Shares Of Silver Standard Lower Despite Record Annual Gold And Silver Production Announcement

Shares of Silver Standard Resources Inc. (NASDAQ: SSRI) were trading lower by nearly 2 percent ahead of Friday's opening bell despite the company's announcement that its Marigold and Pirquitas mines achieved record annual gold and silver production.

Silver Standard stated that its Marigold mine produced 207,006 ounces of gold during 2015, the highest level of production in the mine's 17-year history. The company's production surpassed management's guidance of 195,000 to 205,000 ounces.

Silver Standard added that its Pirquitas mine produced a record of 10.3 million ounces of silver during 2015.

"These results reflect the commitment of our personnel to optimizing performance at our operations despite challenging market conditions," Paul Benson, President and CEO of Silver Standard stated. "We remain focused on efficient, reliable and safe production at the lowest possible cost to drive shareholder value. We also continue to see opportunities for growth in the current market environment and believe Silver Standard is well positioned with the strength of our balance sheet and our people."