Marigold Produces Four Millionth Gold Ounce; 2020 Exploration Budget Increased

Rhea-AI Summary

SSR Mining announced a significant milestone at its Marigold mine, achieving the production of its four millionth ounce of gold as of June 30, 2020. The mine has been operational for over 30 years and set a production record of 220,227 ounces in 2019. CEO Paul Benson highlighted the mine's consistent replacement of Mineral Reserves and Resources, indicating a longer mine life. The company is increasing its 2020 exploration budget by $2 million to $14 million to enhance drilling at Trenton Canyon, aiming to improve Mineral Resources further.

Positive

• Production of four million ounces of gold at Marigold mine, demonstrating longevity.
• Record production of 220,227 ounces in 2019.
• Increased exploration budget for 2020 by $2 million to enhance drilling efforts.

Negative

• None.

VANCOUVER, BC, July 6, 2020 /PRNewswire/ - SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) ("SSR Mining" or the "Company") is pleased to announce that our Marigold mine achieved another major milestone with the production of its four millionth ounce of gold on June 30, 2020. The Marigold mine has been in continuous operation for more than 30 years and produced a record 220,227 ounces of gold in 2019.

Paul Benson, President and CEO said, "Four million ounces of gold from continuous production is a testament to the scale and quality of the Marigold deposits and the commitment of the Marigold team. Since the mine began operating in 1989, it has consistently replaced Mineral Reserves and Mineral Resources and today it has a longer mine life than when it opened. We are advancing several exploration targets across our Marigold, Valmy, and Trenton Canyon land packages which have the potential to increase Mineral Resources. With the recent promising sulphide ore intercepts at Trenton Canyon, the Marigold mine continues to demonstrate its exploration potential and longevity."

Additionally, SSR Mining is increasing its Marigold 2020 exploration expenditures to $14 million, a $2 million increase, to accelerate reverse circulation and diamond drilling at the Trenton Canyon sulphide gold discovery reported in our press release dated May 14, 2020..

About SSR Mining

SSR Mining Inc. is a Canadian-based precious metals producer with three operations, including the Marigold gold mine in Nevada, U.S., the Seabee Gold Operation in Saskatchewan, Canada and Puna Operations in Jujuy, Argentina. We also have two feasibility stage projects and a portfolio of exploration properties in North and South America. We are committed to delivering safe production through relentless emphasis on Operational Excellence. We are also focused on growing production and Mineral Reserves through the exploration and acquisition of assets for accretive growth, while maintaining financial strength.

For further information contact:
W. John DeCooman, Jr.
Senior Vice President, Business Development and Strategy
SSR Mining Inc.
Vancouver, BC
Toll free: +1 (888) 338-0046
All others: +1 (604) 689-3846
E-Mail: invest@ssrmining.com

To receive SSR Mining's news releases by e-mail, please register using the SSR Mining website at www.ssrmining.com.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements") concerning the anticipated developments in our operations in future periods, and other events or conditions that may occur or exist in the future. All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of words or phrases such as "expects," "anticipates," "plans," "projects," "estimates," "assumes," "intends," "strategy," "goals," "objectives," "potential," "believes," or variations thereof, or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The forward-looking statements in this news release relate to, among other things: our ability to define additional Mineral Resources at the Marigold mine and the Valmy and Trenton Canyon projects; ; the impact of the COVID-19 outbreak on our business and financial condition, including the temporary suspension of operations at the Seabee Gold Operation; our exploration expenditure guidance; and our plans and expectations for our properties and operations. These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, the following: uncertainty of production, development and exploration plans and cost estimates for the Marigold mine, the Seabee Gold Operation, Puna Operations and our projects, including as a result of COVID-19; the duration of the suspension of operations at the Seabee Gold Operation and Puna Operations, and the development and implementation of plans to resume operations; disruptions to our supply chain, customers and workforce due to the COVID-19 outbreak; the responses of the relevant governments to the COVID-19 outbreak not being sufficient to contain the impact of the COVID-19 outbreak; an economic recession or downturn as a result of the COVID-19 outbreak that materially adversely affects our operations or liquidity position; and those various risks and uncertainties identified under the heading "Risk Factors" in our most recent Annual Information Form filed with the Canadian securities regulatory authorities and included in our most recent Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission. Our forward-looking statements are based on what our management considers to be reasonable assumptions, beliefs, expectations and opinions based on the information currently available to it. We cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Our forward-looking statements reflect current expectations regarding future events and speak only as of the date hereof and we do not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set out above, you should not place undue reliance on forward-looking statements.

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the SEC set out in SEC Industry Guide 7. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Under SEC standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically produced or extracted at the time the reserve determination is made.

In addition, the SEC's disclosure standards normally do not permit the inclusion of information concerning "Measured Mineral Resources," "Indicated Mineral Resources" or "Inferred Mineral Resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by U.S. standards in documents filed with the SEC. U.S. investors should understand that "Inferred Mineral Resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Moreover, the requirements of NI 43-101 for identification of "reserves" are also not the same as those of the SEC, and reserves reported by us in compliance with NI 43-101 may not qualify as "reserves" under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

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SOURCE SSR Mining Inc.

FAQ

What milestone did SSR Mining achieve at the Marigold mine in 2020?

SSR Mining announced the production of its four millionth ounce of gold at the Marigold mine on June 30, 2020.

What was the production record at the Marigold mine in 2019?

The Marigold mine produced a record 220,227 ounces of gold in 2019.

How much is SSR Mining increasing its exploration budget for 2020?

SSR Mining is increasing its 2020 exploration budget by $2 million to a total of $14 million.

What does the increase in exploration expenditures signify for SSR Mining?

The increase in exploration expenditures signifies SSR Mining's commitment to enhancing its Mineral Resources at the Trenton Canyon project.

What are the future prospects of the Marigold mine according to SSR Mining?

According to SSR Mining, the Marigold mine has a longer mine life than when it opened and continues to show exploration potential.