Growth Through Silver

September 2009
September 2009

Forward‐Looking Statements
This presentation includes certain “forward‐looking statements” within the
meaning of the United States Private Securities Litigation Reform Act of 1995 and
forward‐looking information within the meaning of Canadian securities laws
(collectively, "forward‐looking statements"). All statements, other than statements
of historical fact, included herein, including without limitation, statements
regarding potential mineralization and resources, exploration results, production,
cost estimates and future plans and objectives of the Company, are forward‐looking
statements that involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Our forward‐
looking statements are based on the beliefs, expectations and opinions of
g
on the date these statements are made,, and we do intend and do not
management
assume any obligation to update any forward‐looking statements, other than as
required by applicable law.
For the reasons set forth above, you should not place undue reliance on forward‐
looking statements. See “Risk Factors” in our Annual Report on Form 20‐F for the
year ended December 31, 2008.

Cautionary Note to US Investors
National Instrument 43‐101 Standards of Disclosure for Mineral Projects (“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. Unless otherwise indicated, all reserve and resource estimates contained or incorporated by reference in this
presentation have been prepared in accordance with NI 43‐101 and the Canadian Institute of Mining Metallurgy and Petroleum
Classification System. These standards differ significantly from the requirements of the SEC, and reserve and resource information
contained herein and incorporated by reference into this presentation may not be comparable to similar information disclosed by U.S.
companies.
In this presentation, we use the terms “measured”, “indicated” and “inferred” resources. U.S. investors are cautioned that, while such
terms are recognized and required by Canadian securities laws, the SEC does not recognize them. Under U.S. standards, mineralization
may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally
produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that all or any part of
measured or indicated resources will ever be converted into reserves.
U.S. investors should also understand that “inferred resources” have a great amount of uncertainty as to their existence and as to
whether they can be mined legally or economically. It cannot be assumed that all or any part of the “inferred resources” will ever be
upgraded to a higher category. Therefore, U.S. investors are also cautioned not to assume that all or any part of the inferred resources
exist, or that they can be mined legally or economically. Disclosure of “contained ounces” is permitted disclosure under Canadian
regulations; however, the SEC only permits issuers to report “resources” as in place tonnage and grade without reference to unit
measures. Accordingly, information concerning descriptions of mineralization and resources contained in this presentation, including
th documents
the
d
t incorporated
i
t d by
b reference
f
th i may nott be
therein,
b comparable
bl to
t information
i f
ti made
d public
bli by
b U.S.
U S companies
i subject
bj t to
t
the reporting and disclosure requirements of the SEC.
NI 43‐101 also permits an historical estimate made prior to the adoption of NI 43‐101 that does not comply with NI 43‐101 to be
disclosed using the historical terminology if the disclosure: (a) identifies the source and date of the historical estimate; (b) comments
on the relevance and reliability of the historical estimate; (c) states whether the historical estimate uses categories other than those
prescribed by NI 43‐101, and if so, includes an explanation of the differences; and (d) includes any more recent estimates or data
available.
We have not independently verified the accuracy of the information regarding the mining industry and other market data set forth
herein. This information is not intended to provide and should not be relied upon for accounting, legal or tax advice or investment
recommendations. You should consult your own advisors as to the accounting, legal, tax, regulatory, business, financial and related
aspects of making an investment in the Company.

1

Transition
Silver Standard has the largest in‐ground silver 
resource of any publicly‐traded  primary silver 
company.
From this foundation we are transitioning to a 
premier silver producer.

Silver Standard in a Snapshot
• Market cap: US$1.57 billion2
• Shares outstanding: 71.7 million issued, fully diluted: 
76.6 million2
• Listings: Nasdaq Global Market ‐ SSRI, TSX ‐ SSO
• 2009 share liquidity: 1.27 million/day
• Working Capital: $37.9 million3
• Marketable securities: $8.2 million3 
• ABCP: $23.0 million3
• Convertible debt: $138 million

(millions of oz.)

1500
1000
500
0

2,500 1,000

49%

45%

Institutions

Retail

Proven & Probable Reserves

Gold 
Resources2
25

(millions of oz.)

