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Silver Standard Reports Jump In First-Quarter Profit

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Silver Standard Resources Inc.’s (NASDAQ: SSRI; TSX: SSO) first-quarter profit rose sharply. The company lists net income of $15 million, or 13 cents per share, up from $2.3 million, or 3 cents, in the same period of 2016. Adjusted earnings were $19.7 million, or 17 cents, up from $9 million, or 11 cents. The company says a 16% jump in quarterly revenue to $118 million was due to higher realized prices of gold by 3% and silver by 16%, combined with an 8% increase in gold-equivalent ounces sold. The company describes output as consistent, with 97,851 gold-equivalent ounces at all-in sustaining costs of $977 per payable gold-equivalent ounce. The company’s 2017 guidance was unrevised, with Silver Standard looking for 355,000 gold-equivalent ounces. “Our three cash-flowing mines generated $31 million of operating cash flow, supporting our continued investments in sustaining and growing our operations, while also adding to our cash balance which now totals $341 million,” says Paul Benson, president and chief executive officer. “This marks the sixth quarter in a row we have added to our cash position.”

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