<SEC-DOCUMENT>0001062993-12-001615.txt : 20120509
<SEC-HEADER>0001062993-12-001615.hdr.sgml : 20120509
<ACCEPTANCE-DATETIME>20120509125533
ACCESSION NUMBER:		0001062993-12-001615
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20120509
FILED AS OF DATE:		20120509
DATE AS OF CHANGE:		20120509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVER STANDARD RESOURCES INC
		CENTRAL INDEX KEY:			0000921638
		STANDARD INDUSTRIAL CLASSIFICATION:	MINERAL ROYALTY TRADERS [6795]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35455
		FILM NUMBER:		12824755

	BUSINESS ADDRESS:	
		STREET 1:		999 W HASTINGS ST
		STREET 2:		SUITE 1400
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 2W2
		BUSINESS PHONE:		604-689-3846

	MAIL ADDRESS:	
		STREET 1:		999 W HASTINGS ST
		STREET 2:		SUITE 1400
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 2W2
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
<HTML>
<HEAD>
<TITLE>Silver Standard Resources Inc.: Form 6-K - filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">

<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">For <b>May 8, 2012</b></p>

<p align="center">Commission File Number: <b>000-26424</b></p>

<p align="center"><b><font size="5">SILVER STANDARD RESOURCES INC.</font></b><br>
  <i>(Translation of registrant's name into English) </i> </p>

<p align="center"><b>1400 - 999 West Hastings Street<br>
  Vancouver, British Columbia<br>
  Canada V6C 2W2</b><br>
  <i>(Address of principal executive offices) </i> </p>

<p align="center">Indicate by check mark whether the registrant files or will
  file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center"> [ x ] Form 20-F&nbsp;&nbsp; [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
  Form 40-F</p>
<p align="center">Indicate by check mark if the registrant is submitting the Form
  6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<p align="center"> Indicate by check mark if the registrant is submitting the
  Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="ssrlogo.gif" width="109" height="44"></p>
<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">Consolidated Interim Financial Statements </a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">Management's Discussion and Analysis</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-3.htm">99.3</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-3.htm">CEO's Certification of Interim Filings</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-4.htm">99.4</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-4.htm">CFO's Certification of Interim Filings</a></td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#ffffff">&nbsp;</td>
    <td valign="top" bgcolor="#ffffff">&nbsp;</td>
    <td bgcolor="#ffffff">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-5.htm">99.5</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-5.htm">News Release Dated May 8, 2012</a></td>
  </tr>
</table>
<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><strong><u>SIGNATURES</u></strong></p>

<p align="justify">Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned, thereunto duly authorized.</p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><b>Silver Standard Resources Inc.</b></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">(Registrant)</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">Date: May 8, 2012</td>
    <td valign="top">By:</td>
    <td><I>/s/ Kristen Riddell</I></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td><hr noshade align="center" width="100%" size=1 color="black">
    </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>Kristen Riddell</td>
  </tr>
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">Title:</td>
    <td>Vice President, General Counsel and Corporate Secretary</td>
  </tr>
</table>
<p>&nbsp; </p>

<hr noshade align="center" width="100%" size=5 color="Black"></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>CONSOLIDATED INTERIM FINANCIAL STATEMENTS
<TEXT>

<HTML>
<HEAD>
   <TITLE>Silver Standard Resources Inc.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">

