Silver Standard Completes Acquisition Of Claude Resources

Tuesday May 31, 2016 09:22

Silver Standard Resources Inc. (Nasdaq: SSRI; TSX: SSO) has completed the previously announced acquisition of Claude Resources Inc. (TSX: CRJ), the companies announce. "Adding the Seabee gold operation together with Silver Standard's Marigold and Pirquitas mines creates a quality intermediate precious-metals producer, having both scale and margin with pro forma 2016 production in the order of 390,000 gold-equivalent ounces,” says Paul Benson, president and chief executive officer of Silver Standard. “With exposure to both gold and silver production, an attractive cost profile and a very strong balance sheet, we are well positioned to continue to pursue both internal and external opportunities to create value for shareholders." Effective immediately, Brian Booth, the former chairman of the Claude Resources board of directors, has been appointed to the Silver Standard board. Also, Silver Standard repaid all amounts outstanding under Claude Resources’ term and revolving credit facilities, which totaled approximately C$17.9 million.

Source:Kitco