Canada

Other*

0.3

15

0.2
0.1

5
0
2004 2005 2006 2007 2008 Aug‐09
Inferred Resources

Gold Resources 
Per Share2

20
10

Measured & Indicated Resources

USA

* 60 Countries

30
25
20
15
10
5
0

Aug‐09

36,000

Hedge Funds

Growth in Silver 
Resources Per Share2

Silver Reserves 
& Resources2
2000

Shareholder Profile
(estimated at September 10, 2009)
6%

0
Aug‐09
Measured & Indicated Resources

Aug‐09
Inferred Resources

1.  Based on publicly disclosed silver reserves and silver and gold resources at September 10, 2009
2.  At September 10, 2009
3.  At June 30, 2009

2

Diversified Portfolio With Americas Focus
Silver
2%
5% 6%

Gold

Sunrise Lake
Silvertip
Snowfield

7%

18%

12%

4% 1%

Sulphurets
16%

46%

Canada
USA
Peru
Chile

Mexico
Argentina
Australia

Maverick Springs
Candelaria
Veta Colorada
Pitarrilla

Gold Resources1

Measured 
& Indicated 
Resources

1,035.8

Inferred 
Resources

(millions of oz.)
(millions of oz.)

San Luis

(millions of oz.)

286.8

Canada
Mexico
Argentina
Peru

San Agustin

San Marcial

Silver Reserves 
and Resources1
Proven 
& Probable 
Reserves

83%

Measured 
& Indicated 
Resources

Berenguela
Challacollo
Pirquitas
Diablillos
Bowdens

Inferred 
Resources

7.3
15.7

456.7
Mine

Principal Project

1.

Project Pipeline

Based on publicly disclosed silver reserves 
and silver and gold resources at Sept. 10, 2009

Consistent Growth in Silver Resources
Millions of Silver Ounces
2000

Silver Ounces Per Share
30

1800
25

1600
1400

20

1200
1000

15

800
10

600
400

5

200
0

0
2004

2005

2006

2007

Proven & Probable Reserves

2008 Aug‐09

2004

2005

Measured & Indicated Resources

2006

2007

2008 Aug‐09

Inferred Resources

Source: Company annual reports and news releases

3

Largest Silver Resource Base in the Sector*
Millions of Silver Ounces
2000

Silver Ounces Per Share
30

1800
25

1600
1400

20

1200
15

1000
800

10

600
400

5

200
0

0
Silver 
Silver 
Standard Wheaton

Coeur

Pan 
American

Proven & Probable Reserves

Silver 
Standard

Coeur

Measured & Indicated Resources

Pan 
Silver 
American Wheaton

Inferred Resources

*  Based on publicly disclosed 43‐101 silver reserves and resources at June 30, 2009. Silver Standard at September 10, 2009.
Source: Companies’ public filings and web sites.

Accelerated Growth in Gold Resources
Millions of Gold Ounces

Gold Ounces Per Share

25

0.35
0.3

20

0.25
15

0.2
0.15

10

0.1
5
0.05
0

0
2005

2006

2007

2008

Aug‐09

Measured & Indicated Resources

2005

2006

2007

2008

Aug‐09

Inferred Resources

Source: Company annual reports and news releases to September 10, 2009

4

Selected Gold Reserves and Resources
70

Millions of Ounces

60
50
40
30
20
10
0
Seabridge

Novagold

Proven & Probable Reserves

Eldorado

Silver Standard

Great Basin

Measured & Indicated Resources

Detour

Inferred Resources

Source: Company web sites, excludes silver‐equivalent resources

Strategy for Growth

• Pirquitas production

• San Luis feasibility study, then development
• Pitarrilla pre‐feasibility for underground resources (reported) and surface 
opportunities, feasibility study on underground resources
• Snowfield drilling and resource update 
update
• Diablillos pre‐feasibility
pre‐feasibility update

• Continue advancing projects for organic growth
• Monetize non‐core assets and re‐deploy capital to priority projects

5

Pirquitas and the Region

Pacific Ocean

BOLIVIA

Jujuy
Iruya
Tartagal
Abra
Pampa

San Pedro
de Atacama

Salta

Susques

Humahuaca

Antofagasta
Tumbaya

CHILE

San Antonio 
de los Cobres

San Salvador
de Jujuy

Salta

ARGENTINA

0

100

200

Mine

Gas Pipeline

Highway ‐ Road

km

Pirquitas Reserves & Resources*





May 2008: silver reserves: 195.1M oz
Total M&I silver resources of 221.2M oz and 18.8M oz Inferred
Mine life now 14.5 years
Annual average silver production: approximately 10M oz/year
Capital cost estimate: US$233 million
Life of mine unit costs estimated at $US26/tonne
(based on US$11.00/oz. silver, US$5.00/lb tin, US$1.05/lb zinc)

May 2008

Tonnes (mil)

Silver (g/t)

Zinc (%) 

Tin (%) 

P
R
Proven Reserves
Probable Reserves
Measured
Indicated
Inferred

10 7
10.7
19.7
4.40
10.40
2.4

194 5
194.5
202.4
51.4
56.9
247.8

0 70
0.70
0.88
0.67
0.70
0.78

0 26
0.26
0.20
0.05
0.08
0.07

Silver (mil oz.)