<P><BR>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><font size="2">Silver Standard Resources Inc.</font></B><font size="2">
    </font> </TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><font size="2">Consolidated Interim Financial Statements
    </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B><font size="2">For the three months ended March 31, 2012</font></B><font size="2">
    </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left><font size="2">(unaudited) </font> </TD></TR></TABLE>
<P>&nbsp;</P>
<P><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
</P><!--$$/page=--><A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><font size="2">Silver Standard Resources Inc.</font></B><font size="2">
    </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Interim Financial Statements for the three
      months ended March 31, 2012 </TD></TR></TABLE>
<P
align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONTENTS</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Primary financial statements</B> </TD>
    <TD width="50%" align=left><B>Statement of Financial Position</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Consolidated Interim Statement of Financial Position </TD>
  <TD width="50%" align=left>Note 3 &#150; Other assets </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Interim Statement of Income (Loss) </TD>
    <TD width="50%" align=left>Note 4 &#150; Inventory </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Interim Statement of Comprehensive </TD>
    <TD width="50%" align=left>Note 5 &#150; Investment in associate </TD></TR>
  <TR vAlign=top>
    <TD align=left>Income </TD>
    <TD width="50%" align=left>Note 6 &#150; Value added tax receivable </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Interim Statement of Changes in </TD>
    <TD width="50%" align=left>Note 7 &#150; Warrant liability </TD></TR>
  <TR vAlign=top>
    <TD align=left>Shareholders&#146; Equity </TD>
    <TD width="50%" align=left>Note 8 &#150; Convertible notes </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Interim Statement of Cash Flows </TD>
    <TD width="50%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="50%" align=left><B>Shareholders&#146; equity</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the consolidated interim financial</B> </TD>
    <TD width="50%" align=left>Note 9 &#150; Share-based compensation </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>statements</B> </TD>
    <TD width="50%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Note 1 &#150; Nature of operations </TD>
    <TD width="50%" align=left><B>Income Statement</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Note 2 &#150; Summary of significant accounting policies </TD>
    <TD width="50%" align=left>Note 10 &#150; Cost of sales </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="50%" align=left>Note 11 &#150; Other income (other expenses) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="50%" align=left><B>Additional disclosures</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="50%" align=left>Note 12 &#150; Operating segments </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="50%" align=left nowrap>Note 13 &#150; Supplemental cash flow information  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="50%" align=left>Note 14 &#150; Events after the reporting date
  </TD></TR></TABLE>
<P align=right>2 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Interim Statement of Financial Position </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of United States dollars -
      unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>March 31</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>December 31</B> </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><B>Note</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>2012</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right><B>2011</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Current assets</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash and cash equivalents </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>293,294</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>329,055 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Trade and other receivables </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>55,975</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>19,401 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other current assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>3 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>44,657</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>33,539 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>Inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=center>4 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>108,147</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>94,681 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>502,073</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>476,676 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Non-current assets</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Property, plant and equipment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>546,189</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>544,111 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Investment in associate </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>5 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>140,835</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>136,342 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Deferred income tax assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>17,129</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>21,591 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Value added tax receivable </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>6 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>72,464</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>89,160 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Other non-current
      assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=center>3
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>9,432</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right>8,222
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left><B>Total assets</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="10%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>1,288,122</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="10%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">1,276,102 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Current liabilities</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Trade and other payables </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>50,422</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>48,023 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Taxes payable </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>12,523</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>22,498 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Warrant liability </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>7 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>9,337</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>7,067 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Convertible notes </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>8 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>127,829</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Derivative
      liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>8
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>470</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>200,581</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>77,588 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Non-current liabilities</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Deferred income tax liabilities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>45,317</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>41,331 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Close down and restoration provision </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>47,481</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>46,653 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Convertible notes </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>8 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>125,313 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Derivative
      liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>8
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>1,242
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left><B>Total liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>293,379</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>292,127 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Shareholders' equity</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share capital </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>706,850</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>705,876 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Other reserves </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>17,384</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>6,515 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Retained earnings
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>270,509</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>271,584 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>Total shareholders' equity</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>994,743</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">983,975 </TD>
    <TD bgColor=#e6efff  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium"
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium"
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium"
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium"
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium"
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium"
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff
      align=left><B>Total liabilities and shareholders' equity</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="10%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"><B>1,288,122</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="10%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium">1,276,102 </TD>
  <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
interim financial statements</P>
<P align=justify><B>Approved by the Board of Directors and authorized for issue
on May 8, 2012</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;John R.
      Brodie&#148;</I> </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="48%"
      align=left><I>&#147;John Smith&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>John R. Brodie, FCA, Director </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="48%" align=left>John Smith, Director </TD></TR></TABLE>
<P align=right>3 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Interim Statement of Income (Loss) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of United States dollars, except
      per share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center></TD>
    <TD vAlign=bottom  width="2%" align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=center>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right vAlign=bottom nowrap><STRONG>Three
    Months Ended March 31</STRONG></TD>
  <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center><B>Note</B> </TD>
    <TD vAlign=bottom  width="2%" align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>2012</B> </TD>
    <TD vAlign=bottom  width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>2011</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Revenue</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>38,406</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>60,053 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Cost
      of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="10%"
    align=center>10 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD width="10%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>(32,161</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD width="10%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 2px solid">(32,194</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Income from mine
      operations</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>6,245</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>27,859 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">General and administrative
      expenses </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>(6,523</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(6,593</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Exploration and evaluation expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right><B>(846</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>(826</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Operating income
      (loss)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>(1,124</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>20,440 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Gain (loss) on sale of
      mineral property </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>108</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(539</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Gain on partial disposal of associate </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center>7 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>3,183</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Interest earned and other
      finance income </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>209</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>829 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Interest expense and other finance costs </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>(5,667</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>(4,315</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Other income (other expenses)
    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center>11 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>5,500</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(4,521</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Foreign exchange gain (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right><B>(480</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>2,339 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Income before tax</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1,729</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>14,233 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>(2,804</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>(4,290</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " vAlign=bottom
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff vAlign=bottom
    align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Net income (loss) and net income (loss)</B> <B>attributable to shareholders</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff vAlign=bottom
    width="10%" align=center><BR></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>(1,075</B></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff vAlign=bottom
     width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>9,943 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Weighted average shares
      outstanding (thousands)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Basic </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>80,737</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>79,821 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Diluted </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>80,753</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>80,518 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Earnings (loss) per
      share</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Basic </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%"
      align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%"
align=left><STRONG>$</STRONG></TD>
    <TD vAlign=bottom width="10%" align=right>&nbsp;<B>(0.01</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)&nbsp;</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="10%" align=right>0.12 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Diluted </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%"
      align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
      align=left><STRONG>$</STRONG></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%"
      align=right>&nbsp;&nbsp;<B>(0.01</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>&nbsp;0.12 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
interim financial statements</P>
<P align=right>4 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Interim Statement of Comprehensive Income </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of United States dollars -
      unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Three Months Ended March 31</B>    </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><B>Note</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>2012</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>2011</B> </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Net income (loss) for the period attributable to shareholders
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>(1,075</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="10%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">9,943 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Other comprehensive income: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;Unrealized gain (loss)
      on marketable securities, net of tax </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>6,167</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(292</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;Share of other comprehensive income of
      associate </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>5 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>3,496</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;Cumulative translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>367</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>309 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Other comprehensive income </TD>
    <TD  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=center style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>10,030</B> </TD>
    <TD  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">17 </TD>
    <TD  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Total
      comprehensive income</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="10%"
      align=right><B>8,955</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%" align=right nowrap style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium">9,960    </TD>
  <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
interim financial statements</P>
<P align=right>5 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Interim Statement of Changes in Shareholders&#146; Equity </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of United States dollars -
      unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD width="19%"
    colSpan=4 align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">
    <p align="center"><B>Common Shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap><B>Other</B> </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap><B>Retained earnings</B> </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap><B>Total</B> </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap><B>Non-</B> </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap><B>Total</B> </TD>
    <TD vAlign=bottom width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap><B>Shares</B> </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap><B>Amount</B> </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap><B>reserves</B> </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap><B>(accumulated</B></TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap><STRONG>&nbsp;attributable
      to</STRONG></TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap><B>controlling</B> </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap><B>equity</B> </TD>
    <TD vAlign=bottom width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap><B>deficit)</B> </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap><B>shareholders</B> </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap><B>Interest</B> </TD>
    <TD vAlign=bottom width="2%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right nowrap>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right nowrap>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right nowrap><B>000's</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right nowrap>&nbsp;<STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right nowrap><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right nowrap><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right nowrap><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right nowrap><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right nowrap><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -30pt; margin-left: 30pt"><B>Balance, January 1,
      2011</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>79,665 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>676,651 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>63,257 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>191,456 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>931,364 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>496 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>931,860 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -30pt; margin-left: 30pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -30pt; margin-left: 30pt">&nbsp; &nbsp; &nbsp;Exercise
      of stock options </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>386 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>10,440 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>(3,711</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>6,729 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>6,729 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -30pt; margin-left: 30pt">&nbsp; &nbsp; &nbsp;Share-based compensation
    </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>577 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>577 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>577 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    align=left>
    <p style="text-indent: -30pt; margin-left: 30pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive income for
      the&nbsp;period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>17 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>9,943 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>9,960 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>9,960 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><BR></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -30pt; margin-left: 30pt"><B>Balance, March 31, 2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="8%"
    align=right>80,051 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="8%"
    align=right>687,091 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD width="8%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 2px solid">60,140 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="8%"
    align=right>201,399 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="8%"
    align=right>948,630 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="8%"
    align=right>496 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="8%"
    align=right>949,126 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>
    <p style="text-indent: -30pt; margin-left: 30pt">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -30pt; margin-left: 30pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -30pt; margin-left: 30pt"><B>Balance, January 1,
      2012</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>80,693 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>705,876 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>6,515 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>271,584 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>983,975 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>983,975 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -30pt; margin-left: 30pt">&nbsp; &nbsp; &nbsp;Exercise of stock options
    </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>52 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>974 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>(387</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>587 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>587 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -30pt; margin-left: 30pt">&nbsp; &nbsp;
      &nbsp;Share-based compensation </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,226 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,226 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,226 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -30pt; margin-left: 30pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive income (loss)
      for&nbsp;the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right>10,030 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right>(1,075</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right>8,955 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right>8,955 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    align=left>
    <p style="text-indent: -30pt; margin-left: 30pt"><B>Balance, March 31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD
    width="8%" align=right vAlign=bottom nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>80,745</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD
    width="8%" align=right vAlign=bottom nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>706,850</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD
    width="8%" align=right vAlign=bottom nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>17,384</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD
    width="8%" align=right vAlign=bottom nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>270,509</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD
    width="8%" align=right vAlign=bottom nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>994,743</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD
    width="8%" align=right vAlign=bottom nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>994,743</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
interim financial statements</P>
<P align=right>6 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Interim Statement of Cash Flows </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of United States dollars -
      unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right vAlign=bottom nowrap bordercolor="#000000"><B>Three Months Ended
      March 31</B> </TD>
  <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000"><B>Note</B> </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom nowrap bordercolor="#000000"><B>2012</B> </TD>
    <TD vAlign=bottom  width="2%" align=right nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=right nowrap bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom nowrap bordercolor="#000000"><B>2011</B> </TD>
  <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right nowrap bordercolor="#000000"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=right nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=right nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right nowrap bordercolor="#000000"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Cash flows from operating
      activities</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Net income (loss) for the period </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>(1,075</B></TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000"><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">9,943 </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Adjustments for: </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Depletion, depreciation and
      amortization </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>8,807</B> </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">5,854 </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Share-based
      payments </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>1,172</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">522 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Close down and restoration
      provision </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>1,603</B> </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">407 </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Loss (gain) on
      sale of mineral property and property, plant and equipment </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>(108</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left nowrap bordercolor="#000000"><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">539 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Accretion expense on convertible
      notes </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>2,516</B> </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">2,297 </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Accretion income
      on convertible debenture </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">(253</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Other expenses (other income)
</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>(5,468</B></TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000"><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">4,603 </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Gain on partial
      disposal of associate </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>(3,183</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left nowrap bordercolor="#000000"><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Deferred income tax expense
      (recovery) </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>7,788</B> </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">(5,061</TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Foreign exchange
      loss (gain) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>1,718</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">(2,006</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="border-bottom-style: solid; border-bottom-width: 2" nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Net changes in non-cash working capital items
    </TD>
    <TD vAlign=bottom  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 2" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center style="border-bottom-style: solid; border-bottom-width: 2" nowrap bordercolor="#000000">13 </TD>
    <TD vAlign=bottom  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 2" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 2" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom nowrap style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000"><B>(34,549</B></TD>
    <TD vAlign=bottom  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 2" nowrap bordercolor="#000000"><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 2" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 2" nowrap bordercolor="#000000">4,914 </TD>
    <TD vAlign=bottom  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 2" nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      vAlign=bottom nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
    width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
    width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
    width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="2%" nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
      align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Cash generated by (used in) operating activities</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom width="10%"
    align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD width="10%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bordercolor="#000000"><B>(20,779</B></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="2%" align=left nowrap bordercolor="#000000"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD width="10%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" bordercolor="#000000">21,759 </TD>
  <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Cash flows from investing activities</B>
    </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=left nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=left nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Net proceeds from partial
      disposal of associate </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>4,202</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Purchase of property, plant and equipment </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>(6,731</B></TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000"><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">(1,605</TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Mineral property expenditures
    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>(7,595</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left nowrap bordercolor="#000000"><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">(12,857</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Value added tax recoverable </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>(5,445</B></TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000"><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">(2,638</TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Proceeds from sale of marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right nowrap bordercolor="#000000"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right nowrap bordercolor="#000000">17,034 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Cash used in investing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right nowrap bordercolor="#000000"><B>(15,569</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left nowrap bordercolor="#000000"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right nowrap bordercolor="#000000">(66</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left nowrap bordercolor="#000000">) </TD></TR>
  <TR>
    <TD vAlign=bottom nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Cash flows from financing
      activities</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="border-bottom-style: solid; border-bottom-width: 1" nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Proceeds from exercise of stock options </TD>
    <TD vAlign=bottom  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center style="border-bottom-style: solid; border-bottom-width: 1" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 1" nowrap bordercolor="#000000"><B>587</B> </TD>
    <TD vAlign=bottom  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 1" nowrap bordercolor="#000000">6,729 </TD>
    <TD vAlign=bottom  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      vAlign=bottom nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
    width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
    width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
    width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff vAlign=bottom
     width="2%" nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
      align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Cash generated by financing activities</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom width="10%"
    align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom width="10%"
    align=right nowrap bordercolor="#000000"><B>587</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom width="10%"
    align=right nowrap bordercolor="#000000">6,729 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000;  border-top-style:none; border-top-width:medium" vAlign=bottom
    width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Increase (decrease) in cash and cash
      equivalents</B> </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000"><B>(35,761</B></TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000"><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right nowrap bordercolor="#000000">28,422 </TD>
    <TD vAlign=bottom  width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Cash and cash equivalents, beginning of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right nowrap bordercolor="#000000"><B>329,055</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right nowrap bordercolor="#000000">232,311 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left nowrap bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Cash and cash equivalents, end of period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="10%"
    align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD width="10%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><B>293,294</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="1%" align=left nowrap bordercolor="#000000">&nbsp;</TD>
    <TD width="10%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000">260,733 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="2%" align=left nowrap bordercolor="#000000">&nbsp;</TD></TR></TABLE>
<P align=justify><B>Supplemental cash flow information (note 13)</B></P>
<P align=center>The accompanying notes are an integral part of the consolidated
interim financial statements</P>
<P align=right>7 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Interim Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the three
      months ended March 31, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of United States
      dollars unless otherwise stated - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>NATURE OF OPERATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    </TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Silver Standard Resources Inc. (the &#147;Company&#148;) is a
      limited liability company incorporated under the laws of the Province of
      British Columbia, Canada and its shares are publicly listed on the Toronto
      Stock Exchange in Canada and the NASDAQ in the United States. The Company
      together with its subsidiaries (the &#147;Group&#148;) are principally engaged in
      the exploration, development and production of silver-dominant resource
      properties located in the Americas. The Company is the ultimate parent of
      the Group.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    </TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company&#146;s address is Suite 1400, 999 West Hastings
      Street, Vancouver, British Columbia, V6C 2W2.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    </TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company&#146;s strategic focus is to optimize the
      production of silver from its Pirquitas mine in Argentina, and to advance
      other principal development and exploration projects including Pitarrilla
      and San Agustin in Mexico, San Luis in Peru, and Diablillos in Argentina.
      In addition to its principal projects, the Company holds a
      geologically-diverse portfolio of other predominantly silver projects in
      various stages of exploration.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    </TR>
  <TR>
    <TD width="5%"><B>2.</B> </TD>
    <TD vAlign=top width="5%" colspan="2">
      <P align=justify><B>SUMMARY OF SIGNIFICANT ACCOUNTING
  POLICIES</B></P> </TD>
    </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    </TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%" colspan="2">
      <P align=justify>The principal accounting policies applied in the
      preparation of these consolidated interim financial statements are set out
      below.</P></TD>
    </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    </TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"><B>a)</B></TD>
    <TD vAlign=top width="90%"><B>Basis of preparation</B></TD>
    </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    </TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="90%">
      <P align=justify>These consolidated interim financial statements have been
      prepared in accordance with International Accounting Standard (&#147;IAS&#148;) 34,
      &#147;Interim Financial Reporting&#148; using accounting policies consistent with
      IFRS as issued by the International Accounting Standards Board (&#147;IASB&#148;)
      and Interpretations issued by the International Financial Reporting
      Interpretations Committee (&#147;IFRIC&#148;). The accounting policies followed in
      these consolidated interim financial statements are the same as those
      applied in the Company&#146;s most recent consolidated annual financial
      statements for the year ended December 31, 2011.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="90%">
      <P align=justify>The policies applied in these consolidated interim
      financial statements are based on IFRS issued and outstanding as of May 8,
      2012, the date the Board of Directors approved the statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="90%">
      <P align=justify>The consolidated interim financial statements should be
      read in conjunction with the Company&#146;s consolidated annual financial
      statements for the year ended December 31, 2011.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    </TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"><B>b)</B> </TD>
    <TD vAlign=top width="90%">
      <P align=justify><B>Significant accounting judgements and
    estimates</B></P> </TD>
    </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    </TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="90%">
      <P align=justify>The preparation of financial statements in conformity
      with IFRS requires the use of judgements and/or estimates that affect the
      amounts reported and disclosed in the consolidated interim financial
      statements and related notes. There has been no significant change to the
      Company&#146;s significant accounting estimates from those disclosed in note 2
      of the audited consolidated financial statements for the year ended
      December 31, 2011.</P></TD></TR></TABLE>
<P align=right>8 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Interim Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the three
      months ended March 31, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of United States
      dollars unless otherwise stated - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.</B> </TD>
    <TD>
      <P align=justify><B>OTHER ASSETS</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center><B>March 31, 2012</B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center><B>December 31, 2011</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Non-current</B> </TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Current</B> </TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Non-current</B> </TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Current</B> </TD>
  <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
      align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
      align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>Financial assets:</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Restricted cash </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>1,768</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>-</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,768 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Marketable securities </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>40,179</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>33,539 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other investments
      <SUP>(1)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>4,478</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>1,768</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>44,657</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>1,768 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>33,539 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Other assets:</B> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Long-term inventory (note 4) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>7,664</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>6,454 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>9,432</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>44,657</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right>8,222
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right>33,539 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><SUP>(1) </SUP>Other investments
comprise restructured asset-backed commercial paper notes of $4,478,000
(December 31, 2011 -nil) that were obtained in January 2009 from the
restructuring of Canadian asset-backed commercial paper. These notes are
classified as available-for-sale investments, carried at their fair value and
categorized as Level 1 in the fair value hierarchy. During the three months
ended March 31, 2012, the Company recognized an impairment reversal of
$4,478,000 (three months ended March 31, 2011 - nil) in respect of write-downs
incurred on these investments in prior years. The impairment reversal was
recorded as other income (note 11).</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B>INVENTORY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Inventory is comprised of the
following:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>March 31,</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>December 31,</B> </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>2012</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right><B>2011</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>Current:</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Finished goods </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>55,111</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>44,524 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Stockpiled ore </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>37,733</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>36,414 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Materials and
      supplies </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>15,303</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>13,743 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="12%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>108,147</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="12%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">94,681 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Non-current:</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Stockpiled ore </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>7,664</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>6,454 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>115,811</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 2px solid">101,135 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company holds low-grade stockpiled
ore that will be processed at the end of the life of the mine. Inventory held at
NRV at March 31, 2012 was $6,454,000 (December 31, 2011 - $6,454,000).</P>
<P align=right>9 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Interim Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the three
      months ended March 31, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of United States
      dollars unless otherwise stated - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.</B> </TD>
    <TD>
      <P align=justify><B>INVESTMENT IN ASSOCIATE</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Investment in associate comprises 24,327,983 (December
      31, 2011 &#150; 24,633,333) common shares of Pretium Resources Inc.
      (&#147;Pretium&#148;), which constitutes an ownership interest of 27.61% (December
      31, 2011 &#150; 28.39%). Activity for the three months ended March 31, 2012 and
      for the year ended December 31, 2011 was as
follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>March 31, 2012</B> </TD>
    <TD  width="2%" align=right nowrap>&nbsp;</TD>
    <TD  width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>December 31, 2011</B> </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right nowrap><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right nowrap></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right nowrap><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Carrying amount, beginning </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>136,342</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>226,271 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Partial disposition (note 7) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>(1,989</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(82,138</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Dilution gain <SUP>(1)</SUP> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>4,225</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,803 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Share of net loss </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>(1,239</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(6,078</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>Share of other comprehensive income (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>3,496</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right>(3,516</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Carrying amount,
      ending </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>140,835</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right>136,342 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><SUP>(1) </SUP>On February 17, 2012, Pretium completed a
      private placement of 1,250,000 flow-through common shares, in which the
      Company elected not to participate. This share issuance by Pretium
      resulted in a dilution of the Company&#146;s interest by 1.42% and a dilution
      gain of $4,225,000 which was recognized in other income (note
  11).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>6.</B> </TD>
    <TD>
      <P align=justify><B>VALUE ADDED TAX
RECEIVABLE</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>March 31,</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>December 31,</B> </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>2012</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right><B>2011</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Current </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>22,774</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,482 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Non-current </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>72,464</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>89,160 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>95,238</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right>90,642 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>In countries where value added tax
(&#147;VAT&#148;) has been paid but recoverability is uncertain, the VAT payments have
either been deferred within mineral property costs, or expensed if related to
general mineral exploration. If the Company ultimately recovers the amounts that
have been deferred, the amount received will be applied to reduce mineral
property costs.</P>
<P style="MARGIN-LEFT: 5%" align=justify>VAT paid in Argentina in relation to
the Pirquitas mine is recoverable under Argentine law once the mine reaches the
production stage. Production commenced at the mine on December 1, 2009, and as a
result the Company has applied to the Argentine government to recover the
applicable VAT. The Company believes that the balance is fully recoverable and
has not provided an allowance. During the three months ended March 31, 2012, the
Company reclassified VAT of $21,195,000 from non-current assets to trade and
other receivables, for expected recoveries within one year of the statement of
financial position date.</P>
<P align=right>10 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Interim Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the three
      months ended March 31, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of United States
      dollars unless otherwise stated - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>7.</B> </TD>
    <TD>
      <P align=justify><B>WARRANT LIABILITY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As part of its secondary offering of Pretium shares in
      April 2011, the Company issued 5,750,000 Pretium common share purchase
      warrants (the &#147;Pretium warrants&#148;). Each Pretium warrant was exercisable at
      a price of C$12.50 until April 9, 2012. Upon issuance of the Pretium
      warrants the Company recognized a liability of $7,500,000 in the statement
      of financial position. The liability was recorded at FVTPL. The trading
      price of the Pretium warrants at March 31, 2012 was C$1.72, resulting in
      an unrealized loss upon re-measurement of the liability of $2,769,000 for
      the period then ended.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the three months ended March 31, 2012, 339,350
      warrants were exercised for proceeds of $4,202,000, resulting in a gain on
      disposal of the underlying investment of $3,183,000.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subsequent to the period-end, the Company received
      additional proceeds of $67,225,000 from exercises of 5,338,176 Pretium
      warrants up to their expiry on April 9, 2012, resulting in a further
      dilution of the Company&#146;s interest to 21.55%. A total of 72,474 warrants
      expired unexercised.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>8.</B> </TD>
    <TD>
      <P align=justify><B>CONVERTIBLE NOTES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In February 2008, the Company sold $138,000,000 in senior
      convertible unsecured notes (&#147;Notes&#148;) for net proceeds of $132,754,000
      after payment of commissions and expenses related to the offering. The
      unsecured Notes mature on March 1, 2028 and bear an interest rate of 4.5%
      per annum, payable semi-annually. At initial recognition the value of the
      Notes was allocated between the debt and the derivative components. The
      fair value of the debt portion was $99,144,000 and the fair value of the
      derivative was $38,856,000 upon inception. The debt component continues to
      be accreted to its maturity value using the effective interest rate
      method.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Notes are redeemable in part or in full at the option
      of the holder on March 1 at each of 2013, 2018, and 2023, or upon
      fundamental corporate changes. They are also redeemable by the Company in
      part or in full on and after March 5, 2013. The Company reclassified the
      Notes and the derivative from non-current liabilities to current
      liabilities during the three months ended March 31, 2012, due to the
      probability of the holders&#146; exercising their option to redeem within one
      year of the statement of financial position date.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>For the three months ended March 31, 2012, the Company
      recorded an unrealized gain on the derivative of $773,000 (March 31, 2011
      &#150; loss of $4,444,000).</P></TD></TR></TABLE>
<P align=right>11 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Interim Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the three
      months ended March 31, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of United States
      dollars unless otherwise stated - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>9.</B> </TD>
    <TD>
      <P align=justify><B>SHARE-BASED COMPENSATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the three months ended March 31, 2012, 417,125
      options were granted to employees exercisable over a seven- year period at
      a weighted average exercise price of C$16.11 and average fair value of
      C$7.35. The option valuations were based on an average expected option
      life of 4.2 years, a risk free interest rate of 1.2%, a dividend yield of
      nil and volatility of 58.3%. In addition, 51,668 options were exercised at
      a weighted average exercise price of C$11.50. During the three months
      ended March 31, 2011, 358,500 options were granted to officers, employees,
      directors and other eligible persons at a strike price ranging from
      C$23.14 to C$28.98 and average fair value of C$12.39.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the three months ended March 31, 2012, 11,757
      deferred share units (&#147;DSUs&#148;) were granted to non-executive directors
      (three months ended March 31, 2011 - 5,128), 79,150 restricted share units
      (&#147;RSUs&#148;) were granted to employees (three months ended March 31, 2011 &#150;
      66,800), and 110,058 performance share units (&#147;PSUs&#148;) were granted to
      senior executives (three months ended March 31, 2011 &#150; 141,800). Also
      during this period, a total of 3,334 RSUs were forfeited, and 16,756 RSUs
      vested at a price per unit of C$15.55 (three months ended March 31, 2011 &#150;
      nil forfeited and nil vested).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The DSUs vest immediately and are redeemable in cash on
      the date the non-executive director ceases to be a director of the
      Company. At March 31, 2012, there were 110,046 DSUs (December 31, 2011 -
      98,289) outstanding with a fair value of $1,622,000 (December 31, 2011 -
      $1,363,000).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The RSUs vest over a three-year period, and are
      cash-settled immediately upon vesting. At March 31, 2012, there were
      135,860 RSUs outstanding with a fair value of C$14.50 per RSU. The PSUs
      vest after a performance period of two to three years; the vesting of the
      award is based on the Company&#146;s total shareholder return in comparison to
      its peer group, and awards range from 0% to 200% of initial PSUs granted.
      At March 31, 2012, there were 219,758 PSUs outstanding with fair values
      ranging from C$6.95 to C$15.02 per PSU.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Total share-based compensation, including all equity and
      cash-settled arrangements, recorded for the three months ended March 31,
      2012 was $2,055,000 (March 31, 2011 - $1,577,000) of which $53,000 (March
      31, 2011 - $55,000) was capitalized to exploration and development
      expenditures.</P></TD></TR></TABLE>
<P align=right>12 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Interim Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the three
      months ended March 31, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of United States
      dollars unless otherwise stated - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.</B> </TD>
    <TD>
      <P align=justify><B>COST OF SALES</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=center nowrap>
    <p align="right"><B>Three months ended March 31</B>    </TD>
  <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2012</B> </TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2011</B> </TD>
  <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Cost of inventory </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap bgColor=#e6efff><B>19,494</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap bgColor=#e6efff>22,546 </TD>
  <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Depletion, depreciation and amortization </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>8,566</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>5,795 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Export duties <SUP>(1)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>4,101</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>3,853 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>32,161</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 2px solid">32,194 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><SUP>(1)</SUP> </TD>
    <TD>
      <P align=justify>The Pirquitas mine has a fiscal stability agreement with
      the government of Argentina dating from 1998. In 2002, the government of
      Argentina implemented an export duty on concentrates that did not apply to
      companies with pre- existing fiscal stability agreements. In December 2007
      the National Customs Authority of Argentina levied an export duty of
      approximately 10% on concentrates for projects with fiscal stability
      agreements predating 2002. The Company has been advised that the Pirquitas
      mine is subject to this export duty despite rights under the fiscal
      stability agreement from 1998. The legality of the export duty applied to
      silver concentrates has been challenged and is currently under review by
      the court in Argentina. In July 2010, the Company filed a claim in the
      provincial court for repayment of export duties paid on silver
      concentrates and for an order to cease payment of the export duty until
      the matter is decided by the court. An order was granted effective
      September 29, 2010 to cease payment of the export duty on silver
      concentrates pending the decision of the court. In April 2011, a
      government appeal against this order was denied, and the government has
      appealed this decision.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As of March 31, 2012, the Pirquitas mine has paid
      $6,646,000 in duties against which it has filed for recovery. In
      accordance with the order to cease payment the Company has not been paying
      export duties on silver concentrates, but continues to accrue duties in
      full until the outcome of the claim is known with certainty. For the three
      months ended March 31, 2012, duties on silver concentrates of $3,622,000
      (three months ended March 31, 2011 - $3,853,000) have been included in
      cost of sales, and as of March 31, 2012, the accrual totalled $15,911,000
      (December 31, 2011 - $13,101,000). If this export duty is successfully
      overturned, the benefit will be recognized in the consolidated statement
      of income for the full amount of paid and unpaid duty in the period that
      recovery becomes virtually certain.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%"><B>11.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>OTHER INCOME (OTHER
EXPENSES)</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=center nowrap>
    <p align="right"><B>Three months ended March 31</B>    </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2012</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2011</B> </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Impairment reversal on other investments
</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>4,478</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Gain on dilution of associate </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>4,225</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Share of net loss of associate </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap bgColor=#e6efff><B>(1,239</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap bgColor=#e6efff>(2,287</TD>
  <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Unrealized gain (loss) on financial instruments at
      FVTPL<SUP>(1)</SUP> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>(1,996</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(4,716</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Reversal of impairment of convertible
      debenture </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>2,400 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Miscellaneous
      income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>32</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>82
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="12%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>5,500</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="12%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(4,521</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Financial instruments held at FVTPL include the warrant
      liability (note 7) and the share purchase option embedded in the
      convertible notes (note 8).</P></TD></TR></TABLE>
<P align=right>13 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_14></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Interim Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the three
      months ended March 31, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of United States
      dollars unless otherwise stated - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>12. </B></TD>
    <TD colSpan=2>
      <P align=justify><B>OPERATING SEGMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company has identified its operating segments based
      on the information used by the President and Chief Executive Officer (who
      is considered to be the chief operating decision maker (&#147;CODM&#148;)) to manage
      the business. The Company primarily manages its business by looking at
      individual extractive projects and typically segregates them between
      production, development and exploration. For reporting purposes all
      exploration and development projects have been aggregated into a single
      reportable segment &#145;exploration and development&#146; because they all have
      similar characteristics and none exceed the quantitative thresholds for
      individual disclosure. The only production property, Pirquitas, is
      considered a single operating segment which derives its revenues from the
      sale of silver and zinc concentrates. The corporate division only earns
      income that is considered incidental to the activities of the Company and
      therefore does not meet the definition of an operating segment.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The following reporting segments have been
    identified:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%" align=center>
      <LI>&nbsp;</LI></TD>
    <TD>
      <P align=justify>Pirquitas mine</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%" align=center>
      <LI>&nbsp;</LI></TD>
    <TD>
      <P align=justify>Exploration and development properties</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The following is a summary of the carrying amounts of
      income or loss, and segment assets and liabilities by operating
      segment:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Pirquitas Mine </B></TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Exploration and </B></TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right><B>Other </B></TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Total </B></TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>&nbsp; </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right><B>Development </B></TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>reconciling </B></TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Three months ended March 31, 2012 </B></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>&nbsp; </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right><B>Properties </B></TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right><B>items <SUP>(i, ii)
      </SUP> </B></TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>$&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>$&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>$&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>$&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Revenue from external customers </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>38,406 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>38,406 </B></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Cost of inventory and export duties </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(23,595</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>(23,595</B></TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Depletion, depreciation and amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(8,566</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>(8,566</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Cost of sales </TD>
    <TD  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">(32,161</TD>
    <TD  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">) </TD>
    <TD  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">- </TD>
    <TD  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">- </TD>
    <TD  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD  width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000"><B>(32,161</B></TD>
    <TD  width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">) </TD></TR>
  <TR>
    <TD width="5%" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income from mine
      operations </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="10%" align=right>6,245
    </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="10%"
      align=right><B>6,245 </B></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Operating income (loss) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5,732 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(347</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(6,509</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>(1,124</B></TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income (loss) before tax </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>3,394 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>(652</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>(1,013</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>1,729 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Interest earned and other finance income
</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>209 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>209 </B></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Interest expense and other finance costs </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,524</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(19</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(4,124</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>(5,667</B></TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income tax recovery (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>(6,149</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>1,776 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>1,569 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>(2,804</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>As at March 31, 2012 </B></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>593,379 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>246,895 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>447,848 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>1,288,122 </B></TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Non-current assets </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>432,646 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>211,884 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>141,519 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>786,049 </B></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total liabilities
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(115,247</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(21,639</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(156,493</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>(293,379</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><SUP>(i) </SUP></TD>
    <TD>
      <P align=justify>Other reconciling items refer to items that are not
      reported as part of segment performance as they are managed on a group
      basis.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><SUP>(ii) </SUP></TD>
    <TD>
      <P align=justify>Includes the equity-accounted investment in
    Pretium.</P></TD></TR></TABLE>
<P align=right>14 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_15></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Interim Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the three
      months ended March 31, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of United States
      dollars unless otherwise stated - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>12. </B></TD>
    <TD>
      <P align=justify><B>OPERATING SEGMENTS
(Cont&#146;d)</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Pirquitas Mine </B></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Exploration and </B></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right><B>Other </B></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right><B>Total </B></TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>&nbsp; </TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right><B>Development </B></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>reconciling </B></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>Three months ended March 31, 2011 </B></TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>&nbsp; </TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right><B>Properties </B></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right><B>items <SUP>(i, ii)
      </SUP> </B></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
      align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
      align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
      align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Revenue from external customers </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>60,053 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>60,053 </B></TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Cost of inventory and export duties </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(26,399</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>(26,399</B></TD>
  <TD width="2%" align=left><B>) </B></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Depletion, depreciation and amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(5,795</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>(5,795</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left><B>) </B></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Cost of sales </TD>
    <TD width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">(32,194</TD>
    <TD width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">) </TD>
    <TD width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">- </TD>
    <TD width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">- </TD>
    <TD width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD width="1%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD width="10%" align=right style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>(32,194</B></TD>
    <TD width="2%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>) </B></TD></TR>
  <TR>
    <TD width="5%" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: medium none #000000;  border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgColor=#e6efff
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income from mine
      operations </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="10%"
      align=right>27,859 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="10%"
      align=right><B>27,859 </B></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000;  border-top-style:none; border-top-width:medium" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Operating income (loss) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>27,375 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(254</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(6,681</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>20,440 </B></TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income (loss) before tax </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>25,741 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(278</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(11,230</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>14,233 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Interest earned and other finance income
</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>829 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>829 </B></TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Interest expense and other finance costs </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(390</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(3,925</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>(4,315</B></TD>
    <TD width="2%" align=left><B>) </B></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income tax recovery (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(6,173</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>152 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>1,731 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>(4,290</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left><B>) </B></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>As at December 31, 2011 </B></TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total assets </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>568,212 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>232,038 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>475,852 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>1,276,102 </B></TD>
  <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Non-current assets </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>459,789 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>202,752 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>136,885 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>799,426 </B></TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total liabilities
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(94,395</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(22,355</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(175,377</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>(292,127</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><B>)
      </B></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><SUP>(i) </SUP></TD>
    <TD>
      <P align=justify>Other reconciling items refer to items that are not
      reported as part of segment performance as they are managed on a group
      basis.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%"><SUP>(ii) </SUP></TD>
    <TD>
      <P align=justify>Includes the equity-accounted investment in
    Pretium.</P></TD></TR></TABLE>
<P align=justify style="margin-left: 5%"><B>Segment revenue by product</B></P>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="13%" align=right nowrap ><B>March 31, 2012 </B></TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="13%" align=right nowrap ><B>March 31, 2011 </B></TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right
    ><B>% </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right
    ><B>% </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Silver </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="13%" align=right ><B>97 </B></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="13%" align=right >94 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Zinc </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="13%" align=right ><B>3 </B></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="13%" align=right >6 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="13%" >&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="13%" >&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD colSpan=7 align=left><B>Non-current assets by location </B></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="13%" >&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="13%" >&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="13%" align=right nowrap ><B>March 31, 2012 </B></TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="13%" align=right nowrap ><B>December 31, 2011 </B></TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%"
    align=right ><B>$&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    width="1%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%"
    align=right ><B>$&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp;Canada </TD>
    <TD  width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF" ><B>142,843 </B></TD>
    <TD  width="2%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD  width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF" >138,205 </TD>
    <TD  width="2%" align=left bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Argentina </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="13%" align=right ><B>454,771
    </B></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="13%" align=right >481,654 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp;Mexico </TD>
    <TD  width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF" ><B>115,207 </B></TD>
    <TD  width="2%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD  width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF" >108,674 </TD>
    <TD  width="2%" align=left bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Peru </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="13%" align=right ><B>52,598
</B></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="13%" align=right >50,950 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp;United States </TD>
    <TD  width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF" ><B>11,124 </B></TD>
    <TD  width="2%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD  width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF" >10,942 </TD>
    <TD  width="2%" align=left bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=left>&nbsp;Chile </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%"
    align=right ><B>9,506 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%"
    align=right >9,001 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgcolor="#E6EFFF">&nbsp;Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="13%" align=right bgcolor="#E6EFFF"
    ><B>786,049 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="13%" align=right bgcolor="#E6EFFF"
    >799,426 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left bgcolor="#E6EFFF">&nbsp;</TD></TR></TABLE></DIV>
<P align=right>15 | P a g e</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_16></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Silver Standard Resources Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Interim Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the three
      months ended March 31, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of United States
      dollars unless otherwise stated - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>13.</B> </TD>
    <TD>
      <P align=justify><B>SUPPLEMENTAL CASH FLOW INFORMATION </B></P></TD></TR></TABLE>
<p style="margin-left: 5%"><B>Net changes in non-cash working capital items</B><BR>
</p>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=center nowrap>
    <p align="right"><B>Three months ended March 31</B>    </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>2012</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right><B>2011</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Trade and other receivables </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>(15,995</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>817 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Inventory </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>(11,364</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap>(9,344</TD>
  <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Trade and other payables </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>2,977</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>3,751 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Taxes payable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(10,167</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>9,690
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="12%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>(34,549</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right>4,914 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>Cash payments for interest and taxes</B>
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=center nowrap>
    <p align="right"><B>Three months ended March 31</B>    </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>2012</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>2011</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Interest paid </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>3,105</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>3,105 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Taxes paid </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>5,178</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>315
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>8,283</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right>3,420 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>14.</B> </TD>
    <TD>
      <P align=justify><B>EVENTS AFTER THE REPORTING DATE</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On May 3, 2012, Pretium announced a prospectus offering
      of up to 5,554,500 common shares, in which the Company has elected not to
      participate. This share issuance by Pretium (which had not closed as of
      May 8, 2012) would result in a dilution of the Company&#146;s interest to
      20.27%.</P></TD></TR></TABLE>
<P align=right>16 | P a g e</P>
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</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION AND ANALYSIS
<TEXT>

