December 21, 2010 / 3:02 PM / 9 years ago

UPDATE 1-Silver Standard to meet target, sells 2 mines

* Completes cash/share sale of two mines for C$450 million

* Holds at least 38.1 pct of Pretium, up to 45.8 pct stake

* To meet 2010 target of up to 6.5 mln silver ounces

* Sets 2011 target at 8.5 million silver ounces

TORONTO, Dec 21 (Reuters) - Silver Standard Resources SSO.TO said on Tuesday it completed the C$450 million ($441.8 million) sale of two of its silver mines, and that it was on track to meet its production target for 2010.

The silver miner said it will produce 6.3 million to 6.5 million ounces in 2010 from its Pirquitas Mine in Argentina. The Vancouver-based miner set its target for 2011 at 8.5 million ounces.

The company, which has properties in development throughout the Americas and in Australia, said it would provide an update on exploration in January.

Earlier this year, Silver Standard agreed to sell its Snowfield and Brucejack projects in the Canadian province of British Columbia to Pretium Resources (PVG.TO).

Pretium, a new company led by Silver Standard’s former chief executive, Robert Quartermain, paid C$215 million in cash, a convertible promissory note for C$39.8 million and 32.5 million common shares of Pretium, a 38.1 percent stake, for the two mines.

Pretium has 40 days to pay the promissory note, after which it will be converted into common shares.

If the note is not paid, Silver Standard will hold a 45.8 percent stake in Pretium.

Shares of Silver Standard opened up 1.36 percent at C$27.51, while Pretium opened at C$5.95 on Tuesday on the Toronto Stock Exchange.

Reporting by Julie Gordon

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