67 1
67.1
128.0
7.1
19.0
18.8

* Reserves/resources in May 2008, operating parameters estimated February 2009, capex updated August 2009

6

Pirquitas – First Major Development

Pirquitas Open Pit (Cross Section – Looking West)

4300m

Oploca Vein
4200m

Potosí Vein

4100m

S

N

4000m

Drill Hole
Underground Development
Mineralized Intersection

Measured and Indicated Ag >75 g/t
Inferred Ag >75 g/t

0

50

100

metres

7

Open Pit and Process Facility – August 2009

Silver Circuit
• Continuous operations proven
p
Q
• Commercial production in Q4
• Jig tailing feed continues

8

Concentrate Shipments 

• Proven shipment logistics
• Currently shipping to Peru

Front End and Tin Circuit

• Crushing circuit pre‐
commissioning commenced
commissioning commenced
• Gravity pre‐concentration 
circuit pre‐comm. completed
• Tin circuit to commence 
commissioning late Q3

9

Solid Community Relations
• Employing local community 
residents
• 600 hours of training for 
truck drivers
• Training local environmental 
monitors
• Infrastructure support  for 
local communities, including 
schools
• Medical facility for the 
region

Pitarrilla Project, Durango, Mexico
Pitarrilla Silver Reserves & Resources Summary
June 2009

Probable
Measured
Indicated
Inferred

Tonnes
(mil)

16.7
41.8
176.9
36.1

Silver 
(g/t)

Contained 
Silver (mil oz.)

171.0
102.5
72.8
70.8

91.7
137.8
413.8
82.2

N
San Francisco 
de Asis

Torréon
Casas Blancas

New / 

PitarrillaUpgraded Road
Project

Durango
Durango
0

50

100

km

Approximately

Toll Road
Highway 
Dirt Road
Railroad

10

Pitarrilla Zones and Contained Silver 
Reserves and Resources
Breccia Ridge
Probable Reserves:  91.7 mil oz.

Peña Dike

Included in:
Included in:

M&I:  12.5 mil oz. 
Inf:       1.6 mil oz.

Cordon 
Colorado

M&I:         409.4 mil oz. 
Inf:              44.7 mil oz.

Javelina
Creek
M&I:  11.8 mil oz. 
Inf:
2 3 mil oz
Inf:        2.3 mil oz.

M&I:    46.6 mil oz.
Inf:         6.4 mil oz.

South Ridge
M&I: 163.4 mil oz.
Inf:
27.2 mil oz.

N
0
M&I ‐ combined Measured and Indicated silver resources, Inf ‐ Inferred silver resources

200

400

metres

Breccia Ridge 

Breccia Ridge Underground Reserve Summary
June 2009

Probable

Tonnes (mil)

16.7

Silver (g/t)

171

Zinc (%) 

Lead (%) 

2.57

1.12

Contained 
Silver (mil oz.)

91.7

Breccia Ridge Underground Resource Summary
August 2008

Tonnes (mil)

Silver (g/t)

Zinc (%) 

Lead (%) 

Contained 
Silver (mil oz.)

Measured

18.5

91.6

1.24

0.70

54.5

Indicated

48.5

89.2

1.68

0.66

139.1

Inferred

19 3
19.3

51 3
51.3

1 12
1.12

0 54
0.54

31 8
31.8

11

Pitarrilla Property
Breccia
Ridge
2000m

South 
Ridge

Cordon 
Colorado
Peña
Dike

Javelina
Creek

Oxides

1750m

1500m

Underground material subject of 
the pre‐feasibility study

Sulphides
p

1250m
0

200

400

metres
1000m

S

N

Breccia Ridge Underground Pre‐Feasibility
Ounces of Silver

millions

92.0

Capital Cost

Tonnes Ore

millions

16.7

Mining Cost

US$/tonne milled

14.55

tonnes/day

4,000

Processing Cost

US$/tonne milled

9.15

Power Cost

US$/tonne milled

6.03

G&A Cost

US$/tonne milled

4.08

Total Cost

US$/tonne milled

33.81

Processing Rate
Mine Life
Annual Silver Production

years
millions oz.

12.0
7.0

millions US$

277.4

Financial Analysis
S
i
Scenario

Silver
US$/
US$/oz.

Zinc
US$/lb
US$/lb.

Lead
US$/lb
US$/lb.