<HTML>
<HEAD>
   <TITLE>Silver Standard Resources Inc.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>SILVER STANDARD RESOURCES INC.</B></P>
<P align=justify><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF THE FINANCIAL
POSITION AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31,
2012</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>FIRST QUARTER 2012 HIGHLIGHTS</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>OUTLOOK</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>BUSINESS OVERVIEW</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>RESULTS OF OPERATIONS</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>REVIEW OF PROJECTS</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>SUMMARIZED FINANCIAL RESULTS</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>LIQUIDITY</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>CAPITAL RESOURCES</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>FINANCIAL INSTRUMENTS AND RELATED RISKS</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>OTHER RISKS AND UNCERTAINTIES</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify>RELATED PARTY TRANSACTIONS</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify>SIGNIFICANT INVESTMENTS ACCOUNTED FOR BY THE EQUITY
      METHOD</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify>NON-GAAP FINANCIAL MEASURES</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify>CRITICAL ACCOUNTING POLICIES AND ESTIMATES</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify>INTERNAL CONTROLS OVER FINANCIAL REPORTING AND DISCLOSURE
      CONTROLS AND PROCEDURES</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
    STATEMENTS</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_2></A>
<P align=center><B>SILVER STANDARD RESOURCES INC.</B></P>
<P align=justify><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF THE FINANCIAL
POSITION AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31,
2012</B></P>
<P align=justify>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) is
intended to supplement the unaudited consolidated interim financial statements
of Silver Standard Resources Inc. (&#147;Silver Standard&#148; or the Company) for the
three months ended March 31, 2012, and the related notes thereto, which have
been prepared in accordance with International Financial Reporting Standards
(&#147;IFRS&#148;).</P>
<P align=justify>All figures are expressed in U.S. dollars except where
otherwise indicated. This MD&amp;A has been prepared as of May 8, 2012, and
should be read in conjunction with the unaudited consolidated interim financial
statements for the three months ended March 31, 2012. </P>
<P align=justify>Additional information relating to the Company, including the
most recent Form 20-F and the Annual Information Form, are available on SEDAR at
<U>www.sedar.com</U>, and on the EDGAR section of the SEC website at
<U>www.sec.gov</U>. </P>
<P align=justify>This MD&amp;A contains &#147;forward-looking statements&#148; that are
subject to risk factors set out in a cautionary note contained in item 16
herein. The Company uses certain non-GAAP financial measures in this MD&amp;A.
For a description of each of the non-GAAP financial measures used in this
MD&amp;A please see the discussion under &#145;Non-GAAP Financial Measures&#146; in item
13 of this MD&amp;A. The Company changed its presentation of costs per ounce
during 2011 in line with the newly-endorsed production cost guidance provided by
The Silver Institute<I>.</I></P>
<P align=justify><B>1. FIRST QUARTER 2012 HIGHLIGHTS</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Record production of 2.2 million ounces of silver, a 24%
  quarter-on-quarter increase. <BR>&nbsp;
  <LI>Lowered direct mining costs to $11.86 per ounce of silver produced, a 21%
  quarter-on-quarter improvement. <BR>&nbsp;
  <LI>Operated the debottlenecked plant at an average of 4,567 tonnes per day
  throughput, a rate 14% above nominal design. <BR>&nbsp;
  <LI>Recorded revenues of $38.4 million on the sale of 1.5 million ounces of
  silver and 1.8 million pounds of zinc. <BR>&nbsp;
  <LI>Entered into two long-term silver concentrate sales contracts with
  smelters for 60% of monthly production commencing April 2012. <BR>&nbsp;
  <LI>During and subsequent to the quarter, enhanced corporate liquidity by
  realizing gross cash proceeds of C$71.0 million from exercised Pretium
  Resources Inc. (&#147;Pretium&#148;) share purchase warrants pursuant to the secondary
  offering completed last year. </LI></UL>
<P align=right>2</P>
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<P align=justify><B>2. OUTLOOK</B></P>
<P align=justify><I>This section of the MD&amp;A provides management&#146;s
production and cost estimates for 2012. Major capital and exploration
expenditures are also discussed. These are &#147;forward-looking statements&#148; and
subject to the cautionary note regarding the risks associated with
forward-looking statements contained in item 16 herein.</I></P>
<P align=justify>Estimates of future production and costs are prepared based on
the mine plan and the expected method by which the Company will mine mineral
reserves at Pirquitas. Actual silver and zinc production may vary from these
estimates due to a number of operational factors, including whether the volume
and/or grade of ore mined differs from estimates which could occur because of
changing mining rates, varying metallurgical or other ore characteristics and/or
short-term mining conditions that require mining in different areas of the mine
or the suspension of activities due to maintenance issues. Mining rates are also
subject to non-operational risks and hazards including natural phenomena, such
as inclement weather conditions, as further described in the section &#145;Other
Risks and Uncertainties&#146; contained in item 10 in this MD&amp;A.</P>
<P align=justify>The Company retains production guidance of between 8.2 and 8.5
million ounces of silver, with direct mining costs of approximately $11.85 per
ounce of silver based on direct mining costs of $100.8 million for the year
ended December 31, 2012.</P>
<P align=justify>The Company also retains zinc production guidance of between
10.5 and 11.5 million pounds in 2012.</P>
<P align=justify>The Company has successfully negotiated two long-term silver
concentrate sales agreements which commence in April for approximately 60% of
monthly production. These new long term arrangements complement the previously
disclosed spot silver concentrate sales, under which approximately 8,000 tonnes
of silver concentrate has either shipped or has been committed for delivery in
2012. The Company continues to negotiate additional long-term silver concentrate
sales agreements for future production and will execute further spot sales of
silver concentrates to reduce existing inventory levels.</P>
<P align=justify>The regulatory environment within Argentina has been subject to
recent changes enacted by the Government. Changes include modifications to
export revenue repatriation, including a recently issued resolution which
reduces the term permitted for exporters of certain products from Argentina to
clear foreign exchange in the local financial system from a 180 day term to a
fifteen day term. Export revenues from mineral products, such as the
concentrates exported by the Pirquitas mine are impacted by this change. There
have also been importation regulations for goods and services, and the removal
of subsidies provided for fuel and natural gas products. Additionally, recent
labour negotiations within the mining industry indicate labour inflation is
likely to continue at elevated levels. The Company continues to assess the
overall impact of these items on its exports and costs, and Argentine peso
foreign exchange rates as operating costs translate into US dollars, the
Company&#146;s reporting currency.</P>
<P align=justify><I>Direct mining cost per ounce is a non-GAAP financial
measure. Please see the discussion under &#145;Non-GAAP Financial Measures&#146; in item
13 of this MD&amp;A.</I></P>
<P align=justify>The Company anticipates that capital expenditures in 2012 at
the Pirquitas mine will approximate $19 million and exploration expenditures at
ten properties will be more than $25 million, the majority of which will be
capitalized. Expenditure for the completion of the feasibility study at
Pitarrilla in the second half of 2012 and further work on access roads, water
wells, the operations camp and supporting administration are expected to be
approximately $30 million. If the feasibility study results in a positive
construction decision, the Company&#146;s capital expenditure requirements will
increase materially in late 2012 and for the next several years.</P>
<P align=right>3</P>
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<P align=justify><B>3. BUSINESS OVERVIEW</B></P>
<P align=justify>Silver Standard is engaged in the exploration, development and
production of silver-dominant mineral properties located in the Americas. </P>
<P align=justify>The Company&#146;s strategic focus is to optimize production of
silver from the Pirquitas mine and to advance other principal development and
exploration projects, including Pitarrilla, San Luis, Diablillos and San
Agustin. The Company has a large in-ground silver position and looks to exploit
this for the benefit of the Company&#146;s shareholders. Certain projects also
contain significant gold and base metals. The Company&#146;s future growth will be
primarily driven through the development of core projects, while monetizing
other non-core projects to support funding requirements.</P>
<P align=justify>There have been no material changes to the macro-economic
environment in which the Company operates since last disclosed in the Company&#146;s
year ended December 31, 2011 financial statements and management discussion and
analysis, other than facing the increasing protectionism in Argentina discussed
above. Global markets have continued to be volatile, and generally risk averse.
Most precious and base metal prices traded within a sideways range during the
first quarter of 2012. The Company realized average silver prices of $32.20 on
shipments during the first quarter of 2012.</P>
<P align=justify>The Company continues to focus on consistent production
performance at Pirquitas. Silver production and direct mining costs in the first
quarter of 2012 were consistent with guidance and a significant improvement
compared to 2011. The Company is completing a feasibility study based on an open
pit concept for the Pitarrilla project in Durango State, Mexico. Completion of a
feasibility study and review for a development decision is anticipated in the
second half of 2012.</P>
<P align=right>4</P>
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<P align=justify><B>4. RESULTS OF OPERATIONS</B></P>
<P align=justify><B>Pirquitas Mine, Argentina</B></P>
<TABLE
style="BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="11%" align=right nowrap bgcolor="#D9D9D9"><B>March 31</B> </TD>
    <TD width="11%" align=right nowrap>December 31 </TD>
    <TD width="11%" align=right nowrap>September 30 </TD>
    <TD width="11%" align=right nowrap>June 30 </TD>
  <TD width="11%" align=right nowrap>March 31 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Operating
      data</B> </TD>
    <TD width="11%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid" nowrap><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right nowrap>2011
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right nowrap>2011
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right nowrap>2011
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right nowrap>2011
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Tonnes milled (kt) </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9">416 </TD>
    <TD width="11%" align=right>241 </TD>
    <TD width="11%" align=right>245 </TD>
    <TD width="11%" align=right>295 </TD>
    <TD width="11%" align=right>308 </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Silver mill feed grades (g/t) </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9">221 </TD>
    <TD width="11%" align=right>274 </TD>
    <TD width="11%" align=right>250 </TD>
    <TD width="11%" align=right>261 </TD>
    <TD width="11%" align=right>233 </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Silver recoveries (%) </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9">77.3 </TD>
    <TD width="11%" align=right>82.4 </TD>
    <TD width="11%" align=right>82.9 </TD>
    <TD width="11%" align=right>80.0 </TD>
    <TD width="11%" align=right>73.6 </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Silver (ounces) </TD>
    <TD width="11%" align=left bgcolor="#D9D9D9">&nbsp; </TD>
    <TD width="11%" align=left>&nbsp; </TD>
    <TD width="11%" align=left>&nbsp; </TD>
    <TD width="11%" align=left>&nbsp; </TD>
    <TD width="11%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;- produced </TD>
    <TD width="11%" align=right nowrap bgcolor="#D9D9D9">2,171,588 </TD>
    <TD width="11%" align=right nowrap>1,751,398 </TD>
    <TD width="11%" align=right nowrap>1,631,281 </TD>
    <TD width="11%" align=right nowrap>1,975,616 </TD>
  <TD width="11%" align=right nowrap>1,697,294 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;- sold </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9">1,535,855 </TD>
    <TD width="11%" align=right>515,124 </TD>
    <TD width="11%" align=right>707,202 </TD>
    <TD width="11%" align=right>1,569,698 </TD>
    <TD width="11%" align=right nowrap>2,053,573 </TD>
  </TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="11%" bgcolor="#D9D9D9">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Average realized silver price ($/oz) </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9">32.20 </TD>
    <TD width="11%" align=right>33.42 </TD>
    <TD width="11%" align=right>39.88 </TD>
    <TD width="11%" align=right>38.54 </TD>
    <TD width="11%" align=right>30.44 </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Average London spot silver price ($/oz) </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9">32.62 </TD>
    <TD width="11%" align=right>31.87 </TD>
    <TD width="11%" align=right>38.79 </TD>
    <TD width="11%" align=right>38.17 </TD>
    <TD width="11%" align=right>31.66 </TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="11%" bgcolor="#D9D9D9">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Direct mining cost ($/oz) <SUP>(1)</SUP> </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9">11.86 </TD>
    <TD width="11%" align=right>14.97 </TD>
    <TD width="11%" align=right>16.20 </TD>
    <TD width="11%" align=right>11.57 </TD>
    <TD width="11%" align=right>12.26 </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total cash cost ($/oz) <SUP>(1)</SUP> </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9">20.30 </TD>
    <TD width="11%" align=right>17.72 </TD>
    <TD width="11%" align=right>20.60 </TD>
    <TD width="11%" align=right>22.06 </TD>
    <TD width="11%" align=right>23.23 </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total production cost ($/oz) <SUP>(1)</SUP> </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9">25.36 </TD>
    <TD width="11%" align=right>24.68 </TD>
    <TD width="11%" align=right>24.55 </TD>
    <TD width="11%" align=right>25.26 </TD>
    <TD width="11%" align=right>26.99 </TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="11%" bgcolor="#D9D9D9">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Financial Data
      ($000s)</B> </TD>
    <TD width="11%" align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=left>&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Revenue </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9">38,406 </TD>
    <TD width="11%" align=right>14,369 </TD>
    <TD width="11%" align=right>26,152 </TD>
    <TD width="11%" align=right>47,271 </TD>
    <TD width="11%" align=right>60,053 </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income (loss) from mine operations </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9">6,245 </TD>
    <TD width="11%" align=right>(3,270) </TD>
    <TD width="11%" align=right>11,492 </TD>
    <TD width="11%" align=right>15,838 </TD>
    <TD width="11%" align=right>27,859 </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company reports non-GAAP cost per ounce of silver
      produced to manage and evaluate operating performance at the Pirquitas
      mine. For a better understanding and a reconciliation of these measures to
      cost of inventory, as shown in the Company&#146;s consolidated interim
      statement of income please refer to &#145;Non-GAAP Financial Measures&#146; in item
      13 of this MD&amp;A.</P></TD></TR></TABLE>
<P align=justify><U>Mine production</U></P>
<P align=justify>The Pirquitas mine recorded its highest quarterly production of
2.2 million ounces of silver during the first quarter of 2012. This is compared
with silver production of 1.8 million ounces in the fourth quarter of 2011 and
1.7 million ounces in the first quarter of 2011. The stronger production was the
result of improvements made to the crusher, the ball mill gearbox and several
operating processes in 2011 and 2012 which increased plant throughput and
operating performance. The mine also produced 3.3 million pounds of zinc in the
first quarter of 2012 compared to 0.8 million pounds in the fourth quarter of
2011 and 3.2 million pounds in the first quarter of 2011.</P>
<P align=justify>During the quarter, 416,000 tonnes of ore were processed at an
average milling rate of 4,567 tonnes per day, compared to 241,000 tonnes at an
average of 2,618 tonnes per day in the fourth quarter of 2011, and 308,000
tonnes at an average of 3,419 tonnes per day in the first quarter of 2011. The
average milling rate of 4,567 tonnes per day in the first quarter of 2012 is 14%
higher than the plant's nominal design. The first quarter of 2012 plant
performance resulted from continuous improvement initiatives including improved
crushing, milling circuit efficiencies, improved preventive maintenance
practices and proper mill feed selection. At these higher operating rates, the
plant achieved near design silver recoveries.</P>
<P align=justify>Ore milled during the first quarter of 2012 contained an
average silver grade of 221 g/t and an average silver recovery of 77.3% was
achieved. This compared to an average silver grade of 274 g/t and recovery of
82.4% in the fourth quarter of 2011, and an average silver grade of 233 g/t and
recovery of 73.6% in the first quarter of 2011. The lower silver grade during
the first quarter of 2012 compared to the fourth quarter of 2011 was due to
feeding the crusher average reserve grade material versus above-average grade
material in the fourth quarter of 2011. Operating results were in-line with
expectations for the quarter.</P>
<P align=right>5</P>
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<P align=justify><U>Mine operating costs</U></P>
<P align=justify><I>Direct mining cost per ounce, total cash cost per ounce and
total production cost per ounce are non-GAAP financial measures. Please see the
discussion under &#145;Non-GAAP Financial Measures&#146; in item 13 of this
MD&amp;A.</I></P>
<P align=justify>Direct mining costs in the first quarter of 2012 were $11.86
per ounce of silver compared to $14.97 per ounce in the fourth quarter of 2011
and $12.26 per ounce in the first quarter of 2011. The reduction in unit cost in
2012 compared to the fourth quarter of 2011 was primarily driven by the higher
production volumes achieved and improvements in cost management.</P>
<P align=justify>Total cash cost in the first quarter of 2012, which includes
by-product credits, treatment and refining costs, royalties and production
taxes, was $20.30 per ounce of silver compared to $17.72 per ounce of silver in
the fourth quarter of 2011 and $23.23 per ounce in the first quarter of 2011.
Treatment and refining costs, as well as royalties and production taxes all vary
as a function of sales prices and are recorded for the actual ounces of silver
sold. Consequently, on a per ounce basis, the variability in total cash cost
from period to period is partially due to sales prices and the difference
between production and sales volumes. The higher incremental per ounce impact of
these costs in the first quarters of both 2012 and 2011 compared with the fourth
quarter of 2011 is due primarily to the fact that sales volumes were
significantly higher in those quarters and, correspondingly, treatment and
refining costs and royalties and production taxes incurred were significantly
higher.</P>
<P align=justify>Total production cost, which includes depletion, depreciation
and amortization, was $25.36 per ounce in the first quarter of 2012 compared to
$24.68 in the fourth quarter of 2011 and $26.99 in the first quarter of 2011.
The depletion, depreciation and amortization costs are higher on a per ounce
basis since the fourth quarter of 2011 due to the reduction of mineral reserves
at Pirquitas which increased the depletion, depreciation and amortization
charges on certain assets. </P>
<P align=justify><U>Exploration drilling program</U></P>
<P align=justify>Diamond drilling began in March in the Cortaderas Valley where
two zones of silver-zinc mineralization were partially outlined in 2011. The
2012 drilling program is focused on expanding the Cortaderas Breccia and
Cortaderas Valley Inferred mineral resources and upgrading significant portions
of these resources to the Indicated mineral resource category. In addition,
several drillholes will be testing new target areas identified immediately south
and southwest of the San Miguel open pit from gravity and induced polarization
surveys that were conducted earlier in the first quarter of the year. To date,
six drillholes have been completed for a combined length of 2,716 meters, or
about 12% of the planned 2012 drilling campaign of 22,350 meters. The assay
results of these six, and subsequent, drillholes are expected in the second
quarter of 2012. </P>
<P align=justify><U>Fiscal stability agreement and regulatory environment in
Argentina</U></P>
<P align=justify>The Pirquitas mine has a fiscal stability agreement with the
government of Argentina dating from 1998. In 2002, the government of Argentina
implemented an export duty on concentrates that did not apply to companies with
pre-existing fiscal stability agreements. In December 2007 the National Customs
Authority of Argentina levied an export duty of approximately 10% from
concentrates for projects with fiscal stability agreements pre-dating 2002. The
Company has been advised that Pirquitas is subject to this export duty despite
contrary rights detailed under the 1998 fiscal stability agreement. The legality
of the export duty applied to silver concentrates has been challenged and is
currently under review by the court in Argentina. In July 2010, the Company
filed a claim in the provincial court for repayment of export duties paid on
silver concentrates, and for an order to cease payment of the export duty until
the matter has been decided by the court. An order was granted effective
September 29, 2010 to cease payment of the export duty on silver concentrates pending the decision of the courts.
In April 2011 a government appeal against this order was denied, and the
government has appealed this decision.</P>
<P align=right>6</P>
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<P align=justify>Up until the order to cease payment was granted in 2010 the
Pirquitas mine has paid $6.6 million in export duties against which it has filed
for recovery. In accordance with this order the Company has not been paying
export duties on silver concentrate but continues to accrue duties in full until
the outcome of the claim is known with certainty. At March 31, 2012, the Company
had accrued a liability totaling $15.9 million, with a corresponding impact on
cost of sales in the relevant period. If this export duty is successfully
overturned the benefit will be recognized in the Consolidated Statement of
Income (Loss) for the full amount of paid and unpaid duty in the period recovery
becomes virtually certain. The accrued export duty also has a significant impact
on the Company&#146;s total cash cost per ounce calculation. If resolved in the
Company&#146;s favour the impact would be to reduce cash costs per ounce by
approximately 10% of the net sales price on a per ounce basis.</P>
<P align=justify>In 2011, the Argentina government announced a decree that
requires all funds from mining export sales to be repatriated to Argentina and
converted into Argentine pesos within the Sole Foreign Exchange Market in
Argentina, and each transfer is subject to a 0.6% transfer tax. The mining
industry had previously been exempted from this tax. Although the aforementioned
fiscal stability agreement also includes stability over foreign exchange
controls, the government removed such benefits with this decree. The Company
will comply with all laws and regulations, and is monitoring the situation
closely.</P>
<P align=justify>Further decrees have been enacted requiring pre-approval for
the importation of goods and services into Argentina. The Company has
experienced delays in obtaining certain parts and reagents due to these
regulations. Additionally certain subsidies previously provided for fuel and
natural gas products have been removed.</P>
<P align=right>7</P>
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<P align=justify><B>5. REVIEW OF PROJECTS</B></P>
<P align=justify><B>Pitarrilla, Mexico</B></P>
<P align=justify>A total of $5.5 million was spent during the three months ended
March 31, 2012 at the wholly-owned Pitarrilla project located in the State of
Durango, Mexico compared to $7.6 million in the first quarter of 2011.</P>
<P align=justify>During the quarter the Company continued to advance work on the
feasibility study that is scheduled for completion in the second half of 2012.
Costs incurred during the quarter were principally third party engineering costs
for metallurgical, engineering, environmental and geotechnical work as well as
internal costs related to pre-development activities in Mexico.</P>
<P align=justify>As previously disclosed, a scoping level evaluation determined
the preferred project concept to be a large open pit mine. Plant facilities are
expected to target 16,000 tonnes per day and include a milling circuit, an
agitated leach circuit and a flotation circuit. These facilities are expected to
produce silver dor&#233; and separate lead and zinc concentrates containing payable
silver.</P>
<P align=justify>The design of the open pit anticipates starting in the upper
and mid-level oxide and transitional ores, then extending into the higher grade
sulfide ores in the basal conglomerate zone and finally bottoming out in the
upper levels of sulfide mineralization in sedimentary structures below the
conglomerate. This mining operation will leave intact the middle and lower zones
of the sedimentary structures for subsequent potential underground mining.</P>
<P align=justify>The Environmental Impact Assessment (&#147;EIA&#148;) process is
scheduled to be completed with a construction permit application in the second
half of 2012. The remaining land access rights are being negotiated and work has
commenced for the operations camp, water wells and access roads.</P>
<P align=justify>In March 2012, the Company commenced an in-fill drilling
program. This diamond drill program of approximately 8,300 meters has the
objective of expanding the near-surface oxide mineralization at the Breccia
Ridge and South Ridge zones. In addition, metallurgical testing is underway to
optimize metal recoveries from oxide and sulfide mineralization. Where possible,
results of the drilling and metallurgical studies will be included in the
Pitarrilla feasibility study.</P>
<P align=justify>The Company updated the mineral resource estimate for
Pitarrilla as of January 31, 2012, announced in the Company&#146;s news release dated
February 27, 2012. The project currently comprises Measured and Indicated
mineral resources of 245.0 million tonnes containing 655.7 million ounces of
silver at an average grade of 83.3 g/t and Inferred mineral resources of 31.3
million tonnes containing 65.0 million ounces of silver at an average grade of
64.7 g/t, both at a 30 g/t silver cut-off grade. In addition to silver, the
deposit also contains Measured and Indicated mineral resources of four billion
pounds of zinc and two billion pounds of lead.</P>
<P align=justify><B>San Luis, Peru</B></P>
<P align=justify>A total of $1.6 million was spent during the three months ended
March 31, 2012 at the wholly-owned San Luis project in Peru compared to $1.1
million in the first quarter of 2011. </P>
<P align=justify>Long-term land access negotiations continued with one of the
two local communities, as an agreement with the other was completed late last
year.</P>
<P align=right>8</P>
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<P align=justify>The Company focused on advancing the EIA with comments being
addressed. The completion of the land access agreements and approval of the EIA
will enable a construction decision to be made.</P>
<P align=justify>In addition to pursuing land access agreements and
environmental permits for the Ayelen gold-silver deposit the Company advanced
its application for an environmental permit that would allow an exploration
drilling campaign at the BP Zone, which is a high-potential porphyry copper
target, located about 4.5 kilometers southeast of the Ayelen deposit . The
environmental permit has been approved by the mining ministry and a water permit
is expected shortly to enable drilling to commence. The BP Zone drilling program
will consist of six holes. </P>
<P align=justify>The San Luis project comprises Proven and Probable Mineral
Reserves of 0.5 million tonnes containing 7.2 million ounces of silver at an
average grade of 446 g/t silver and 0.29 million ounces of gold at an average
grade of 18 g/t gold within the Ayelen vein, with other identified veins of the
35,000 hectare property requiring exploration.</P>
<P align=justify><B>Diablillos, Argentina</B></P>
<P align=justify>A total of $0.1 million was spent during the three months ended
March 31, 2012 at the Company&#146;s wholly-owned Diablillos project (which is
located 275 kilometers south of the Pirquitas Mine in northwestern Argentina)
compared to $0.5 million in the first quarter of 2011. </P>
<P align=justify>Expenditures primarily consisted of administrative, property
taxes and camp maintenance costs. Fieldwork mainly involved rock sampling to
identify satellite zones of near-surface oxidized gold mineralization that would
complement the mineral resources defined in the main Oculto silver-gold deposit.
A number of prospects were identified for follow-up mechanized trenching and
additional sampling, and several of these targets will be drilled in 2012 with
shallow boreholes. The planned program consists of approximately 2,000 meters of
diamond drilling. </P>
<P align=justify>The Oculto deposit at the Diablillos project has an Indicated
mineral resource of 21.6 million tonnes containing 77.1 million ounces of silver
at an average grade of 111 g/t silver and 0.64 million ounces of gold at an
average grade of 0.9 g/t gold, with additional Inferred mineral resources of 7.2
million tonnes containing 6.3 million ounces of silver at an average grade of 27
g/t silver and 0.19 million ounces of gold at an average grade of 0.8 g/t gold.
</P>
<P align=justify><B>San Agustin, Mexico</B></P>
<P align=justify>A total of $0.1 million was spent during the three months ended
March 31, 2012 at the Company&#146;s wholly-owned San Agustin project located in
Durango State, Mexico, compared to $0.2 million spent during the first quarter
of 2011. Most of the expenditure was incurred as property holding costs and
other administrative expenses.</P>
<P align=justify>Advanced negotiations continued with three parties that control
the surface rights covering the Company&#146;s mineral concessions. Once land access
agreements are in place, a 5,000 meter diamond drilling program will be
initiated. The objective of the drilling campaign will be to expand the
near-surface oxidized gold resource. In addition to the proposed program of
in-fill drilling, detailed metallurgical studies will also be undertaken and
will focus on gold recovery characteristics of the oxidized gold
mineralization.</P>
<P align=justify>The San Agustin project currently comprises an Indicated
mineral resource of 121 million tonnes containing 47.8 million ounces of silver
