
milled
|
t
|
87,394
|
77,465
|
12.8%
|
344,040
|
352,000
|
(2.3%)
|
Ore milled per
day
|
t/day
|
950
|
842
|
12.8%
|
943
|
964
|
(2.2%)
|
Gold mill feed
grade
|
g/t
|
7.89
|
12.39
|
(36.3%)
|
9.56
|
9.16
|
4.4%
|
Gold
recovery
|
%
|
97.9
|
98.8
|
(0.9%)
|
98.2
|
97.4
|
0.8%
|
Gold
produced
|
oz
|
22,069
|
32,345
|
(31.8%)
|
112,137
|
95,602
|
17.3%
|
Gold sold
(2)
|
oz
|
24,362
|
28,278
|
(13.8%)
|
104,915
|
91,410
|
14.8%
|
|
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.
These ounces are not reported as gold ounces sold.
|
The Seabee Gold Operation produced 112,137 ounces of gold in
2019, an annual production record resulting from higher gold
grades, improved recoveries and drawdown of in-process inventories.
Production in 2019 increased 17% compared to the 95,602 ounces
produced in 2018. A total of 104,915 ounces of gold were sold
during the year.
In 2019, the operation milled 344,040 tonnes of ore, a 2%
decrease compared to 2018. During the year, average gold mill feed
grade was 9.56 g/t, 4% higher compared to the average gold grade
milled in 2018.
In the fourth quarter of 2019, the operation produced 22,069
ounces of gold, a 32% decrease from the third quarter primarily due
to lower gold grades more than offsetting higher milling rates.
Gold sales totaled 24,362 ounces during the quarter.
During the fourth quarter, 87,394 tonnes of ore were milled at
an average gold grade of 7.89 g/t and recovery of 97.9%. This
compares to 77,465 tonnes of ore milled at an average gold grade of
12.39 g/t and recovery of 98.8% in the third quarter of 2019.
Puna Operations, Argentina (1)
|
|
Q4
2019
|
Q3
2019
|
% Change
(2)
|
FY
2019
|
FY
2018
|
% Change
(2)
|
Total material
mined
|
kt
|
3,244
|
3,116
|
4.1%
|
12,295
|
897
(5)
|
NA
|
Waste
removed
|
kt
|
2,725
|
2,531
|
7.7%
|
10,851
|
696
(5)
|
NA
|
Strip
ratio
|
w/o
|
5.3
|
4.3
|
21.4%
|
7.5
|
3.5
(5)
|
117.0%
|
Ore milled
|
kt
|
400
|
336
|
19.0%
|
1,393
|
1,420
|
(1.9%)
|
Silver mill feed
grade
|
g/t
|
174
|
165
|
5.5%
|
184
|
114
|
61.4%
|
Lead mill feed
grade
|
%
|
0.99
|
0.81
|
22.2%
|
0.89
|
0.92
(5)
|
(3.3%)
|
Zinc mill feed
grade
|
%
|
0.63
|
0.60
|
5.0%
|
0.54
|
0.84
|
(35.7%)
|
Silver
recovery
|
%
|
95.1
|
93.5
|
1.7%
|
93.2
|
72.1
|
29.3%
|
Lead
recovery
|
%
|
91.9
|
88.1
|
4.3%
|
85.8
|
83.1
(5)
|
3.2%
|
Zinc
recovery
|
%
|
54.3
|
49.3
|
10.1%
|
49.2
|
39.3
|
25.2%
|
Silver
produced
|
koz
|
2,132
|
1,664
|
28.1%
|
7,674
|
3,747
|
104.8%
|
Silver
sold
|
koz
|
2,584
|
1,505
|
71.7%
|
7,694
|
3,761
|
104.6%
|
Lead produced
(3)
|
Klb
|
7,985
|
5,304
|
50.5%
|
23,958
|
3,107
|
NA
|
Lead sold
(3)
|
Klb
|
9,371
|
4,119
|
127.5%
|
24,118
|
1,059
|
NA
|
Zinc produced
(4)
|
Klb
|
3,007
|
2,206
|
36.3%
|
8,392
|
8,775
|
(4.4%)
|
Zinc sold
(4)
|
Klb
|
3,067
|
2,030
|
51.1%
|
14,072
|
2,365
|
495.0%
|
|
Notes:
|
(1)
|
Figures are on
100% basis. On September 18, 2019, we acquired the remaining 25%
interest in Puna Operations Inc. from
Golden Arrow Resources Corporation to consolidate our
ownership.
|
(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.
|
(5)
|
Data is for the
period subsequent to December 1, 2018, the date upon which
commercial production was declared at the
Chinchillas mine.
|
In 2019, Puna Operations produced a total of 7.7 million ounces
of silver, 24.0 million pounds of lead and 8.4 million pounds of
zinc. After declaring commercial production at Chinchillas in
December 2018, 2019 represents the
first full year of Puna Operations milling Chinchillas open pit
ore. Silver sold for the year totaled 7.7 million ounces.
