Silver Standard Agrees To Acquire Valmy Property At Marigold

(RTTNews) - Silver Standard Resources Inc. (SSRI) (SSO.TO) said it has entered into a definitive agreement to acquire 2,844 hectares contiguous with its Marigold mine in Nevada for $11.5 million from Newmont Mining Corp. (NEM).

This acquisition complements the company's strategy at Marigold to increase resources and add operating flexibility.

Silver Standard, through its wholly-owned subsidiary, Marigold Mining Co., will acquire 100 percent of Newmont's interest in the Valmy Property for cash consideration of $11.5 million. The purchase price will be funded from cash on hand.

Completion of the transaction is expected in October. Silver Standard will be required to provide financial assurances to the environmental regulatory authorities with respect to Valmy Property's long-term environmental and reclamation obligations.