VANCOUVER, Jan. 15, 2019 /CNW/ - SSR Mining Inc.
(NASDAQ: SSRM) (TSX: SSRM) ("SSR Mining") reports fourth quarter
and year-end 2018 operating results. Additionally, we are providing
2019 guidance.
Fourth Quarter and 2018 Operating Highlights
- Achieved total annual production guidance: Produced over
345,000 gold equivalent ounces in 2018 and over 88,000 gold
equivalent ounces in the fourth quarter, meeting or exceeding
initial guidance for a seventh consecutive year. Delivered
attributable gold equivalent production of over 335,000 ounces in
2018.
- Strong finish to the year at Marigold: Annual production
of 205,160 ounces of gold in 2018, as fourth quarter gold
production of 54,306 ounces led to Marigold exceeding the upper end
of our revised annual guidance.
- Delivered record annual gold production at Seabee: The
operation achieved the highest annual production in its history,
producing 95,602 ounces of gold in 2018, exceeding the top end of
the upwardly revised annual guidance.
- Strong operating performance at Seabee: In 2018, the
operation milled 352,000 tonnes of ore or 964 tonnes per day,
another operating record, while average gold mill feed grade was an
impressive 9.16 g/t.
- Ramp-up of operations at Puna: Exceeded the upper end of
the revised annual silver production guidance with a total of 3.7
million ounces. With the declaration of commercial production at
the Chinchillas mine in December
2018, we produced 1.2 million ounces of silver in the fourth
quarter, a 79% increase over the third quarter, as the mill
averaged nearly 3,800 tonnes per day.
Paul Benson, President and CEO
said, "As all three of our operations exceeded expectations and
with both Marigold and Seabee at or near record annual production,
we produced over 345,000 gold equivalent ounces in 2018. This marks
the seventh consecutive year that we have met or exceeded our
annual production guidance. In the year ahead, we are forecasting
production growth to nearly 400,000 gold equivalent ounces, with
Seabee and Marigold continuing to deliver to plan and Puna
ramping-up to steady-state operations. Importantly, due to the
exploration success across our portfolio and our strong balance
sheet, we are able to invest in our assets for the long-term
benefit of our shareholders, communities, and employees."
Marigold Mine, U.S.
|
|
Q4
2018
|
Q3
2018
|
% Change
1
|
FY
2018
|
FY
2017
|
% Change
1
|
Total material
mined
|
kt
|
17,039
|
21,284
|
(19.9%)
|
70,431
|
69,011
|
2.1%
|
Waste
removed
|
kt
|
11,361
|
14,411
|
(21.2%)
|
42,906
|
43,422
|
(1.2%)
|
Ore to leach
pad
|
kt
|
5,679
|
6,873
|
(17.4%)
|
27,525
|
25,589
|
7.6%
|
Strip
ratio
|
w/o
|
2.0
|
2.1
|
(4.8%)
|
1.6
|
1.7
|
(5.9%)
|
Gold grade to leach
pad
|
g/t
|
0.34
|
0.32
|
6.3%
|
0.37
|
0.35
|
5.7%
|
Gold
recovery
|
%
|
73%
|
72%
|
1.4%
|
73%
|
73%
|
0.0%
|
Gold
produced
|
oz
|
54,306
|
58,459
|
(7.1%)
|
205,160
|
202,240
|
1.4%
|
Gold sold
|
oz
|
50,550
|
59,612
|
(15.2%)
|
198,884
|
200,192
|
(0.7%)
|
Notes:
|
(1)
|
Percent changes
are calculated using rounded numbers presented in the
table.
|
In 2018, the Marigold mine produced 205,160 ounces of gold,
surpassing the upper end of our revised production guidance. This
compares to 202,240 ounces of gold produced in 2017. For the
full-year, gold sales were 198,884 ounces due to bullion inventory
increasing in the fourth quarter relative to the previous quarter,
which we expect to sell in the first quarter of
2019.
Material mined during the year totaled 70.4 million tonnes, a 2%
increase as compared to 2017. The mine achieved record annual
ore tonnes to the leach pads with over 27.5 million tonnes
stacked.
During the fourth quarter of 2018, 17.0 million tonnes of
material were mined, down 20% from the third quarter due to
scheduled maintenance on the electric rope shovel and longer haul
cycles. Construction delays deferred the new leach pad
commissioning to the first quarter of 2019 and solution application
commenced in January 2019.
Approximately 5.7 million tonnes of ore were delivered to the
heap leach pads at a gold grade of 0.34 g/t in the fourth quarter.
