Silver Standard Announces Closing of Public Offering of Common Shares

VANCOUVER, BRITISH COLUMBIA, Aug 17 (MARKET WIRE) --
Silver Standard Resources Inc. (TSX: SSO)(NASDAQ: SSRI) reports the
closing of its previously announced public offering of common shares and
exercise of the overallotment option (the "Offering"). Pursuant to the
Offering, the company today issued 2,997,816 common shares at a price of
US$17.00 per share, for aggregate net proceeds of approximately US$48.3
million after underwriting commissions.

The company intends to use the net proceeds from the Offering to fund the
development of mineral properties, for working capital requirements, to
repay indebtedness outstanding from time to time or for other general
corporate purposes.

UBS Securities Canada Inc. acted as lead manager and sole book runner of
the Offering. Deutsche Bank Securities Inc.; Credit Suisse Securities
(USA) LLC; Dahlman Rose & Co., LLC; Morgan Stanley & Co. Incorporated;
CIBC World Markets Inc; Scotia Capital Inc.; Blackmont Capital Inc.; GMP
Securities L.P.; National Bank Financial Inc.; and Salman Partners Inc.
acted as co-managers of the Offering.

A copy of the final prospectus supplement and the short form base shelf
prospectus may be obtained in Canada from UBS Securities Canada Inc. at
161 Bay Street, Suite 4100, Toronto, Ontario M5J 2S1 (416-364-2201
telephone) or in the United States from UBS Securities LLC at 299 Park
Avenue, New York, NY 10171 (212-821-3000 telephone).

This news release shall not constitute an offer to sell or a solicitation
of an offer to buy common shares nor shall there be any sale of such
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.

Forward Looking Statements: Statements in this news release relating to
the offering and the anticipated use of proceeds are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995 and forward-looking information within the meaning of
Canadian securities laws (collectively, "forward-looking statements").
Forward-looking statements are statements that are not historical facts
and that are subject to a variety of risks and uncertainties which could
cause actual events or results to differ materially from those reflected
in the forward-looking statements. Such risks and uncertainties include,
but are not limited, to the company's ability to raise sufficient capital
to fund development; changes in economic conditions or financial markets;
changes in prices for the company's mineral products or increases in
input costs; litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments in Argentina,
Australia, Canada, Chile, Mexico, Peru, the United States and other
jurisdictions in which the company may carry on business; technological
and operational difficulties or inability to obtain permits encountered
in connection with exploration and development activities; labour
relations matters; and changing foreign exchange rates, all of which are
described more fully in the company's filings with the Securities and
Exchange Commission. The company does not intend, and does not assume any
obligation, to update any forward-looking statements, other than as
required by applicable law.

(Source: Silver Standard Resources Inc.)

Statements in this news release relating to the offering, the
underwriters' overallotment option, and the anticipated use of proceeds
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
statements that are not historical facts and that are subject to a
variety of risks and uncertainties which could cause actual events or
results to differ materially from those reflected in the forward-looking
statements.

Contacts:
Silver Standard Resources Inc.
Robert A. Quartermain
President & CEO
(604) 689-3846

Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. Toll Free: 1-888-338-0046 or Direct: (604) 484-8212
invest@silverstandard.com
www.silverstandard.com

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