Silver fell 1.04% to $16.88 an ounce at 12:01 p.m., according to CNBC.
The company announced Friday that it had expanded mineral resources at its Marigold mine in Humboldt County, NV with higher gold grade mineralization.
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"Exploration efforts at Marigold continue to deliver positive results," said Silver Standard CEO and President John Smith. "Our goal was to confirm our understanding of the geology and to identify extensions to existing pits for higher margin ounces. The results of our 2014 drill program have exceeded our expectations due to the gold grade encountered and the proximity to the historical 8 South pit."
Separately, TheStreet Ratings team rates SILVER STANDARD RES INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate SILVER STANDARD RES INC (SSRI) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, poor profit margins, feeble growth in its earnings per share and generally disappointing historical performance in the stock itself."