at an average grade of 12.3 g/t silver and 1.59 million ounces of gold at an
average grade of 0.4 g/t gold, along with an Inferred mineral resource of 91.2
million tonnes containing 36.9 million ounces of silver at an average grade of
12.6 g/t silver and 1.06 million ounces of gold at an average grade of 0.36 g/t
gold. </P>
<P align=right>9</P>
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<P align=justify><B>Nazas, Mexico</B></P>
<P align=justify>A total of $0.3 million was spent during the three months ended
March 31, 2012 at the Company&#146;s wholly-owned Nazas project located in Durango
State, Mexico, compared to $0.8 million during the first quarter of 2011.</P>
<P align=justify>Nazas currently comprises two contiguous mineral properties and
is centered about 16 kilometers east of the Pitarrilla project and covers an
extensive system of gold- and silver-bearing quartz veins and related
hydrothermal alteration. Drillholes have previously intersected gold
mineralization in epithermal quartz veining that prompted the additional drill
programs. The goal at Nazas continues to be the discovery of precious metal-rich
polymetallic mineralization.</P>
<P align=justify><B>Other Exploration Projects</B></P>
<P align=justify>For 2012, the Company has planned diamond drilling campaigns on
eleven of its properties, including those discussed above. Combined this will
amount to 56,500 meters of drilling. In Mexico, during the first quarter the
Company completed or initiated airborne and/or ground geophysical surveys on the
La Palmilla, San Patricio, El Mogote and Valenciana properties in preparation
for drilling programs. Geological mapping and rock-chip sampling was also done
during the quarter on the La Palmilla, El Mogote and Valenciana properties, with
an advanced soil geochemistry survey also being initiated on the Valenciana
property.</P>
<P align=justify>In the USA, a 3,000 meter diamond drilling program is scheduled
for the Saddleback property on the New Mexico-Arizona state border. This
property covers extensive hydrothermal rock alteration that is anticipated to be
related to a system of epithermal veins potentially hosting economic gold-silver
mineralization. To prepare for the drilling program at Saddleback a program of
geological mapping, rock-chip sampling and analysis and comprehensive
geophysical exploration survey was completed during the first quarter of
2012.</P>
<P align=justify>Finally, in Argentina, a six drill hole 1,000 meter diamond
drilling program is planned for the second quarter of 2012 on the Pistola de Oro
property which is located about 23 kilometers north of the Diablillos project in
Salta Province. The Company has an option to purchase agreement with the owner
of the Pistola de Oro mineral concession. To date rock-chip and soil
geochemistry surveys and mechanical trenching has been completed. The target at
Pistola de Oro is a zone of brecciated sedimentary and intrusive rocks that
might be genetically related to the nearby Inca Viejo porphyry copper prospect.
The brecciated rocks commonly contain anomalous concentrations of copper, gold,
arsenic and bismuth.</P>
<P align=right>10</P>
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<P align=justify><B>6. SUMMARIZED FINANCIAL RESULTS</B></P>
<P align=justify>The following table sets out selected results for each of the
eight most recently completed quarters, expressed in thousands of U.S. dollars,
except per-share amounts:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9"><B>2012</B> </TD>
    <TD  width="2%" align=right vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="41%" align=right colspan="10">
    <p align="center">&nbsp; 2011</TD>
    <TD vAlign=bottom  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="30%" align=right vAlign=bottom bgcolor="#D9D9D9" colspan="7">
    <p align="center">&nbsp; 2010 </TD>
  <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap bgcolor="#D9D9D9"><B>31-Mar</B> </TD>
    <TD  width="2%" align=right vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=right>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap>31-Dec </TD>
    <TD vAlign=bottom  width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=right>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap>30-Sep </TD>
    <TD vAlign=bottom  width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>30-Jun </TD>
    <TD vAlign=bottom  width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>31-Mar </TD>
    <TD vAlign=bottom  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">31-Dec </TD>
    <TD  width="2%" align=right vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=right vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap bgcolor="#D9D9D9">30-Sep </TD>
    <TD  width="2%" align=right vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=right vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap bgcolor="#D9D9D9">30-Jun </TD>
  <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>$000s</B> </TD>
    <TD
    width="2%" align=right vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right>$000s </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right>$000s </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right>$000s </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=right>$000s </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=right>&nbsp;</TD>
    <TD
    width="1%" align=right vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="8%"
    align=right vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">$000s </TD>
    <TD
    width="2%" align=right vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=right vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="8%"
    align=right vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">$000s </TD>
    <TD
    width="2%" align=right vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=right vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="8%"
    align=right vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">$000s </TD>
  <TD
    width="2%" align=left vAlign=bottom bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Revenue </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9"><B>38,406</B> </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>14,369 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>26,152 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>47,271 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>60,053 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">45,077 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">41,557 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">14,091 </TD>
  <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income (loss) from mine operations </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9"><B>6,245</B> </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>(3,270</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>11,492 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>15,838 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>27,859 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">24,975 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">7,426 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">(1,673</TD>
  <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Net income (loss) </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9"><B>(1,075</B></TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9"><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>2,584 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>21,836 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>45,765 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>9,943 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">361,623 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap bgcolor="#D9D9D9">(10,407</TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">) </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">(9,385</TD>
  <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">) </TD>
  </TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD  width="1%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD  width="1%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#D9D9D9">&nbsp; </TD>
  <TD  width="2%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Basic earnings (loss) per share </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9"><B>(0.01</B></TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9"><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>0.03 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>0.27 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>0.57 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>0.12 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">4.64 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">(0.13</TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">) </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">(0.12</TD>
  <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Diluted earnings (loss) per share </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9"><B>(0.01</B></TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9"><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>0.03 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>0.27 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>0.57 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>0.12 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">4.62 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">(0.13</TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">) </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">(0.12</TD>
  <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">) </TD>
  </TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD  width="1%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD  width="1%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#D9D9D9">&nbsp; </TD>
  <TD  width="2%" vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Cash and cash equivalents </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9"><B>293,294</B> </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>329,055 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>355,903 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>368,759 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>260,733 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">232,311 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">35,839 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">57,719 </TD>
  <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total assets </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap bgcolor="#D9D9D9"><B>1,288,122</B> </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap>1,276,102 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap>1,249,570 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap>1,252,360 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap>1,178,644 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap bgcolor="#D9D9D9">1,147,990 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap bgcolor="#D9D9D9">717,749 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap bgcolor="#D9D9D9">701,356 </TD>
  <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Working capital </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9"><B>301,492</B> </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>399,088 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>428,627 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>418,812 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>335,764 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">306,891 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">65,201 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">89,429 </TD>
  <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Non current financial liabilities </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9"><B>-</B> </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>126,555 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>182,018 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>171,203 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>174,497 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">137,860 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">144,827 </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#D9D9D9">137,547 </TD>
  <TD  width="2%"
align=left vAlign=bottom bgcolor="#D9D9D9">&nbsp;</TD>
  </TR></TABLE>
<P align=justify><B>Three months ended March 31, 2012 compared to the three
months ended March 31, 2011</B></P>
<P align=justify>The Company recorded a net loss for the three months ended
March 31, 2012 of $1.1 million ($0.01 per share) compared to a net income of
$9.9 million ($0.12 per share) in the first quarter of 2011. The following is a
summary and discussion on significant components of income and expenses recorded
during the quarter compared to the same period in the prior year.</P>
<P align=justify>In the first quarter of 2012, the Company recorded total
revenues from the Pirquitas Mine of $38.4 million from the sale of 1.5 million
ounces of silver and 1.8 million pounds of zinc. Shipments made in the period
realized an average silver price of $32.20 per ounce, excluding the impact of
period-end price adjustments, and an average zinc price of $0.93 per pound. This
is compared with the first quarter of 2011, when the Company recorded revenues
of $60.1 million from the sale of 2.1 million ounces of silver at an average
realized price of $30.44, and 4.6 million pounds of zinc at an average price of
$1.10 per pound. Silver prices recognised on shipments in the first quarters of
2012 and 2011 were similar so the decrease in revenue compared to the first
quarter of 2011 is partially volume driven; however a significant positive
period end valuation adjustment was recorded in the first quarter of 2011 as the
price of silver at the end of March 2011 had increased to $37.87 per ounce. The
lower volume of sales in the first quarter of 2012 was due to the timing of
shipping silver concentrate under spot sales contracts.</P>
<P align=justify>The Company has successfully negotiated two long-term silver
concentrate sales agreements which commence in April for approximately 60% of
monthly production. These new long term arrangements complement the previously
disclosed spot silver concentrate sales, under which approximately 8,000 tonnes
of silver concentrate has either shipped or has been committed for delivery in
2012of which 3,000 tonnes were recognized as sales in the first quarter of
2012.</P>
<P align=justify>Cost of sales for the first quarter of 2012 was $32.2 million
which was approximately the same as that recorded in the first quarter of 2011.
Income from mine operations was $6.2 million in the first quarter of 2012
compared to $27.9 million in the first quarter of 2011. Cost of sales was
negatively impacted in the first quarter of 2012 by higher depletion,
depreciation and amortization charges. Following the reduction of the mine life
in the fourth quarter of 2011, non-cash depreciation charges increased
significantly as the depreciation on many assets was accelerated. In addition, as
noted above, the Company continues to accrue for export duties which approximate
10% of gross sales value. This has a meaningful impact on margins and, if the
legal claim is concluded in the Company&#146;s favour, will result in a significant
credit in the period in which is it settled.</P>
<P align=right>11</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_12></A>
<P align=justify>General and administrative expenses for the three months ended
March 31, 2012 were $6.5 million compared to $6.6 million for the first quarter
of 2011. General and administrative costs remained broadly consistent between
the periods. Stock-based compensation was $0.5 million higher in 2012 due
largely to compensation of new members of senior management, while other
corporate costs were marginally lower.</P>
<P align=justify>Expensed exploration costs of $0.8 million for the first
quarter of 2012 and $0.8 million in the first quarter of 2011 relate primarily
to the drilling programs at the Pirquitas mine. Such costs at an operating
property are expensed in line with the Company&#146;s accounting policy. </P>
<P align=justify>Other income (other expenses) comprised the following for the
three months ended March 31:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right nowrap><B>Three Months Ended March 31</B>    </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>2012</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right>2011 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$000's</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right></TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">$000's </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Impairment reversal on other investments
</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>4,478</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Gain on dilution of associate </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>4,225</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>-</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Share of net loss of associate </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap bgColor=#e6efff><B>(1,239</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap bgColor=#e6efff>(2,287</TD>
  <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Unrealized gain (loss) on financial instruments at FVTPL
</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>(1,996</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap>(4,716</TD>
  <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Reversal of impairment of convertible
      debenture </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>32</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>82 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Miscellaneous
      income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>82
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " bgColor=#e6efff
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " bgColor=#e6efff width="12%"
    align=right><B>5,500</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " bgColor=#e6efff width="12%"
    align=right>(6,839</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " bgColor=#e6efff
    width="2%" align=left>) </TD></TR></TABLE>
<P align=justify>The unrealized loss on financial instruments at fair value
through profit and loss (&#147;FVTPL&#148;) is primarily from a loss from the warrant
liability offset by a gain on the remeasurement of the convertible note
derivative liability; net, a loss of $2.0 million was recorded in the first
quarter of 2012 compared to a loss of $4.7 million in the first quarter of 2011.
Since the acquisition of the Company&#146;s interest in Pretium in December 2010, the
Company is required to record its share of Pretium&#146;s losses, which were $1.2
million in the first quarter of 2012 and $2.3 million in the first quarter of
2011. In addition, the Company recorded a dilution gain of $4.2 million on its
investment in Pretium in the first quarter of 2012. This non-cash gain arose
because Pretium completed a bought private placement in which the Company did
not participate, which resulted in a dilution gain for the Company. The Company
also partially reversed a previous impairment of the value of Canadian
asset-backed commercial paper (ABCP) based on improved liquidity in the market
and current price estimates of the assets held. This resulted in a gain of $4.5
million during the period ended March 31, 2012.</P>
<P align=justify>The Company recorded a foreign exchange loss for the three
months ended March 31, 2012 of $0.5 million compared to a gain of $2.3 million
in the first quarter of 2011. The Company&#146;s main exposure to foreign exchange
risk is related to net monetary assets denominated in Canadian dollars and
Argentine pesos. During the first quarter of 2012 the Canadian dollar
strengthened against the U.S. dollar generating foreign exchange gains, which
were offset by losses because the Argentine peso steadily weakened against the
U.S. dollar.</P>
<P align=justify>In the three months ended March 31, 2012, the Company recorded
an income tax expense of $2.8 million compared to $4.3 million in 2011. The high
effective tax rate in the first quarter of 2012 is generated by profitable
operations at the Pirquitas mine at a high effective tax rate in addition to
increased deferred tax expenses following the devaluation of the Argentine peso.
Tax recoveries from losses incurred in Canada are at a lower effective tax rate and therefore do not
significantly offset the Pirquitas tax expense. In the first quarter of 2011,
the tax expense at Pirquitas was $6.1 million and $3.5 million in Canada, which
was offset by deferred tax recoveries of $5.5 million resulting from temporary
timing differences of the investment in Pretium.</P>
<P align=right>12</P>
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width="100%" noShade>
<!--$$/page=--><A name=page_13></A>
<P align=justify><B>7. LIQUIDITY</B></P>
<P align=justify>At March 31, 2012, the Company had $293.3 million of cash and
cash equivalents a reduction of $35.8 million from December 31, 2011. Of this
total amount, $282.9 million is held in Canada and the United States. This cash
is considered sufficient to meet the Company&#146;s working capital requirements and
debt obligations.</P>
<P align=justify>During the first quarter of 2012 there were significant changes
to working capital. The convertible notes with face value of $138 million were
reclassified as current liabilities, due to the right the holders of the notes
have to redeem in full or in part on March 1, 2013.</P>
<P align=justify>In addition, during the period the Company had $21 million in
value added tax (&#147;VAT&#148;) receivable approved by the Argentine government. This
portion of VAT was reclassified from non-current to current assets. Inventory
grew through the first quarter of 2012 as production volumes exceeded sales. The
Company anticipates realizing a portion of this value through the remainder of
2012 from the committed silver concentrate deliveries.</P>
<P align=justify>Overall working capital was $301.5 million.</P>
<P align=justify>At March 31, 2012, the Company owned 24.3 million shares of
Pretium which are held at cost on the Statement of Financial Position. The
market value of these shares exceeded C$345 million as at March 31, 2012. During
the period the Company received C$4 million from the exercise of Pretium
warrants and subsequent to the period-end a further C$67 million from the
exercise of a further 5.3 million warrants. This further improved liquidity and
reduced the Company&#146;s holding in Pretium to 19.0 million shares or 21.6% . Based
on this ownership interest, the Company will continue to equity account for the
investment.</P>
<P align=justify>The Company&#146;s financial position at March 31, 2012 and the
operating cash flows that are expected over the next twelve months are believed
to be sufficient to fund currently-planned capital and exploration expenditures
in 2012 and to discharge liabilities as they come due. </P>
<P align=right>13</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_14></A>
<P align=justify><B>8. CAPITAL RESOURCES</B></P>
<P align=justify>The capital of the Company consists of items included in
shareholders&#146; equity and debt, net of cash and cash equivalents as follows:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="60%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>March 31</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right nowrap>December 31 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>2012</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right>2011 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>$000s</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>$000s </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Shareholders' equity </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>706,850</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>705,876 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Convertible notes
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>127,829</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>125,313 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>834,679</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>831,189 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>Less: cash and cash equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="12%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>(293,294</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="12%"
    align=right nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(329,055</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>541,385</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right>502,134 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>At March 31, 2012, there was no externally-imposed capital
requirement to which the Company is subject and with which the Company has not
complied.</P>
<P align=justify>The Company is advancing its Pitarrilla project in Mexico with
the objective of completing a feasibility study in the second half of 2012. If a
positive construction decision is reached the Company&#146;s capital expenditure
requirements are expected to increase materially in late 2012 and for the next
several years.</P>
<P align=justify>As at March 31, 2012, the Company had approximately 80.7
million common shares outstanding and 2.1 million stock options outstanding
which are exercisable into common shares at exercise prices ranging between
C$11.50 and C$36.14.</P>
<P align=justify><B>Outstanding share data</B></P>
<P align=justify>The authorized capital consists of an unlimited number of
common shares without par value. As at May 8, 2012, the following common shares
and options were outstanding: </P>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="13%" align=right nowrap><B>Number of shares</B> </TD>
    <TD width="13%" align=right nowrap><B>Exercise price</B> </TD>
    <TD width="13%" align=right nowrap><B>Remaining life</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%"
      align=right>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%"
      align=right><B>C$</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%"
      align=right><B>(years)</B> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Capital stock </TD>
    <TD bgColor=#e6efff width="13%" align=right>80,746,767 </TD>
    <TD bgColor=#e6efff width="13%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="13%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Stock options </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%"
      align=right>2,093,828 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>11.50
      - 36.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>0.3 -
      8.6 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>Fully diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="13%"
    align=right>82,840,595 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="13%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="13%"
    align=left>&nbsp; </TD></TR></TABLE></DIV>
<P align=justify>The Company&#146;s Board of Directors adopted a Shareholder Rights
Plan on March 9, 2012 as more fully described in the Company&#146;s news release
dated March 12, 2012.</P>
<P align=right>14</P>
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width="100%" noShade>
<!--$$/page=--><A name=page_15></A>
<P align=justify><B>9. FINANCIAL INSTRUMENTS AND RELATED RISKS</B></P>
<P align=justify>The Company is exposed to a variety of financial risks as a
result of its operations, including market risk (which includes price risk,
currency risk and interest rate risk), credit risk and liquidity risk. The
Company&#146;s overall risk management strategy seeks to reduce potential adverse
effects on the Company&#146;s financial performance. Risk management is carried out
under policies approved by the Board of Directors.</P>
<P align=justify>The Company may, from time to time, use foreign exchange
contracts, commodity price contracts and interest rate swaps to manage its
exposure to fluctuations in foreign exchange, metal prices and interest rates. The Company does not have a practice of trading
derivatives. In the past, the Company&#146;s use of derivatives was limited to
specific programs to manage fluctuations in foreign exchange risk, which are
subject to the oversight of the Board of Directors. </P>
<P align=justify>The risks associated with the Company&#146;s financial instruments,
and the policies on how the Company mitigates those risks are set out below.
This does not constitute a fulsome discussion of all risks facing the
Company.</P>
<P align=justify><B>a) Market Risk</B></P>
<P align=justify>This is the risk that the fair values of financial instruments
will fluctuate owing to changes in market prices. The significant market risks
to which the Company is exposed are price risk, foreign exchange risk and
interest rate risk.</P>
<P align=right>15</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_16></A>
<P align=justify><B>(i) Price Risk</B></P>
<P align=justify>This is the risk that the fair value or future cash flows of
the Company&#146;s financial instruments will fluctuate because of changes in market
prices. There has been no significant change in the Company&#146;s objectives and
policies for managing this risk and no significant change to the Company&#146;s
exposure to this risk during the three months ended March 31, 2012.</P>
<P align=justify><B>(ii) Currency Risk</B></P>
<P align=justify>Currency risk is the risk that the fair value or future cash
flows of the Company&#146;s financial instruments will fluctuate because of changes
in foreign exchange rates. The Company&#146;s financial instruments are exposed to
currency risk where those instruments are denominated in currencies that are not
the same as the functional currency; exchange gains and losses in these
situations impact earnings. The Company&#146;s sale of silver and zinc are
denominated in U.S. dollars and thus the risk is related to costs incurred and
other non-U.S. dollars financial instruments. The requirement to repatriate
export revenues into Argentina may result in the Company holding significant
Argentine peso cash balances from time to time while approvals to repatriate
funds are sought.</P>
<P align=justify>There has been no significant change in the Company&#146;s
objectives and policies for managing this risk and no significant change to the
Company&#146;s exposure to this risk during the three months ended March 31,
2012.</P>
<P align=justify>Subsequent to the quarter, the Company received C$67 million in
cash from the exercise of Pretium warrants. This increases the Company&#146;s foreign
exchange exposure and will be managed in line with Canadian dollar cash
requirements.</P>
<P align=justify><B>(iii) Interest Rate Risk</B></P>
<P align=justify>Interest rate risk is the risk that the fair values and future
cash flows of the Company will fluctuate because of changes in market interest
rates. Interest rate risk mainly arises from the interest rate impact on the
Company&#146;s cash and cash equivalents because they are the only financial
instrument the Company holds that earns interest based on variable market
interest rates. The long-term convertible notes have fixed interest rates and
therefore cash flows are not exposed to fluctuations in interest rates, although
a change in interest rates would impact the fair value of the instruments.
However, because the Company records the notes at amortized cost there would be
no impact on the financial results of the Company. The Company monitors its
exposure to interest rates closely and has not entered into any derivative
contracts to manage its risk.</P>
<P align=justify>There has been no significant change in the Company&#146;s
objectives and policies for managing this risk and no significant change to the
Company&#146;s exposure to this risk during the three months ended March 31,
2012.</P>
<P align=justify><B>b) Credit Risk</B></P>
<P align=justify>Credit risk is the risk that a third party might fail to
discharge its obligations under the terms of a financial contract. The Company&#146;s
credit risk is limited to the collectability of receivable balances in the
ordinary course of business and the quality of its financial investments.</P>
<P align=right>16</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_17></A>
<P align=justify>There has been no significant change in the Company&#146;s