During the year, ore was milled at an average of 3,819 tonnes
per day. Ore milled contained an average silver grade of 184 g/t.
The average silver recovery was 93.2%, a 29% improvement as
compared to 2018 when the operation milled primarily low-grade
stockpiled ore.
In the fourth quarter of 2019, silver production was 2.1 million
ounces, an increase of 28% relative to the third quarter, due to
increased mill throughput and processing of higher-grade ore.
Silver sales totaled 2.6 million ounces.
During the fourth quarter, ore was milled at an average of 4,349
tonnes per day. Processed ore in the fourth quarter contained an
average silver grade of 174 g/t, a 6% increase as compared to the
third quarter of 2019. The average silver recovery in the fourth
quarter was 95.1% as mill performance continues to benefit from our
Operational Excellence initiatives.
Outlook
This section of the news release provides management's
production, cost, capital, exploration and development expenditure
estimates for 2020. Please see "Cautionary Note Regarding
Forward-Looking Statements."
Operating
Guidance
|
|
Marigold
mine
|
Seabee Gold
Operation
|
Puna
Operations
|
Gold
Production
|
oz
|
225,000 -
240,000
|
110,000 -
120,000
|
|
—
|
Silver
Production
|
Moz
|
|
—
|
|
—
|
|
6.0 - 7.0
|
Lead
Production
|
Mlb
|
|
—
|
|
—
|
|
21.0 -
24.0
|
Zinc
Production
|
Mlb
|
|
—
|
|
—
|
|
7.0 - 9.0
|
Cash Cost per Payable
Ounce Sold (1)
|
$/oz
|
|
780 - 810
|
|
460 - 500
|
|
10.50 -
12.00
|
Capital
Expenditures
|
|
|
|
|
|
|
|
Sustaining
|
$M
|
|
60
|
|
15
|
|
15
|
Growth
|
$M
|
|
—
|
|
5
|
|
6
|
Capitalized Stripping
/ Capitalized
Development
|
$M
|
|
20
|
|
12
|
|
12
|
Exploration
Expenditures
|
|
|
|
|
|
|
|
Sustaining
|
$M
|
|
4
|
|
1
|
|
—
|
Growth
|
$M
|
|
8
|
|
11
|
|
1
|
|
|
Note:
|
(1)
|
We report the
non-GAAP financial measure of cash costs per payable ounce of gold
and silver sold to manage
and evaluate operating performance at the Marigold mine, the Seabee
Gold Operation and Puna Operations. See
"Cautionary Note Regarding Non-GAAP Measures".
|
In 2020, we expect to produce on a consolidated basis, at the
midpoint of guidance, approximately 425,000 gold equivalent ounces
at gold equivalent cash costs of $740
per payable ounce sold.
At the Marigold mine, gold production is expected to increase in
2020 compared to 2019. Marigold is well-positioned for another
record production year as the mine benefits from an additional
hydraulic loading unit purchased in 2019, expected to be
commissioned in early 2020, and continued Operational Excellence
efficiencies. Production is weighted toward the second half of the
year as a result of mine sequencing and access to higher grade ore.
Capital investments are expected to total $60 million, including $12
million for two replacement haul trucks and $15 million for an additional leach pad to be
built in 2020. The accelerated build of leach pad capacity will
ensure the operation can maintain leach cycle times and gold
recoveries at higher ore stacking rates. Capitalized stripping is
expected to total $20 million with
the majority incurred through the first three quarters of the year.
Exploration expenditures totaling $12
million are expected to focus on drill programs at Mackay,
Basalt, Valmy and Trenton Canyon with the goals of adding Mineral
Reserves and defining additional Mineral Resources within these
areas. Exploration expenditures include $2
million for drill testing Trenton Canyon's sulphide
targets.
At the Seabee Gold Operation, we expect to deliver another
record gold production year in 2020, as we continue executing our
plan of increasing mining rates to support higher sustained mill
throughput. Production is weighted to the first half of the year
due to higher grade ore access. Cash costs are expected to remain
low between $460 to $500 per payable ounce of gold sold. Sustaining
capital investments remain focused on mining equipment and
ventilation, with $5 million planned
for underground and surface equipment to enable higher mine
production. Due to continued exploration success at Seabee, in 2019
we commenced an expansion of tailings storage capacity at the mine.
