Silver Standard Completes Acquisition of Claude Resources

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 31, 2016) - Silver Standard Resources Inc. (NASDAQ:SSRI)(TSX:SSO) ("Silver Standard") and Claude Resources Inc. (TSX:CRJ) ("Claude Resources") are pleased to announce that Silver Standard's acquisition of Claude Resources is complete.

Paul Benson, President and CEO said, "Adding the Seabee Gold Operation together with Silver Standard's Marigold and Pirquitas mines creates a quality intermediate precious metals producer, having both scale and margin with pro forma 2016 production in the order of 390,000 gold-equivalent ounces. With exposure to both gold and silver production, an attractive cost profile and a very strong balance sheet, we are well positioned to continue to pursue both internal and external opportunities to create value for shareholders."

With the addition of the Seabee Gold Operation to its operating portfolio, Silver Standard is expected to produce, on an annualized basis, 390,000 pro forma gold equivalent ounces at cash costs of $715 per gold equivalent ounce sold in 2016 ¹.

Effective immediately, Mr. Brian Booth, the former Chairman of Claude Resources Board of Directors has been appointed to the Silver Standard Board of Directors. Mr. Booth brings over 30 years of experience in the mining industry and currently serves as the President and Chief Executive Officer of Pembrook Mining Corp., an exploration company based in Vancouver, Canada.

Peter Tomsett, Chairman of the Board of Directors said, "We welcome Claude Resources employees and shareholders to Silver Standard and look forward to building this exciting company together. We are also very pleased to add Mr. Booth's extensive industry expertise and his experience with Claude Resources to Silver Standard's Board of Directors."

Concurrently with the closing of the acquisition, Silver Standard repaid all amounts outstanding under Claude Resources term and revolving credit facilities, which totaled approximately C$17.9 million.

Silver Standard acquired all of the outstanding common shares of Claude Resources for total consideration of approximately 37.4 million Silver Standard common shares and cash consideration of $0.2 million. Silver Standard now has approximately 118.4 million shares issued and outstanding. Claude Resources shares are expected to be delisted from the Toronto Stock Exchange and cease to trade on the OTCQB on or about the close of trading on June 6, 2016.