objectives and policies for managing this risk and no significant change to the
Company&#146;s exposure to this risk during the three months ended March 31,
2012.</P>
<P align=justify>The Company also has credit risk through its significant VAT
balance that is collectable from the government of Argentina. Due to the
legislative rules and complex collection process the asset has been classified
as non-current. The Company believes that this balance is collectible. During
the first quarter of 2012 the Company received approval from the Argentine
government for $21 million of VAT which reduces credit risk as approved VAT
balances are saleable to a variety of commercial counterparties.</P>
<P align=justify><B>c) Liquidity Risk</B></P>
<P align=justify>Liquidity risk is the risk that the Company will not be able to
meet its obligations over financial instruments as they fall due. The Company
manages its liquidity risk through a rigorous planning and budgeting process,
which is reviewed and updated on a regular basis, to help determine the funding
requirements to support the Company&#146;s current operations, expansion and
development plans, and by managing its capital structure. The Company&#146;s
objective is to ensure that there are sufficient committed financial resources
to meet its business requirements for a minimum of twelve months.</P>
<P align=justify>There have been no significant changes in the Company&#146;s
objectives and policies for managing this risk. During the three months ended
March 31, 2012 the Company reclassified the convertible notes from long-term to
current liabilities due to the holders&#146; redemption option on March 1, 2013 being
within one year. There were no other significant changes to the Company&#146;s
exposure to this risk during the three months ended March 31, 2012.</P>
<P align=justify>In the opinion of management, despite the potential redemption
of convertible notes in March 2013, working capital at March 31, 2012 together
with future cash flows from operations is sufficient to support the Company&#146;s
commitments through the next twelve months. For periods beyond 2012 the current
working capital and cash flows from operations are expected to support further
development, exploration and growth.</P>
<P align=justify>The Company has no off balance sheet arrangements.</P>
<P align=justify><B>10. OTHER RISKS AND UNCERTAINTIES</B></P>
<P align=justify>During the three months ended March 31, 2012, there were no
significant changes to the Company&#146;s exposure to risks and uncertainties from
those described in the MD&amp;A for the year ended December 31, 2011, including
risks relating to the Company&#146;s foreign operations and environmental
regulation.</P>
<P align=justify>For further information regarding the Company&#146;s risks, please
refer to the section entitled &#145;Risk Factors&#146; in the &#145;Annual Report on Form 20-F&#146;
for the year ended December 31, 2011, which is available at
<U>www.sedar.com</U>.</P>
<P align=justify><B>11. RELATED PARTY TRANSACTIONS</B></P>
<P align=justify>The Company did not enter into any related party transactions
during the three months ended March 31, 2012, other than the repayment of $0.5
million in legal costs owing to Pretium.</P>
<P align=right>17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_18></A>
<P align=justify><B>12. SIGNFICANT INVESTMENTS ACCOUNTED FOR BY THE EQUITY
METHOD</B></P>
<P align=justify>At the beginning of the period, January 1, 2012, the Company&#146;s
ownership interest in Pretium was 28.39% . This interest was reduced by a
private placement Pretium undertook in February 2012, and further by 339,350
shares sold following the exercise of warrants up to March 31, 2012. As at March
31, 2012 the Company owned 24,327,983 shares which constituted 27.61%
ownership.</P>
<P align=justify>The following table presents the unaudited assets, liabilities,
revenues, and net loss of Pretium:</P>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="70%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>March 31, 2012</B> </TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right nowrap>Dec 31, 2011 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>$000s</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>$000s </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Assets </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>542,597</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>506,167 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Liabilities </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>(13,371</B></TD>
    <TD bgColor=#e6efff width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(7,350</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right nowrap><B>Three Months
      Ended March 31</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>2012</B> </TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="12%" align=right>2011 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
    align=right><B>$000s</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
    align=right>$000s </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Revenues </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF"><B>-</B> </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">- </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgcolor="#E6EFFF">Net loss </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right bgcolor="#E6EFFF"><B>4,489</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right bgcolor="#E6EFFF">6,076
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left bgcolor="#E6EFFF">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>Subsequent to March 31, 2012 the Company sold a further
5,338,176 shares of Pretium following the exercise of warrants which reduced its
ownership interest to 21.54% .</P>
<P align=justify>Further, on May 3, 2012, Pretium announced a prospectus
offering of up to 5,554,500 common shares, in which the Company has elected not
to participate. If completed in full this share issuance by Pretium (which had
not closed as of May 8, 2012) would result in a dilution of the Company&#146;s
interest to 20.27% .</P>
<P align=right>18</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_19></A>
<P align=justify><B>13. NON-GAAP FINANCIAL MEASURES</B></P>
<P align=justify>The non-GAAP financial measures presented do not have any
standardized meaning prescribed by IFRS and are therefore unlikely to be
directly comparable to similar measures presented by other issuers.</P>
<P align=justify><B>Non-GAAP financial measures &#150; Cash cost per ounce of
silver</B></P>
<P align=justify>The Company uses the non-GAAP measures of direct mining cost,
total cash cost and total production cost per ounce of silver to manage and
evaluate operating performance. The Company believes that, in addition to
conventional measures prepared in accordance with GAAP, certain investors use
this information to evaluate the Company&#146;s performance and ability to generate
cash flows. Accordingly, it is intended to provide additional information and
should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP.</P>
<P align=justify>The following table provides a reconciliation of direct mining
cost, total cash cost and total production cost to cost of inventory, as
reported in the Company&#146;s unaudited consolidated interim statement of
income:</P>
<TABLE
style="BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right nowrap bgcolor="#D9D9D9"><B>March 31</B> </TD>
    <TD  width="2%" align=right bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="8%" align=right nowrap>December 31 </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="8%" align=right nowrap>September 30 </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="8%" align=right nowrap>June 30 </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="8%" align=right nowrap>March 31 </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#D9D9D9"><B>2012</B> </TD>
    <TD  width="2%" align=right bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="8%" align=right>2011 </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="8%" align=right>2011 </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="8%" align=right>2011 </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="8%" align=right>2011 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD  width="1%"
    align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>$000s</B> </TD>
    <TD  width="2%"
    align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>$000s
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>$000s
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>$000s
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>$000s
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD  width="1%" bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Cost of inventory per income statement </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#D9D9D9"><B>19,494</B> </TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>12,013 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>11,532 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>20,602 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>22,547 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Movement in inventory </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#D9D9D9"><B>6,266</B> </TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>14,357 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>14,892 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,399 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(1,745</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Other adjustments
    </TD>
    <TD  width="1%"
    align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>(4</B></TD>
    <TD  width="2%"
    align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
align=right>(156</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
align=right>(152</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Direct mining cost </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#D9D9D9"><B>25,756</B> </TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>26,215 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>26,424 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>22,849 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>20,802 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Third party smelting, refining and </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">transportation costs </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#D9D9D9"><B>14,526</B> </TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>4,614 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>8,620 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>13,964 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>15,568 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">By-product credits </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#D9D9D9"><B>(647</B></TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9"><B>)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(992</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(1,645</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(733</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(2,250</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Royalties &amp;
      production taxes </TD>
    <TD  width="1%"
    align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>4,444</B> </TD>
    <TD  width="2%"
    align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>1,193
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>204
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>7,507
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>5,306
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD  width="1%" bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total cash cost
</TD>
    <TD  width="1%"
    align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>44,079</B> </TD>
    <TD  width="2%"
    align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>31,029
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>33,603
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>43,587
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>39,426
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD  width="1%" bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Depletion, depreciation and amortization per </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">income statement </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#D9D9D9"><B>8,566</B> </TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3,107 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,410 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>5,235 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>5,794 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Movement in
      inventory </TD>
    <TD  width="1%"
    align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>2,427</B> </TD>
    <TD  width="2%"
    align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>9,081
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>4,031
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>1,090
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>591
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total production
      cost </TD>
    <TD  width="1%"
    align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>55,072</B> </TD>
    <TD  width="2%"
    align=left bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>43,217
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>40,044
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>49,912
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>45,811
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD  width="1%" bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Production (ounces) </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right nowrap bgcolor="#D9D9D9"><B>2,171,588</B> </TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right nowrap>1,751,398 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right nowrap>1,631,281 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right nowrap>1,975,616 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right nowrap>1,697,294 </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD  width="1%" bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" bgcolor="#D9D9D9">&nbsp; </TD>
    <TD  width="2%" bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Direct mining cost ($ per ounce) </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#D9D9D9"><B>11.86</B> </TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>14.97 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>16.20 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>11.57 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>12.26 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total cash cost ($ per ounce) </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#D9D9D9"><B>20.30</B> </TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>17.72 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>20.60 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>22.06 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>23.23 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total production cost ($ per ounce) </TD>
    <TD  width="1%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#D9D9D9"><B>25.36</B> </TD>
    <TD  width="2%" align=left bgcolor="#D9D9D9">&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>24.68 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>24.55 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>25.26 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>26.99 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=right>19</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_20></A>
<P align=justify><B>Non-GAAP financial measures &#150; adjusted income (loss)</B></P>
<P align=justify>The Company has included the non-GAAP financial performance
measure of adjusted net income (loss) and adjusted basic earnings (loss) per
share. The Company believes that, in addition to conventional measures prepared
in accordance with GAAP, certain investors may want to use this information to
evaluate the Company&#146;s performance and ability to generate cash flow.
Accordingly, it is intended to provide additional information and should not be
considered in isolation or as a substitute for measures of performance prepared
in accordance with GAAP. </P>
<P align=justify>The following table provides a reconciliation of adjusted net
income or loss to the unaudited consolidated interim statement of income
(loss):</P>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right vAlign=bottom nowrap><B>Three Months Ended
      March 31</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>2012</B> </TD>
    <TD vAlign=bottom  width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2011 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD width="12%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$000's</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=right></TD>
    <TD width="12%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">$000's </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Net (loss) income
      attributable to shareholders </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(1,075</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>9,943 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Adjusted for: </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Loss (gain) loss on sale and write off
      of mineral properties </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(108</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>539 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Gain on partial
      disposal of associate </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(3,183</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Unrealised loss on financial
      instruments at FVTPL </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>1,996 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>4,716 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Gain on dilution of
      associate </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(4,225</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Impairment reversal on investments </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(4,478</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(82</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Share of loss of associate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>1,239 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>2,287 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Adjusted net (loss) income </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="12%"
    align=right>(9,834</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="12%"
    align=right>17,403 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Weighted average shares outstanding (000's) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD width="12%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">80,737 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD width="12%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">79,821 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Adjusted basic (loss) earnings per share ($) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="12%"
    align=right>(0.12</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom width="12%"
    align=right>0.22 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>14. CRITICAL ACCOUNTING POLICIES AND ESTIMATES</B></P>
<P align=justify><B>Basis of preparation and accounting policies</B></P>
<P align=justify>The Company has prepared its unaudited consolidated interim
financial statements in accordance with IFRS as issued by the International
Accounting Standards Board (&#147;IASB&#148;). IFRS represents standards and
interpretations approved by the IASB and are comprised of IFRS, International
Accounting Standards (&#147;IAS&#146;s&#148;), and interpretations issued by the IFRS
Interpretations Committee (&#147;IFRIC&#146;s&#148;) and the former Standing Interpretations
Committee (&#147;SIC&#146;s&#148;). The unaudited consolidated interim financial statements
have been prepared in accordance with IFRS standards and interpretations
effective as of May 8, 2012, the date of this report. Note 2 to the audited
consolidated financial statements for the year ended December 31, 2011 provides
details of significant accounting policies and accounting policy decisions for
significant or potentially significant areas that have had an impact on the
Company&#146;s financial statements or may have an impact in future periods.</P>
<P align=justify>There were no changes to the accounting policies applied by the
Company to the unaudited interim consolidated financial statements for the three
months ended March 31, 2012 from those applied to the audited consolidated
financial statements for the year ended December 31, 2011.</P>
<P align=right>20</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_21></A>
<P align=justify><B>Critical Accounting Estimates</B></P>
<P align=justify>The preparation of financial statements in conformity with
generally accepted accounting principles requires management to use estimates
and assumptions that affect the reported amounts of assets and liabilities, as
well as revenues and expenses. </P>
<P align=justify>There have been no changes to the Company&#146;s critical accounting
estimates since December 31, 2011. Readers are encouraged to refer to the
critical accounting policies and estimates as described in the Company&#146;s audited
consolidated financial statements and MD&amp;A for the year ended December 31,
2011.</P>
<P align=justify><B>15. INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE
CONTROLS AND PROCEDURES</B></P>
<P align=justify>Management is responsible for establishing and maintaining
adequate internal control over financial reporting and disclosure controls and
procedures. Any system of internal control over financial reporting, no matter
how well designed, has inherent limitations. Therefore, even those systems
determined to be effective can provide only reasonable assurance with respect to
financial statement preparation and presentation. There have been no other
changes in our internal control over financial reporting or disclosure controls
and procedures during the three months ended March 31, 2012, that have
materially affected or are reasonably likely to affect our internal control over
financial reporting.</P>
<P align=justify><B>16. CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>
<P align=justify>The MD&amp;A contains &#147;forward-looking statements&#148; within the
meaning of the United States <I>Private Securities Litigation Reform Act </I>of
1995 and &#147;forward looking information&#148; within Canadian securities laws
(collectively &#147;forward-looking statements&#148;) related to the Company and its
operations, and in particular, the anticipated developments in the Company&#146;s
operations in future periods, the Company&#146;s planned exploration activities, the
adequacy of the Company&#146;s financial resources and other events or conditions
that may occur in the future. Statements concerning mineral reserve and resource
estimates may also be deemed to constitute forward-looking statements to the
extent that they involve estimates of the mineralization that will be
encountered if and when the property is developed or further developed. These
statements relate to analyses and other information that are based on forecasts
of future results, estimates of amounts not yet determinable and assumptions of
management and relate to, among other things: future production of silver and
other metals; future cash costs per ounce of silver; the price of silver and
other metals; the effects of domestic and foreign laws, regulations and
government policies and actions affecting the Company&#146;s operations or potential
future operations; future successful development of the Pitarrilla and San Luis
projects and other exploration and development projects; the sufficiency of the
Company&#146;s current working capital, anticipated operating cash flow or the
Company&#146;s ability to raise necessary funds; estimated production rates for
silver and other payable metal produced by the Company; timing of production and
the cash and total costs of production at the Company&#146;s Pirquitas mine; the
estimated cost of sustaining capital; ongoing or future development plans and
capital replacement, improvement or remediation programs; the estimates of
expected or anticipated economic returns from the Company&#146;s mining projects;
future sales of the metals, concentrates or other products produced by the
Company; and the Company&#146;s plans and expectations for its properties and
operations.</P>
<P align=justify>Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, using words
or phrases such as &#147;expects&#148;, &#147;anticipates&#148;, &#147;plans&#148;, &#147;projects&#148;, &#147;estimates&#148;,
&#147;assumes&#148;, &#147;intends&#148;, &#147;strategy&#148;, &#147;goals&#148;, &#147;objectives&#148;, &#147;potential&#148; or
variations thereof, or stating that certain actions, events or results &#147;may&#148;,
&#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will&#148; be taken, occur or be achieved, or the
negative of any of these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements. </P>
<P align=right>21</P>
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<P align=justify>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 by the
forward-looking statements, including, without limitation: uncertainty of
production and cost estimates for the Pirquitas Mine; uncertainty of production
at the Company&#146;s mineral exploration and development properties; risks and
uncertainties associated with developing and exploring new mines including
start-up delays; risks and hazards associated with the business of mineral
exploration, development and mining (including operating in foreign
jurisdictions, environmental hazards, industrial accidents, unusual or
unexpected geological or structure formations, pressures, cave-ins and
flooding); risks and uncertainties relating to the interpretation of drill
results and the geology, grade and continuity of the Company&#146;s mineral deposits;
risks related to the Company&#146;s ability to obtain adequate financing for the
Company&#146;s planned development activities and to complete further exploration
programs; fluctuations in spot and forward markets for silver, gold and base
metals and certain other commodities; risks related to obtaining long-term sales
contracts or completing spot sales for the Company&#146;s products; the Company&#146;s
history of losses and the potential for future losses; risks related to general
economic conditions, including recent market and world events and conditions;
inadequate insurance, or inability to obtain insurance, to cover these risks and
hazards; relationships with and claims by local communities and indigenous
populations; diminishing quantities or grades of mineral reserves as properties
are mined; challenges to, or difficulty maintaining, the Company&#146;s title to
properties and continued ownership thereof; risks related to the Company&#146;s
covenants given with respect to the Company&#146;s 4.5% convertible senior notes due
2028; differences in U.S. and Canadian practices for reporting mineral resources
and reserves; changes in national and local legislation, taxation, exchange
controls or regulations and political or economic developments or changes in
Canada, the United States, Argentina, Mexico, Peru or other countries where the
Company holds assets or may carry on business, including without limitation
recent import and export regulations in Argentina that may impact cash flow,
concentrate sales and importation of goods and services required for the
Pirquitas mine; risks related to the delay in obtaining or failure to obtain
required permits, or non-compliance with permits the Company&#146;s has obtained;
increased costs and restrictions on operations due to compliance with
environmental laws and regulations; regulations and pending legislation
governing issues involving climate change, as well as the physical impacts of
climate change; risks related to reclamation activities on the Company&#146;s
properties; uncertainties related to title to the Company&#146;s mineral properties
and the surface rights thereon, including the Company&#146;s ability to acquire, or
economically acquire, the surface rights to certain of the Company&#146;s exploration
and development projects; the Company&#146;s ability to successfully acquire
additional commercially mineable mineral rights; risks related to currency
fluctuations (such as the Argentine peso, Peruvian sol and Mexican peso);
increased costs affecting the mining industry, including the current high rate
of inflation in Argentina; increased competition in the mining industry for
properties, qualified personnel and management; risks related to some of the
Company&#146;s directors&#146; and officers&#146; involvement with other natural resource
companies; the Company&#146;s ability to attract and retain qualified personnel and
management to grow the Company&#146;s business; risks related to estimates of future
income tax assets and liabilities; risks related to claims and legal
proceedings; the Company&#146;s ability to maintain adequate internal control over
financial reporting; the future value of Pretium&#146;s shares and the Company&#146;s
ability to monetize the full value of the Company&#146;s interest in Pretium; and
those factors identified under the heading &#147;Risk Factors&#148; in the Company&#146;s most
recent Form 20-F and Annual Information Form filed with the United States
Securities and Exchange Commission (the &#147;SEC&#148;) and Canadian and Provincial
securities regulatory authorities.</P>
<P align=justify>This list is not exhaustive of the factors that may affect any
of the Company&#146;s forward-looking statements. Forward-looking statements are
statements about the future and are inherently uncertain, and the Company&#146;s
actual achievements or other future events or conditions may differ materially
from those reflected in the forward-looking statements due to a variety of
risks, uncertainties and other factors, including, without limitation, those
referred to in this MD&amp;A under the heading &#145;&#145;Other Risks and Uncertainties&#148;.
The Company&#146;s forward-looking statements are based on the beliefs, expectations
and opinions of management on the date the statements are made, and the Company
does not assume any obligation to update forward-looking statements if
circumstances or management&#146;s beliefs, expectations or opinions should change,
other than as required by applicable law. For the reasons set forth above, one
should not place undue reliance on forward-looking statements. </P>
<P align=justify><B>Cautionary note to U.S. investors: </B>The terms &#147;measured
mineral resource&#148;, &#147;indicated mineral resource&#148;, and &#147;inferred mineral resource&#148;
used in this MD&amp;A are Canadian geological and mining terms as defined in
accordance with National Instrument 43-101, Standards of Disclosure for Mineral
Projects (&#147;NI 43-101&#148;) under the guidelines set out in the Canadian Institute of
Mining, Metallurgy and Petroleum (the &#147;CIM&#148;) Standards on Mineral Resources and
Mineral Reserves. The Company&#146;s advises U.S. investors that while such terms are
recognized and required under Canadian regulations, the SEC does not recognize
these terms. &#147;Inferred mineral resources&#148; in particular have a great amount of
uncertainty as to their economic feasibility. It cannot be assumed that all or
any part of an inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules estimates of inferred mineral resources may not
generally form the basis of feasibility or other economic studies. U.S.
investors are cautioned not to assume that any part or all of an inferred
mineral resource exists, or is economically or legally mineable. Disclosure of
contained metal expressed in ounces is in compliance with NI 43-101, but does
not meet the requirements of Industry Guide 7 of the SEC, which will only accept
the disclosure of tonnage and grade estimates for non-reserve
mineralization.</P>
<P align=right>22</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>CEO'S CERTIFICATION OF INTERIM FILINGS
<TEXT>

