Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ("Silver Standard") announces today that it has entered into a definitive agreement with Argonaut Gold Inc. (TSX: AR) ("Argonaut") to sell 100% of its San Agustin project in Durango, Mexico ("San Agustin") for an aggregate consideration of approximately $75 million. Argonaut is a U.S.-based company listed on the Toronto Stock Exchange (the "TSX").
"This transaction demonstrates the value within our portfolio beyond our mine and development projects," said John Smith, President and CEO. "Selling San Agustin adds to our balance sheet strength for funding future growth. We continue to focus on optimizing our business to deliver long-term, sustainable shareholder return."
Completion of the transaction is subject to customary closing conditions,including receipt of required regulatory and TSX approvals. Silver Standard expects the transaction to close in the first quarter of 2014.