This compares to 6.9 million tonnes of ore delivered to the leach
pads at a gold grade of 0.32 g/t in the third quarter. Gold grade
mined in the fourth quarter was 6% higher than the third quarter
due to mining deeper in the current phase of the Mackay pit. The
strip ratio declined to 2.0:1 in the quarter, a 5% reduction
compared to the previous quarter.
In the fourth quarter of 2018, Marigold produced 54,306 ounces
of gold, representing a 7.1% reduction as compared to the previous
quarter. Gold sales totaled 50,550 ounces for the quarter.
Seabee Gold Operation, Canada
|
|
Q4
2018
|
Q3
2018
|
% Change
1
|
FY
2018
|
FY 2017
2
|
% Change
1
|
Total ore
milled
|
t
|
86,447
|
88,273
|
(2.1%)
|
352,000
|
330,415
|
6.5%
|
Ore milled per
day
|
t/day
|
940
|
959
|
(2.0%)
|
964
|
905
|
6.5%
|
Gold mill feed
grade
|
g/t
|
10.20
|
9.52
|
7.1%
|
9.16
|
8.25
|
11.0%
|
Gold
recovery
|
%
|
97.6%
|
97.1%
|
0.5%
|
97.4%
|
97.4%
|
0.0%
|
Gold
produced
|
oz
|
20,473
|
27,831
|
(26.4%)
|
95,602
|
83,998
|
13.8%
|
Gold sold
|
oz
|
21,711
|
29,175
|
(25.6%)
|
91,410
|
86,087
|
6.2%
|
Notes:
|
(1)
|
Percent changes
are calculated using rounded numbers presented in the
table.
|
The Seabee Gold Operation produced 95,602 ounces of gold in
2018, an annual production record resulting from an improved
milling rate and higher gold grade. A total of 91,371 ounces of
gold were sold during the year.
In 2018, the operation milled 352,000 tonnes of ore, another
operating record, largely due to our ongoing Operational Excellence
initiatives. During the year, average gold mill feed grade was 9.16
g/t, 11% higher compared to the average gold grade milled in 2017.
The Santoy mine supplied 93% of ore milled, predominantly from long
hole stopes; the remaining ore was sourced from the Seabee mine,
which was closed in the second quarter of 2018.
In the fourth quarter of 2018, the operation produced 20,473
ounces of gold, a 26% decrease primarily due to gold ounces
contained in circuit at year-end 2018 due to timing of gold pours.
Gold sales totaled 21,711 ounces during the quarter.
During the fourth quarter, 86,447 tonnes of ore were milled at
an average gold grade of 10.2 g/t and recovery of 97.6%. This
compares to 88,273 tonnes of ore milled at an average gold
grade of 9.52 g/t and recovery of 97.1% in the third quarter of
2018.
Puna Operations, Argentina 1
|
|
Q4
2018
|
Q3
2018
|
% Change
2
|
FY
2018
|
FY 2017
3
|
% Change
2
|
Total material
mined
|
kt
|
897
4
|
-
|
-
|
897
4
|
89
|
na
|
Waste
removed
|
kt
|
696
4
|
-
|
-
|
696
4
|
36
|
na
|
Ore mined
|
kt
|
201
4
|
-
|
-
|
201
4
|
53
|
na
|
Strip
ratio
|
w/o
|
3.5
4
|
-
|
-
|
3.5
4
|
0.7
|
na
|
Ore milled
|
kt
|
342
|
308
|
11.0%
|
1,420
|
1,798
|
(21.0%)
|
Silver mill feed
grade
|
g/t
|
133
|
96
|
38.5%
|
114
|
152
|
(25.0%)
|
Zinc mill feed
grade
|
%
|
1.14%
|
1.25%
|
(8.8%)
|
0.84%
|
-
|
-
|
Lead mill feed
grade
|
%
|
0.92%
|
-
|
-
|
0.85%
|
-
|
-
|
Silver
recovery
|
%
|
81.5%
|
69.9%
|
16.6%
|
72.1%
|
70.3%
|
2.6%
|
Zinc
recovery
|
%
|
49.5%
|
38.1%
|
27.2%
|
39.3%
|
-
|
-
|
Lead
recovery
|
%
|
83.1%
|
78.7%
|
5.6%
|
82.6%
|
-
|
-
|
Silver
produced
|
koz
|
1,189
|
666
|
78.5%
|
3,747
|
6,177
|
(39.3%)
|
Silver
sold
|
koz
|
932
|
623
|
49.6%
|
3,761
|
5,994
|
(37.3%)
|
Zinc
produced
|
Klb
|
4,014
|
3,241
|
23.9%
|
8,775
|
-
|
-
|
Zinc sold
|
Klb
|
1,983
|
383
|
na
|
2,365
|
-
|
-
|
Lead
produced
|
Klb
|
2,735
|
372
|
na
|
3,107
|
-
|
-
|
Lead sold
|
Klb
|
1,059
|
-
|
-
|
1,059
|
-
|
-
|
Notes:
|
(1)
|
Figures are on
100% basis. "na" refers to not applicable.