<HTML>
<HEAD>
   <TITLE>Silver Standard Resources Inc.: Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD align=center><B>Form 52-109F2</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><I>Certification of Interim Filings</I></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>Full Certificate</I></B> </TD></TR></TABLE>
<P align=justify>I, John Smith<I>, </I>Chief Executive Officer of Silver
Standard Resources Inc., certify the following:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%" >1. </TD>
    <TD vAlign=top colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Silver Standard Resources Inc. (the &#147;issuer&#148;) for the interim period ended
      March 31, 2012.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >2. </TD>
    <TD vAlign=top colSpan=3>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >3. </TD>
    <TD vAlign=top colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >4. </TD>
    <TD vAlign=top colSpan=3>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >5. </TD>
    <TD vAlign=top colSpan=3>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%">
      <P align=justify>(a) </P></TD>
    <TD vAlign=top  colSpan=2>designed DC&amp;P, or caused it to
      be designed under our supervision, to provide reasonable assurance
  that</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%" >
      <P align=justify>(i) </P></TD>
    <TD vAlign=top >material information relating to the issuer
      is made known to us by others, particularly during the period in which the
      interim filings are being prepared; and</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD vAlign=top >information required to be disclosed by the
      issuer in its annual filings, interim filings or other reports filed or
      submitted by it under securities legislation is recorded, processed,
      summarized and reported within the time periods specified in securities
      legislation; and</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%">
      <P align=justify>(b) </P></TD>
    <TD vAlign=top  colSpan=2>designed ICFR, or caused it to be
      designed under our supervision, to provide</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE>
<P align=right>1</P>
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width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is based on criteria established in &#147;Internal Control - Integrated
      Framework&#148; issued by The Committee of Sponsoring Organizations of the
      Treadway Commission (COSO).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on January 1, 2012 and ended on March
      31, 2012 that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: <B>May 8, 2012</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><U>signed: </U><I><U>&#147;John Smith&#148;</U></I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>John Smith </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD></TR></TABLE>
<P align=right>2</P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>CFO'S CERTIFICATION OF INTERIM FILINGS
<TEXT>

