Standard Resources has entered into two separate contracts with smelters to sell a significant portion of monthly silver concentrate production from its Pirquitas silver mine in Argentina. “We are really pleased to put this important part of our concentrate strategy in place for Pirquitas, providing our customers with security and quality while following through on our strategy of direct relationships with the users of our product,” said John Smith, president and CEO. “These two contracts will also go a long way toward generating consistent financial results from Pirquitas.”
In aggregate, the two contracts total 700 metric tons of silver concentrate per month, approximately 60% of the monthly production at Pirquitas. Both contracts will begin shipment of silver concentrate in April and remain in effect for the remainder of 2012. Discussions for the sale of silver concentrate in 2013 have already begun with both parties.
Additionally, Silver Standard is in ongoing dialogue with other smelters for the sale of the balance of Pirquitas’ monthly production in 2012. The company anticipates finalizing additional sales contracts within H1 2012 as previously announced.