|
(2)
|
Percent changes
are calculated using rounded numbers presented in the
table.
|
(3)
|
Figures for 2017
represent 100% for the period from January to May 2017 and 75% for
the period from June to December 2017.
|
(4)
|
Data is for the
period subsequent to December 1, 2018, the date upon which
commercial production was declared at the Chinchillas
mine.
|
In 2018, Puna Operations produced a total of 3.7 million ounces
of silver, 8.8 million pounds of zinc and 3.1 million pounds of
lead. Silver sold for the year totaled 3.8 million ounces. On an
attributable basis, silver production and sales in 2018 totaled 2.8
million ounces and 2.8 million ounces, respectively.
During the year, ore was milled at an average of 3,890 tonnes
per day. Ore milled contained an average silver grade of 114 g/t.
The average silver recovery was 72.1%, a 3% improvement as compared
to 2017.
In the fourth quarter of 2018, silver production was 1.2 million
ounces, an increase of 79% relative to the third quarter, due
mainly to the increased tonnage of higher-grade Chinchillas ore
milled. Silver sales totaled 0.9 million ounces. On an attributable
basis, silver production and sales for the quarter totaled 0.9
million ounces and 0.7 million ounces, respectively.
Subsequent to the declaration of commercial production at
Chinchillas, material mined in December
2018 totaled 897,000 tonnes, including 201,000 tonnes of
ore.
During the fourth quarter, ore was milled at an average of 3,720
tonnes per day. In December ore was sourced exclusively from
Chinchillas and achieved a 3,605 tonnes per day milling rate.
Processed ore in the fourth quarter contained an average silver
grade of 133 g/t, a 38% increase as compared to the third quarter
of 2018, due to processing of high grade Chinchillas ore in
December. The average silver recovery in the fourth quarter was
81.5%.
Outlook
This section of the news release provides management's
production and cost estimates. See "Cautionary Note Regarding
Forward-Looking Statements."
Operating
Guidance
|
|
Marigold
mine
|
Seabee Gold
Operation
|
Puna
Operations
(75% interest) 4
|
Gold
Production
|
oz
|
200,000
– 220,000
|
95,000 –
110,000
|
-
|
Silver
Production
(Attributable)
|
Moz
|
-
|
-
|
6.0 –
7.0
(4.5 –
5.3)
|
Lead
Production
(Attributable)
|
Mlb
|
-
|
-
|
20.0 –
26.0
(15.0 –
19.5)
|
Zinc
Production
(Attributable)
|
Mlb
|
-
|
-
|
15.0 –
20.0
(11.3 –
15.0)
|
Cash Costs per
Payable Ounce Sold 1
|
$/oz
|
$750 –
$790
|
$525 –
$555
|
$8.00 –
$10.00
|
Sustaining Capital
Expenditures 2
|
$M
|
$35.0
|
$25.0
|
$12.0
|
Capitalized Stripping
/ Capitalized
Development
|
$M
|
$20.0
|
$12.0
|
$20.0
|
Exploration
Expenditures 3
|
$M
|
$7.5
|
$6.0
|
$1.0
|
Notes:
|
(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". Cash costs figures
are presented on a by-product basis.
|
(2)
|
Sustaining capital
expenditures for Puna Operations exclude initial capital
expenditures related to the development of the Chinchillas
project.
|
(3)
|
Includes
capitalized and expensed exploration expenses.
|
(4)
|
Shown on a 100%
basis unless otherwise indicated by "attributable" which is shown
on a 75% basis.
|
Based on the mid-points of guidance, on a consolidated basis we
expect to produce 395,000 gold equivalent ounces in 2019 at gold
equivalent cash costs of $700 per
ounce. On an attributable basis we expect to produce 375,000 gold
equivalent ounces in 2019 at gold equivalent cash costs of
$700 per ounce based on the
mid-points of guidance.
