Today’s Winners And Losers

Victoria Gold led the way higher, closing up over 7%.
International Tower Hill also had a nice day, as it closed at a new
all-time high. Randgold was lower again as the stock has been selling
off for the last few months.









admin | Dec 21, 2010 | Comments 0



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Silver Standard Resources Inc.: Close Of Sale Of Snowfield And Brucejack Projects To Pretium And 2011 Production Guidance


Even though Silver Standard sold Snowfield and
Brucejack, they will still participate in any upside to the project
since they own a lot of shares of Pretium Resources. Pretium just
started trading today.

VANCOUVER, BRITISH COLUMBIA–(Marketwire – 12/21/10) – Silver Standard Resources Inc. (“Silver Standard” or the “Company”) (TSX:SSO – News)(NASDAQ:SSRI – News)
is pleased to report the completion of its sale of the Snowfield and
Brucejack Projects and provide silver production guidance for the
Pirquitas Mine in northern Argentina.

Sale of Snowfield and Brucejack Projects

The sale of the Snowfield and
Brucejack Projects in northern British Columbia to Pretium Resources
Inc. (“Pretium”) closed on December 21, 2010. Pursuant to the terms of
the transaction, Silver Standard received cash proceeds of C$215.02
million (before deductions of C$12.645 million payable by Silver
Standard), a convertible promissory note in the principal amount of
C$39.753 million and 32,537,833 common shares of Pretium for total
consideration of C$450 million. The outstanding amount of the
convertible promissory note will be automatically converted into common
shares of Pretium at $6 per share 40 days after the closing to the
extent not previously repaid by Pretium. If the promissory note is
repaid in full, Silver Standard will hold a 38.1% equity interest in
Pretium. If the promissory note is fully converted, Silver Standard will
hold a 45.8% equity interest in Pretium.