<HTML>
<HEAD>
   <TITLE>Silver Standard Resources Inc.: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD align=center><B>Form 52-109F2</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><I>Certification of Interim Filings</I></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>Full Certificate</I></B> </TD></TR></TABLE>
<P align=justify>I, Gregory Martin<I>, </I>Chief Financial Officer of Silver
Standard Resources Inc., certify the following:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%" >1. </TD>
    <TD vAlign=top colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Silver Standard Resources Inc. (the &#147;issuer&#148;) for the interim period ended
      March 31, 2012.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >2. </TD>
    <TD vAlign=top colSpan=3>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >3. </TD>
    <TD vAlign=top colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >4. </TD>
    <TD vAlign=top colSpan=3>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >5. </TD>
    <TD vAlign=top colSpan=3>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%">
      <P align=justify>(a) </P></TD>
    <TD vAlign=top  colSpan=2>designed DC&amp;P, or caused it to
      be designed under our supervision, to provide reasonable assurance
  that</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%" >
      <P align=justify>(i) </P></TD>
    <TD vAlign=top >material information relating to the issuer
      is made known to us by others, particularly during the period in which the
      interim filings are being prepared; and</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top width="5%" >
      <P align=justify>(ii) </P></TD>
    <TD vAlign=top >information required to be disclosed by the
      issuer in its annual filings, interim filings or other reports filed or
      submitted by it under securities legislation is recorded, processed,
      summarized and reported within the time periods specified in securities
      legislation; and</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%" ></TD>
    <TD vAlign=top colSpan=3>
      <P align=justify>(b) designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE>
<P align=right>1</P>
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width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is is based on criteria established in &#147;Internal Control - Integrated
      Framework&#148; issued by The Committee of Sponsoring Organizations of the
      Treadway Commission (COSO).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on January 1, 2012 and ended on March
      31, 2012 that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: <B>May 8, 2012</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><U>Signed: &#147;</U><I><U>Gregory Martin</U></I><U>&#148;</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gregory Martin </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Financial Officer </TD></TR></TABLE>
<P align=right>2</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>NEWS RELEASE DATED MAY 8, 2012
<TEXT>