At the Marigold mine, gold production is expected to increase in
2019 with the full-year benefits from the four haul trucks added to
the fleet in mid-2018 and production from the new leach pad
beginning in the first quarter of 2019. Due to the ongoing positive
operating performance and optimization of pit designs, cash cost
guidance of $750 to $790 per payable gold ounce sold is an
improvement to the forecast from the 2018 Technical Report. Capital
investments are expected to total $35
million including $22 million
in the mine for maintenance and purchase of mobile fleet as well as
$10 million for accelerated leach pad
construction and process infrastructure. To accommodate the higher
ore tonnes mined and to provide additional operating flexibility
regarding leach cycles, construction of a leach pad is expected to
be accelerated to the second half of 2019 from 2020. Capitalized
stripping is expected to total $20
million with the majority incurred through the first three
quarters of the year. Exploration expenditures totaling
$7.5 million re-focuses to Mackay,
Valmy and Basalt with the goals of adding Mineral Reserves and
defining additional Mineral Resources within these areas. Having
completed the Red Dot exploration program in 2018, we intend to
complete geotechnical drilling and engineering of the Red Dot
Mineral Resources with the objective of evaluating the potential
for Red Dot Mineral Reserves by mid-2019.
At the Seabee Gold Operation we expect to continue executing our
plan of increasing mining and milling rates and to deliver another
record gold production year in 2019. The plan includes investment
of $7 million in underground mining
equipment to increase capacity and reliability. With higher tonnes
mined and demonstrated milling infrastructure capacity, cash costs
are expected to remain low at between $525 and $555 per
payable gold ounce sold. Due to continued exploration success at
Seabee, we are embarking on an expansion to tailings capacity in
excess of that contemplated in the 2017 Technical Report. The first
phase is expected to be completed in 2019 at an investment of
$15 million, with the remaining
sustaining capital investments related for the mill and surface
infrastructure. Capitalized development expenditures of
$12 million support higher mining
rates and reflects the development strategy for the Santoy complex.
Exploration expenditures at Seabee total $6
million to continue underground exploration at depth,
expansion of Santoy Gap hanging wall and continued testing of
surface targets.
At Puna Operations, with commercial completion of the
Chinchillas open pit achieved, 2019
marks the first full year of ore production from the
Chinchillas mine transported for processing at the Pirquitas mill.
Puna is expected to produce between 6.0 and 7.0 million ounces of
silver at cash costs of between $8.00
and $10.00 per payable silver ounce
sold. Reported cash costs may vary quarter to quarter due to the
by-product credits arising from the production of lead and zinc as
such credits vary based on the timing of sales of each concentrate.
Capital investments at Puna of $12
million include $5 million for
mine equipment maintenance, and $5
million for plant equipment maintenance. Capitalized
stripping is elevated through 2019 as the mine completes the
highwall pushback and commences stripping the next phase of the
Chinchillas pit. As Chinchillas operations ramp-up through 2019,
only waste material will be mined over certain periods of the year
with ore stockpiled during the pre-production phase transported to
and processed at the Pirquitas mill.
With Puna focused on optimization of the mine, transport and
mill operations through 2019, limited exploration expenditures of
$1 million are planned.
As previously announced, the completion of certain Chinchillas
project infrastructure carries over into 2019 with remaining
investment of approximately $9
million expected to be incurred in the first quarter. The
project remains on budget.
In addition to exploration at our three operating mines, we
expect to invest $3 million in
exploration on the Fisher project adjacent to our Seabee Gold
Operation. Community, development and holding costs related to
non-operating properties total approximately $5 million.
Gold equivalent figures for our 2019 operating guidance are
based on gold-to-silver ratio of 81:1. Cash costs and capital
expenditures guidance is based on an oil price of $65 per barrel and exchange rate of 1.25 Canadian dollar to U.S. dollar.
Qualified Persons
The scientific and technical data contained in this news release
relating to the Marigold mine has been reviewed and approved by
James Frost, P.E., a qualified person under National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101") and our Technical Services Superintendent 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, 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; timing and focus of our exploration and
development programs; expected timing of the commissioning of the
new leach pad at the Marigold mine in the first quarter of 2019 and
the construction of an additional leach pad at the Marigold mine in
the second half of 2019; expected cost and timing of completion of
the first phase of the expansion to tailings capacity at the Seabee
Gold Operation in 2019; expected cost and timing of completion
of construction milestones at Puna Operations, including the
expectation that the Chinchillas project will remain on budget and
certain project infrastructure will be completed in the first
quarter of 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 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; risks normally associated with the
conduct of joint ventures; inability to collect under the Loan to
Golden Arrow; 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
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 at www.ssrmining.com, under the heading "Non-GAAP Financial
Measures" for a more detailed discussion of how we calculate such
measures.
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content:http://www.prnewswire.com/news-releases/ssr-mining-reports-fourth-quarter-and-year-end-2018-production-results-and-2019-guidance-300778826.html
SOURCE SSR Mining Inc.