In 2020, investment in the tailings facility expansion is estimated
to total $12 million as phase 1 of
the project is completed and phase 2 is initiated, with completion
expected in 2021. Once completed, Seabee is expected to have
tailings capacity for current mill throughput levels into the early
2030s. Non-tailings facility-related capital expenditures are
concentrated in the first quarter of 2020 as equipment is delivered
over the ice road. Expected capitalized development expenditures of
$12 million support higher mining
rates and reflects the development strategy for the Santoy complex.
Exploration expenditures at Seabee are estimated to total
$12 million with a focus on expansion
and definition of Santoy Gap Hanging Wall and surface drill
programs at the Seabee and Fisher properties following up on
targets identified in 2019.
At Puna Operations, we expect to produce between 6.0 and 7.0
million ounces of silver at cash costs net of by-products of
between $10.50 and $12.00 per payable silver ounce sold. Production
is weighted to the first half of the year due to higher grades,
with the majority of capital stripping expected in the second half
of the year. Sustaining capital investments of $15 million relate principally to maintenance of
mine, mill and power generating equipment. A $6 million investment to replace contracted ore
transportation is also planned as the operation focuses on lowering
unit operating costs.
At the Pitarrilla project, located in Mexico, we plan to spend $4 million in 2020 as part of a two-year
$10 million program related to
extending an existing decline to provide drill access to the
underground Mineral Resources. An improved geological model from
work completed in 2019 indicates strong potential to better define
known, high-grade mineralized veining associated with steeply
dipping rhyolite dyke contacts. Extending the underground ramp
provides access for tighter spaced drilling at better orientations
to test the rhyolite dykes and veins for continuity. If
infill drilling confirms the continuity of high-grade mineralized
structures, there would be potential to enhance the grades of
existing Mineral Resources.
At the San Luis project,
located in Peru, in 2020 we expect
to commence a detailed mapping program in the area of the existing
high-grade gold-silver Mineral Resources.
Our 2013 convertible notes, of which $115
million remain outstanding, provide for investors to put the
notes to us for repurchase at par, plus accrued and unpaid interest
thereon, if any, on February 1, 2020.
Any notes not put to us by such date are callable by us, at our
option, to repurchase from investors at par, plus accrued and
unpaid interest thereon, if any, at any time after February 1, 2020.
Gold equivalent figures for our 2020 operating guidance are
based on a gold-to-silver ratio of 86:1. Cash costs and capital
expenditures guidance is based on an oil price of $60 per barrel and an exchange rate of
1.30 Canadian dollars to one U.S. dollar. Royalty costs at Marigold were
calculated using a gold price of $1,550 per ounce.
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., a qualified person under National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("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 mine in Nevada, U.S., the Seabee Gold Operation in
Saskatchewan, Canada and Puna
Operations 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.
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: invest@ssrmining.com
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 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 and the cash costs and total
costs of production at the Marigold mine, the Seabee Gold Operation
and Puna Operations; our ability to convert Inferred Mineral
Resources to Indicated Mineral Resources and to convert Mineral
Resources into Mineral Reserves; timing of production and
production levels at the Marigold mine, the Seabee Gold Operation
and Puna Operations; achieving production records in 2020 at each
of the Marigold mine and the Seabee Gold Operation; expected
increase in gold grades at the Marigold mine in 2020; expected
increase in mill throughput at the Seabee Gold Operation in 2020;
expected capital, exploration and development expenditures; timing
and focus of our exploration and development programs; expected
timing of the commissioning of the additional hydraulic loading
unit at the Marigold mine in early 2020 and the construction of an
additional leach pad at the Marigold mine in 2020; expected cost
and timing of completion of the first and second phase of the
expansion to tailings capacity at the Seabee Gold Operation in 2020
and 2021, respectively; upon completion of the tailings facility
expansion, expected tailings capacity for current mill throughput
levels at the Seabee Gold Operation into the early 2030s; 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 and cost 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 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
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; 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/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 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; 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 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, 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 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 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.
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 Reserves 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 SEC 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
standards 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
constitute "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 concerning mineral deposits set forth
herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
Cautionary Note Regarding Non-GAAP Measures
This news release includes certain terms or performance
measures commonly used in the mining industry that are not defined
under International Financial Reporting Standards ("IFRS"),
including cash costs per payable ounce of gold and silver sold.
Non-GAAP measures do not have any standardized meaning prescribed
under IFRS and, therefore, they may not be comparable to similar
measures employed by other companies. We believe that, in addition
to conventional measures prepared in accordance with IFRS, certain
investors use this information to evaluate our performance. The
data presented is intended to provide additional information and
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. Readers
should also refer to our management's discussion and analysis,
available under our corporate profile at www.sedar.com or on our
website atwww.ssrmining.com, under the heading "Non-GAAP Financial
Measures" for a more detailed discussion of how we calculate such
measures.
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SOURCE SSR Mining Inc.