Silver Standard (Base Case)

11.00

0.70

0.50

5‐year Average

11.16

0.99

2‐year Average

14.06

Spot – June 16, 2009

14.02

NPV at             
5% discount
US$
US$ mm

IRR
%

Payback
years

107.4

10.9

6.2

0.72

310.5

20.3

3.8

0.99

1.02

521.1

28.4

2.9

0.71

0.77

320.1

20.4

3.9

12

San Luis, Peru:                                                  
High‐Grade Gold‐Silver Project

Exploration 
Potential

Pierina

Roads
Veins

Base Metal
Mineralization

Roads

Ayelén Vein

San Luis Camp 

Ayelen Vein – Long Section
Cross Section
4550m

4450m

4350m

S
4250m

N
Drill Hole Pierce Point

Proposed Underground 
Development

Surface Trench Location

>  5 g/t Gold + 
200 g/t Silver

Ayelen Vein Resources – 100%
Tonnes

Silver (g/t)

Gold (g/t)

0

50

100

metres

Contained 
Silver (oz.)

Contained 
Gold (mil oz.)

Measured

55,000

757.6

34.3

1,345,100

Indicated

429,000

555.0

20.8

7,658,200 287,000

Inferred

20,000

270.1

5.6

174,900

61,000
3,600

13

Snowfield Project, B.C., Canada

Snowfield 
Zone
1700 RL
1700 RL

A

A’

Snowfield
1500 RL

Seabridge Gold

1300 RL

Mitchell Zone

KSM Property

SG Zone
1100 RL

Silver Standard

Galena Hill 

Snowfield Project

Au ‐ Ag

Mammoth 
Zone

900 RL

Bridge Zone

Snowfield Zone
700 RL

Volcanics

S

N

Drill Hole
Mineralized Intersection
Measured and Indicated Gold
Inferred Gold

Silver Standard ‐ Snowfield Zone
4.4 million oz. gold M + I
14.3 million oz. gold inferred

Seabridge Gold ‐ Mitchell Zone  

0

100

200

metres

20.8 million oz. gold M + I
8.4 million oz. gold inferred

Snowfield Areas of Mineralization
Snowfield Zone (6 km north)

A1
Mitchell
Zone

Seabridge
Gold
ld

Snowfield Zone

SG Zone

A
Snowfield
(SSRI – 100%)

A

A’

West Zone 

Seabridge Gold
KSM Project

M+I: 422,000 oz Gold
17.2 million oz Silver
Inf.:  82,000 oz Gold
800,000 oz Silver

Sulphurets
(SSRI – 100%)

Mammoth 
Zone

Galena Hill

SG Zone
West Zone
420,000 oz Au, 
17.2 Moz Ag

Galena Hill 
Au ‐ Ag

Mammoth 
Zone

Electrum Zone
Bridge Zone

SU‐‐ 13
SU
1.21 g/t Gold
57 m
57 m

SU‐‐ 12
SU
16.9 kg/t Gold + 8.7 kg Silver
15m
1.5 m

Bridge Zone

0

1000
metres

2000

SU‐‐ 19
SU
0.87 g/t Gold
552 m

Brucejack Area

SU‐‐ 10
SU
0.70 g/t Gold
483 m

14

Advancing Projects –
Diablillos, Argentina & Berenguela, Peru
4430m
4330m
4230m
4130m
4030m

NE

Diablillos Resource Summary
Tonnes
(mil)

Silver 
(g/t)

Gold 
Silver 
Gold 
(g/t)  (mil) oz.)  (‘000 oz.)

Indicated 21.6 111.0 0.9 77.1 640
Inferred

7.2 27.0 0.8

SW
0

Drill Hole
Mineralized Intersection
Vuggy Silica & Alunite
Pervasive – Silicified Alunite
Pervasive – Silicified Alunite

6.3 187

100 200
metres

Mineralized Zone

Berenguela Resource Summary
Tonnes
(mil)

Silver 
(g/t)

Silver  
(mil oz.)

Indicated

15.6

132.0

66.1

Inferred

6.0

111.7

21.6

Blue Sky Projects – Total Silver Resources
(million ounces of silver attributed to Silver Standard)

San Agustin, Mexico  Veta Colorada, Mexico

Indicated: 48
Inferred: 37

Challacollo, Chile

Indicated: 19
Inferred: 24

Candelaria, U.S.

Maverick Springs, US

Resource estimate underway

M&I*: 44
Inferred: 83

Indicated: 70
Inferred: 86

Bowdens, Australia

Silvertip, Canada

Sunrise Lake, Canada

M&I*: 79
Inferred: 18

Indicated: 14
Inferred: 13

Indicated: 13
Inferred: 14

*M&I refers to combined Measured and Indicated silver resources

15

2009 Activities

• Production (underway)
• Feasibility study, then development
• Pre‐feasibility study, underground (reported) / surface deposits
• Drilling underway, resource update and new zone exploration
Drilling underway, resource update and new zone exploration
• Resource update (reported), scoping and pre‐feasibility study
• Scoping study review

16

SSRI – NASDAQ Global Markets
SSO – TSX
SilverStandard.com