<HTML>
<HEAD>
   <TITLE>Silver Standard Resources Inc.: Exhibit 99.5 - Filed by newsfilecorp.com</TITLE>
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<BODY style="font-size:10pt;">

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<IMG border=0 src="exhibit99-5x1x1.jpg" width="723" height="159"></P><BR>
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style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>May 8, 2012 </TD>
    <TD width="50%" align=right>News Release 12-10 </TD></TR></TABLE>
<P align=center><B>SILVER STANDARD REPORTS FIRST QUARTER 2012 FINANCIAL
RESULTS</B></P>
<P align=justify>VANCOUVER, B.C. -- Silver Standard Resources Inc. (NASDAQ:
SSRI, TSX: SSO) (&#147;Silver Standard&#148; or the &#147;Company&#148;) reports consolidated
financial results for the first quarter ended March 31, 2012.</P>
<P align=justify>&#147;One of our goals in 2012 is to demonstrate strong
quarter-on-quarter performance at the Pirquitas mine. Record production and
stable mine cost performance in the first quarter provides a strong start to
build on for the rest of the year&#148; said John Smith, President and CEO. &#147;The
Pitarrilla feasibility study is progressing well and will be presented to the
Board in the second half of 2012. With the recent proceeds from the exercised
Pretium warrants, Silver Standard is financially strong to develop our
substantial project portfolio and continue aggressive exploration.&#148;</P>
<P align=justify><B><U>First Quarter 2012 Highlights:<BR></U></B><I>(All figures
are in U.S. dollars unless otherwise noted)</I></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Record production of 2.2 million ounces of silver, a 24%
  quarter-on-quarter increase. <BR>&nbsp;
  <LI>Lowered direct mining costs to $11.86 per ounce of silver produced, a 21%
  quarter-on- quarter improvement. <BR>&nbsp;
  <LI>Operated the debottlenecked plant at an average of 4,567 tonnes per day
  throughput, a rate 14% above nominal design. <BR>&nbsp;
  <LI>Recorded revenues of $38.4 million on the sale of 1.5 million ounces of
  silver and 1.8 million pounds of zinc. <BR>&nbsp;
  <LI>Entered into two long-term silver concentrate sales contracts with
  smelters for 60% of monthly production commencing April 2012. <BR>&nbsp;
  <LI>During and subsequent to the quarter, enhanced corporate liquidity by
  realizing gross cash proceeds of C$71.0 million from exercised Pretium
  Resources Inc. (&#147;Pretium&#148;) share purchase warrants pursuant to the secondary
  offering completed last year. </LI></UL>
<P align=center>1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_2></A>
<P align=justify><B><U>Pirquitas Mine, Argentina</U></B></P>
<P align=justify><B>Summary Mine Operating Statistics </B><SUP>(1)</SUP></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=left>&nbsp;
    </TD>
    <TD width="11%"
      align=center nowrap bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>Q1 2012</B> </TD>
    <TD width="11%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Q4 2011</B> </TD>
    <TD width="11%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Q3 2011</B> </TD>
    <TD width="11%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Q2 2011</B> </TD>
    <TD width="11%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Q1 2011</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Material
      Mined </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Kt
    </TD>
    <TD width="11%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>4,297</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>4,640
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>4,185
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>4,483
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>4,172
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Ore Processed </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Kt
    </TD>
    <TD width="11%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>416</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>241
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>245
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>295
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>308
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Silver Mill Feed
      Grade </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>g/tonne </TD>
    <TD width="11%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>221</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>274
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>250
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>261
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>233
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Recoveries </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>%
</TD>
    <TD width="11%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>77.3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>82.4
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>82.9
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>80.0
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>73.6
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Silver Produced
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>&#145;000
      oz. </TD>
    <TD width="11%"
      align=right bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>2,172</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>1,751
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>1,631
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>1,976
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right>1,697
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Direct Mining Cost
    </TD>
    <TD width="11%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">US$/oz. </TD>
    <TD width="11%"
      align=right nowrap bgcolor="#D9D9D9" style="BORDER-BOTTOM: #000000 1px solid"><B>$11.86</B> </TD>
    <TD width="11%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">$14.97 </TD>
    <TD width="11%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">$16.20 </TD>
    <TD width="11%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">$11.57 </TD>
    <TD width="11%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">$12.26 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Total Cash Cost </TD>
    <TD width="11%" align=center>US$/oz. </TD>
    <TD width="11%" align=right bgcolor="#D9D9D9"><B>$20.30</B> </TD>
    <TD width="11%" align=right>$17.72 </TD>
    <TD width="11%" align=right>$20.60 </TD>
    <TD width="11%" align=right>$22.06 </TD>
    <TD width="11%" align=right>$23.23 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I>(1)</I> </TD>
    <TD>
      <P align=justify><I>The Company reports non-GAAP cost per ounce of silver
      produced to manage and evaluate operating performance at the Pirquitas
      mine. For a better understanding and a reconciliation of these measures to
      cost of inventory, as shown in the Company&#146;s consolidated interim
      statement of income please refer to &#145;Non-GAAP Financial Measures&#146; in item
      13 of the MD&amp;A.</I></P></TD></TR></TABLE>
<P align=justify><U>Mine production</U></P>
<P align=justify>The Pirquitas mine recorded its highest quarterly production of
2.2 million ounces of silver during the first quarter of 2012. This is compared
with silver production of 1.8 million ounces in the fourth quarter of 2011 and
1.7 million ounces in the first quarter of 2011. The stronger production was the
result of improvements made to the crusher, the ball mill gearbox and several
operating processes in 2011 and 2012 which increased plant throughput and
operating performance. The mine also produced 3.3 million pounds of zinc in the
first quarter of 2012 compared to 0.8 million pounds in the fourth quarter of
2011 and 3.2 million pounds in the first quarter of 2011.</P>
<P align=justify>During the quarter, 416,000 tonnes of ore were processed at an
average milling rate of 4,567 tonnes per day, compared to 241,000 tonnes at an
average of 2,618 tonnes per day in the fourth quarter of 2011, and 308,000
tonnes at an average of 3,419 tonnes per day in the first quarter of 2011. The
average milling rate of 4,567 tonnes per day in the first quarter of 2012 is 14%
higher than the plant's nominal design. The first quarter of 2012 plant
performance resulted from continuous improvement initiatives including improved
crushing, milling circuit efficiencies, improved preventive maintenance
practices and proper mill feed selection. At these higher operating rates, the
plant achieved near design silver recoveries.</P>
<P align=justify>Ore milled during the first quarter of 2012 contained an
average silver grade of 221 g/t and an average silver recovery of 77.3% was
achieved. This compared to an average silver grade of 274 g/t and recovery of
82.4% in the fourth quarter of 2011, and an average silver grade of 233 g/t and
recovery of 73.6% in the first quarter of 2011. The lower silver grade during
the first quarter of 2012 compared to the fourth quarter of 2011 was due to
feeding the crusher average reserve grade material versus above-average grade material in the
fourth quarter of 2011. Operating results were in-line with expectations for the
quarter.</P>
<P align=center>2</P>
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width="100%" noShade>
<!--$$/page=--><A name=page_3></A>
<P align=justify><U>Mine operating costs</U></P>
<P align=justify>Direct mining costs in the first quarter of 2012 were $11.86
per ounce of silver compared to $14.97 per ounce in the fourth quarter of 2011
and $12.26 per ounce in the first quarter of 2011. The reduction in unit cost in
2012 compared to the fourth quarter of 2011 was primarily driven by the higher
production volumes achieved and improvements in cost management.</P>
<P align=justify>Total cash cost in the first quarter of 2012, which includes
by-product credits, treatment and refining costs, royalties and production
taxes, was $20.30 per ounce of silver compared to $17.72 per ounce of silver in
the fourth quarter of 2011 and $23.23 per ounce in the first quarter of 2011.
Treatment and refining costs, as well as royalties and production taxes all vary
as a function of sales prices and are recorded for the actual ounces of silver
sold. Consequently, on a per ounce basis, the variability in total cash cost
from period to period is partially due to sales prices and the difference
between production and sales volumes. The higher incremental per ounce impact of
these costs in the first quarters of both 2012 and 2011 compared with the fourth
quarter of 2011 is due primarily to the fact that sales volumes were
significantly higher in those quarters and, correspondingly, treatment and
refining costs and royalties and production taxes incurred were significantly
higher.</P>
<P align=justify><U>Exploration drilling program</U></P>
<P align=justify>Diamond drilling began in March in the Cortaderas Valley where
two zones of silver-zinc mineralization were partially outlined in 2011. The
2012 drilling program is focused on expanding the Cortaderas Breccia and
Cortaderas Valley Inferred mineral resources and upgrading significant portions
of these resources to the Indicated mineral resource category. In addition,
several drillholes will be testing new target areas identified immediately south
and southwest of the San Miguel open pit from gravity and induced polarization
surveys that were conducted earlier in the first quarter of the year. To date,
six drillholes have been completed for a combined length of 2,716 meters, or
about 12% of the planned 2012 drilling campaign of 22,350 meters. The assay
results of these six, and subsequent, drillholes are expected in the second
quarter of 2012.</P>
<P align=center>3</P>
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width="100%" noShade>
<!--$$/page=--><A name=page_4></A>
<P align=justify><B><U>Financial Results</U></B></P>
<P align=justify><B>Net Income</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Net loss of ($1.1) million or ($0.01) per share in the three months ended
  March 31, 2012, compared to net earnings of $9.9 million or $0.12 per share in
  the three months ended March 31, 2011. </LI></UL>
<P align=justify><B>Mine Operations</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Mine operating income at Pirquitas of $6.2 million in the three months
  ended March 31, 2012, from revenues of $38.4 million which were net of
  deductions, treatment and refining charges. Cost of sales was $23.6 million
  plus $8.6 million in non-cash depletion, depreciation and amortization.
</LI></UL>
<P align=justify><B>Liquidity</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Cash and cash equivalents at March 31, 2012, were $293.3 million compared
  to $329.1 million at December 31, 2011. Working capital at March 31, 2012, was
  $301.5 million compared to $399.1 million at December 31, 2011. </LI></UL>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 0px solid" colSpan=3
      align=center><B><U>Selected Financial Data</U></B> <BR>(US$000&#146;s, except
      per share amounts)&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-TOP: #000000 0px solid" colSpan=3 align=left><BR><I>This
      summary of selected financial data should be read in conjunction with the
      interim financial statements and the</I> <I>management discussion and
      analysis ("MD&amp;A") of the unaudited consolidated operating results and
      financial condition of</I> <I>the company for the three months ended March
      31, 2012 and audited results for the year ended December 31, 2011.</I>
    <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><BR><BR></TD>
    <TD width="15%" align=center nowrap><B>Three Months</B> <BR>
      <B>Ended March
      31,</B> <BR><B>2012</B> </TD>
    <TD width="15%" align=center nowrap><B>Three Months</B> <BR>
      <B>Ended March
      31,</B> <BR><B>2011</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Income (loss) from
      mine operations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>6,245 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>27,859 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Operating income
      (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>(1,124) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>20,440 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Net income (loss)
      for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>(1,075) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>9,943 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Basic earnings
      (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>(0.01) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center>0.12
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash generated
      (used) in operating activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>(20,779) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>21,759 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash generated by
      financing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center>587
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>6,729 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash generated by
      (used in) investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>(15,569) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center>(66)
    </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Financial
      Position</B> </TD>
    <TD width="15%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2012</B> </TD>
    <TD width="15%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2011</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash and cash
      equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>293,294 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>329,055 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Current assets &#150;
      total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>502,073 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>476,676 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Current
      liabilities &#150; total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>200,581 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>77,588 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Working capital
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>301,492 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>399,088 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>1,288,122 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%"
      align=center>1,276,102 </TD></TR></TABLE></DIV>
<P align=center>4</P>
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width="100%" noShade>
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<P align=justify><B><U>Principal Projects</U></B></P>
<P align=justify><U>Pitarrilla Project, Mexico</U></P>
<P align=justify>During the quarter the Company continued to advance work on the
feasibility study that is scheduled for completion in the second half of 2012.
Costs incurred during the quarter were principally third party engineering costs
for metallurgical, engineering, environmental and geotechnical work as well as
internal costs related to pre-development activities in Mexico.</P>
<P align=justify>As previously disclosed, a scoping level evaluation determined
the preferred project concept to be a large open pit mine. Plant facilities are
expected to target 16,000 tonnes per day and include a milling circuit, an
agitated leach circuit and a flotation circuit. These facilities are expected to
produce silver dor&#233; and separate lead and zinc concentrates containing payable
silver.</P>
<P align=justify>The design of the open pit anticipates starting in the upper
and mid-level oxide and transitional ores, then extending into the higher grade
sulfide ores in the basal conglomerate zone and finally bottoming out in the
upper levels of sulfide mineralization in sedimentary structures below the
conglomerate. This mining operation will leave intact the middle and lower zones
of the sedimentary structures for subsequent potential underground mining.</P>
<P align=justify>The Environmental Impact Assessment (&#147;EIA&#148;) process is
scheduled to be completed with a construction permit application in the second
half of 2012. The remaining land access rights are being negotiated and work has
commenced for the operations camp, water wells and access roads.</P>
<P align=justify>In March 2012, the Company commenced an in-fill drilling
program. This diamond drill program of approximately 8,300 meters has the
objective of expanding the near-surface oxide mineralization at the Breccia
Ridge and South Ridge zones. In addition, metallurgical testing is underway to
optimize metal recoveries from oxide and sulfide mineralization. Where possible,
results of the drilling and metallurgical studies will be included in the
Pitarrilla feasibility study.</P>
<P align=justify><U>San Luis Project, Peru</U></P>
<P align=justify>Long-term land access negotiations continued with one of the
two local communities, as an agreement with the other community was completed
late last year.</P>
<P align=justify>The Company focused on advancing the EIA with comments being
addressed. The completion of the land access agreements and approval of the EIA
will enable a construction decision to be made.</P>
<P align=justify>In addition to pursuing land access agreements and
environmental permits for the Ayelen gold-silver deposit the Company advanced
its application for an environmental permit that would allow an exploration
drilling campaign at the BP Zone, which is a high-potential porphyry copper
target, located about 4.5 kilometers southeast of the Ayelen deposit. The
environmental permit has been approved by the mining ministry and a water permit
is expected shortly to enable drilling to commence. The BP Zone drilling program
will consist of six holes.</P>
<P align=center>5</P>
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width="100%" noShade>
<!--$$/page=--><A name=page_6></A>
<P align=justify><U>Diablillos Project, Argentina</U></P>
<P align=justify>Expenditures primarily consisted of administrative, property
taxes and camp maintenance costs. Fieldwork mainly involved rock sampling to
identify satellite zones of near-surface oxidized gold mineralization that would
complement the mineral resources defined in the main Oculto silver-gold deposit.
A number of prospects were identified for follow-up mechanized trenching and
additional sampling, and several of these targets will be drilled in 2012 with
shallow boreholes. The planned program consists of approximately 2,000 meters of
diamond drilling.</P>
<P align=justify><U>San Agustin Project, Mexico</U></P>
<P align=justify>Advanced negotiations continued with three parties that control
the surface rights covering the Company&#146;s mineral concessions. Once land access
agreements are in place, a 5,000 meter diamond drilling program will be
initiated. The objective of the drilling campaign will be to expand the
near-surface oxidized gold resource. In addition to the proposed program of
in-fill drilling, detailed metallurgical studies will also be undertaken and
will focus on gold recovery characteristics of the oxidized gold
mineralization.</P>
<P align=justify><B><U>Management Discussion &amp; Analysis and Conference
Call</U></B></P>
<P align=justify>This news release should be read in conjunction with Silver
Standard&#146;s First Quarter Ended March 31, 2012 Financial Statements and
Management&#146;s Discussion and Analysis filed with Canadian securities regulators
available at <U>www.sedar.com </U>or the company&#146;s web site at
<U>www.silverstandard.com</U>. </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Conference Call and Webcast: Wednesday, May 9, 2012, at 11:00 a.m. ET.
  </LI></UL>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >Toll-free in North America: </TD>
    <TD width="70%" align=left>(888) 429-4600 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >All other callers: </TD>
    <TD width="70%" align=left>(970) 315-0481 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Webcast: </TD>
    <TD width="70%" align=left><U>http://ir.silverstandard.com/events.cfm</U>
    </TD></TR></TABLE>
<UL style="TEXT-ALIGN: justify">
  <LI>The call will be archived and available at <U>www.silverstandard.com</U>.
  Audio replay will be available for one week by calling: </LI></UL>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left nowrap >Toll-free in North America: </TD>
    <TD width="70%" align=left>(855) 859-2056, replay conference ID 72525999
    </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >All other callers: </TD>
    <TD width="70%" align=left>(404) 537-3406, replay conference ID 72525999
    </TD></TR></TABLE>
<P align=justify>SOURCE: Silver Standard Resources Inc.</P>
<P align=justify>Contact:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>Michael McDonald </TD></TR>
  <TR vAlign=top>
    <TD align=left>Manager, Business Development </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver Standard Resources Inc. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vancouver, B.C. </TD></TR>
  <TR vAlign=top>
    <TD align=left>N.A toll-free: (888) 338-0046 </TD></TR>
  <TR vAlign=top>
    <TD align=left>All others: (604) 689-3846 </TD></TR>
  <TR vAlign=top>
    <TD align=left>E-Mail: <U>invest@silverstandard.com</U>
</TD></TR></TABLE>
<P align=center>6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_7></A>
<P align=justify><B><I>Cautionary Statements on Forward Looking Information:
</I></B><I>This news release contains &#147;forward-looking statements&#148; within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and &#147;forward looking information&#148; within Canadian securities laws (collectively
&#147;forward-looking statements&#148;) related to the Company and its operations, and in
particular, the anticipated developments in the Company&#146;s operations in future
periods, the Company&#146;s planned exploration activities, the adequacy of the
Company&#146;s financial resources and other events or conditions that may occur in
the future. Statements concerning mineral reserve and resource estimates may
also be deemed to constitute forward-looking statements to the extent that they
involve estimates of the mineralization that will be encountered if and when the
property is developed or further developed. These statements relate to analyses
and other information that are based on forecasts of future results, estimates
of amounts not yet determinable and assumptions of management and relate to,
among other things: future production of silver and other metals; future cash
costs per ounce of silver; the price of silver and other metals; the effects of
domestic and foreign laws, regulations and government policies and actions
affecting the Company&#146;s operations or potential future operations; future
successful development of the Pitarrilla and San Luis projects and other
exploration and development projects; the sufficiency of the Company&#146;s current
working capital, anticipated operating cash flow or the Company&#146;s ability to
raise necessary funds; estimated production rates for silver and other payable
metal produced by the Company; timing of production and the cash and total costs
of production at the Company&#146;s Pirquitas mine; the estimated cost of sustaining
capital; ongoing or future development plans and capital replacement,
improvement or remediation programs; the estimates of expected or anticipated
economic returns from the Company&#146;s mining projects; future sales of the metals,
concentrates or other products produced by the Company; and the Company&#146;s plans
and expectations for its properties and operations. </I></P>
<P align=justify><I>Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, using words
or phrases such as &#147;expects&#148;, &#147;anticipates&#148;, &#147;plans&#148;, &#147;projects&#148;, &#147;estimates&#148;,
&#147;assumes&#148;, &#147;intends&#148;, &#147;strategy&#148;, &#147;goals&#148;, &#147;objectives&#148;, &#147;potential&#148; or
variations thereof, or stating that certain actions, events or results &#147;may&#148;,
&#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will&#148; be taken, occur or be achieved, or the
negative of any of these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements. 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 by the forward-looking statements, including, without
limitation: uncertainty of production and cost estimates for the Pirquitas Mine;
uncertainty of production at the Company&#146;s mineral exploration and development
properties; risks and uncertainties associated with developing and exploring new
mines including start-up delays; risks and hazards associated with the business
of mineral exploration, development and mining (including operating in foreign
jurisdictions, environmental hazards, industrial accidents, unusual or
unexpected geological or structure formations, pressures, cave-ins and
flooding); risks and uncertainties relating to the interpretation of drill
results and the geology, grade and continuity of the Company&#146;s mineral deposits;
risks related to the Company&#146;s ability to obtain adequate financing for the
Company&#146;s planned development activities and to complete further exploration
programs; fluctuations in spot and forward markets for silver, gold and base
metals and certain other commodities; risks related to obtaining long-term sales
contracts or completing spot sales for the Company&#146;s products; the Company&#146;s
history of losses and the potential for future losses; risks related to general
economic conditions, including recent market and world events and conditions;
inadequate insurance, or inability to obtain insurance, to cover these risks and
hazards; relationships with and claims by local communities and indigenous
populations; diminishing quantities or grades of mineral reserves as properties
are mined; challenges to, or difficulty maintaining, the Company&#146;s title to
properties and continued ownership thereof; risks related to the Company&#146;s
covenants given with respect to the Company&#146;s 4.5% convertible senior notes due
2028; differences in U.S. and Canadian practices for reporting mineral resources
and reserves; changes in national and local legislation, taxation, exchange
controls or regulations and political or economic developments or changes in
Canada, the United States, Argentina, Mexico, Peru or other countries where the
Company holds assets or may carry on business, including without limitation
recent import and export regulations in Argentina that may impact cash flow,
concentrate sales and importation of goods and services required for the
Pirquitas mine; risks related to the delay in obtaining or failure to obtain
required permits, or non-compliance with permits the Company&#146;s has obtained;
increased costs and restrictions on operations due to compliance with
environmental laws and regulations; regulations and pending legislation
governing issues involving climate change, as well as the physical impacts of
climate change; risks related to reclamation activities on the Company&#146;s
properties; uncertainties related to title to the Company&#146;s mineral properties
and the surface rights thereon, including the Company&#146;s ability to acquire, or
economically acquire, the surface rights to certain of the Company&#146;s exploration
and development projects; the Company&#146;s ability to successfully acquire
additional commercially mineable mineral rights; risks related to currency
fluctuations (such as the Argentine peso, Peruvian sol and Mexican peso);
increased costs affecting the mining industry, including the current high rate
of inflation in Argentina; increased competition in the mining industry for
properties, qualified personnel and management; risks related to some of the
Company&#146;s directors&#146; and officers&#146; involvement with other natural resource
companies; the Company&#146;s ability to attract and retain qualified personnel and
management to grow the Company&#146;s business; risks related to estimates of future
income tax assets and liabilities; risks related to claims and legal
proceedings; the Company&#146;s ability to maintain adequate internal control over
finan cial reporting; the future value of Pretium&#146;s shares and the Company&#146;s
ability to monetize the full value of the Company&#146;s interest in Pretium; and
those factors identified under the heading &#147;Risk Factors&#148; in the Company&#146;s most
recent Form 20-F and Annual Information Form filed with the United States
Securities and Exchange Commission (the &#147;SEC&#148;) and Canadian and Provincial
securities regulatory authorities.</I></P>
<P align=center>7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_8></A>
<P align=justify><I>This list is not exhaustive of the factors that may affect
any of the Company&#146;s forward-looking statements. Forward-looking statements are
statements about the future and are inherently uncertain, and the Company&#146;s
actual achievements or other future events or conditions may differ materially
from those reflected in the forward-looking statements due to a variety of
risks, uncertainties and other factors, including, without limitation, those
referred to in this news release under the heading &#145;&#145;Other Risks and
Uncertainties&#148;. The Company&#146;s forward-looking statements are based on the
beliefs, expectations and opinions of management on the date the statements are
made, and the Company does not assume any obligation to update forward-looking
statements if circumstances or management&#146;s beliefs, expectations or opinions
should change, other than as required by applicable law. For the reasons set
forth above, one should not place undue reliance on forward-looking statements.
</I></P>
<P align=justify><B><I>Cautionary Note to U.S. investors: </I></B><I>The terms
&#147;measured mineral resource&#148;, &#147;indicated mineral resource&#148;, and &#147;inferred mineral
resource&#148; used in this news release are Canadian geological and mining terms as
defined in accordance with National Instrument 43-101, Standards of Disclosure
for Mineral Projects (&#147;NI 43-101&#148;) under the guidelines set out in the Canadian
Institute of Mining, Metallurgy and Petroleum (the &#147;CIM&#148;) Standards on Mineral
Resources and Mineral Reserves. The Company&#146;s advises U.S. investors that while
such terms are recognized and required under Canadian regulations, the SEC does
not recognize these terms. &#147;Inferred mineral resources&#148; in particular have a
great amount of uncertainty as to their economic feasibility. It cannot be
assumed that all or any part of an inferred mineral resource will ever be
upgraded to a higher category. Under Canadian rules estimates of inferred
mineral resources may not generally form the basis of feasibility or other
economic studies. U.S. investors are cautioned not to assume that any part or
all of an inferred mineral resource exists, or is economically or legally
mineable. Disclosure of contained metal expressed in ounces is in compliance
with NI 43-101, but does not meet the requirements of Industry Guide 7 of the
SEC, which will only accept the disclosure of tonnage and grade estimates for
non-reserve mineralization.</I></P>
<P align=center>8</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
