Silver Standard reports loss in its best year

Vancouver – Silver Standard Resources (SSO-T) has reported a net loss of $1.5 million, or 3 a share, for the year ended December 2004. This compares with a net loss of $3.9 million, or 10 a share, a year earlier.

The company topped up its kitty to $61.6 million from 18.8 million last year. It now holds $45.7 million in cash and the rest in silver bullion.

Silver Standard has no operating mines and hence no revenues from production.

During 2004, Silver Standard increased its interest in the Pirquitas silver-tin-zinc property in northern Argentina. The company plans to update the 2000 feasibility work on the project this year with a focus on metallurgical testing.

Silver Standard expanded the resources at its Pitarrilla silver deposit in Mexico where a drill program, expected to lead toward prefeasibility work, is now underway.

The company also conducted feasibility work at its 50%-owned Manantial Espejo silver-gold property in Argentina last year. It aims to make a production decision based on a completed feasibility study after the second half of 2005.

In 2004, the company continued with metallurgical studies at Bowdens in Australia, however, the project is looking less attractive in light of the high U.S. dollar and increases in labour rates and steel construction costs.

Silver Standard’s projects contain some 513 million oz. silver and 755,000 oz. gold in the measured and indicated categories. Inferred resources total 444 million oz. silver and 1.39 million oz. gold.

The company started trading on the Toronto Stock Exchange in November, after trading on the venture exchange and its predessor for 47 years. In December, the company also began trading on the NASDAQ market.