Silver Standard Resources Inc SSO:CA announced that it has entered into an agreement to sell its Snowfield and Brucejack Projects to new venture Pretium Resources Inc. Silver Standard will receive will receive total consideration of $450 million. On completion of the transaction, Silver Standard’s ownership interest in Pretium is expected to be less than 50%.
Silver Standard CEO John Smith said, “The sale of Snowfield and Brucejack is the culmination of an extensive review of strategic alternatives focused on developing projects that are core to capability and strategy whilst monetizing project options that are best developed by others. [Pretium's] Bob Quartermain has a proven track record in capturing value from exploration and we look forward to Snowfield and Brucejack being given the absolute focus by Pretium to build value from continued exploration and project definition.”
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Director, Investor Relations
by Ted Niles