Silver Standard Sells Bowdens Project

Silver Standard Resources Inc. announced today that it has entercomplete mobile stone crushing machine 30thed into a definitive agreement with Kingsgate Consolidated Limited to sell 100% of the Bowdens project in NSW, Australia for an aggregate consideration of A$75 million ($83 million). Kingsgate is an Australian-based company listed on the Australian Stock Exchange.
"This transaction underscores the value of our portfolio and allows us to redeploy capital into accelerating production growth and our strong exploration pipeline," said John Smith, President and Chief Executive Officer of Silver Standard.
Under the terms of the definitive agreement, Silver Standard will sell its interest in Bowdens for:

-- A$35 million in cash at closing;

-- A$30 million in Kingsgate shares at closing;

-- A$5 million in cash payable on December 31, 2011; and

-- A$5 million in cash payable on June 30, 2012.

The pre-tax gain is estimated to be $60 million. Completion of the transaction is subject to customary conditions including receipt of any required regulatory approvals and third party consents. Silver Standard expects the transaction to close by October 2011.