Silver Standard Announces Increase In Gold Reserves In Annual Report

Within a report detailing Silver Standard Inc.'s fourth-quarter and year-end results for 2008, in which it reported a net loss of 28 cents/share for the quarter and 17 cents/share for the year, it also disclosed an increase in its gold resources. Drilling in its northern B.C. Snowfield project revealed more resources, a five-fold increase, and measured plus indicated reserves for its San Luis project in Peru increased by 31%. Measured and indicated gold reserves at Snowfield are now 4.362 million ounces; M + I for San Luis are now 348,000 ounces of gold. There's also potential for a returned off-option property, the San Augustin in Mexico.

This report was released after the market closed yesterday, when Silver Standard finished at $15.59. As of the time of this posting, bid-ask is $15.50-$16.70.

Silver Standard's Google Finance web page is here.

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