An anonymous director reports

SILVER STANDARD RECEIVES NOTICE OF REASSESSMENT

Silver Standard Resources Inc. received today a notice of reassessment in the aggregate amount of approximately $41.4-million from the Canada Revenue Agency related to the tax treatment of the 2010 sale of shares of its subsidiary that owned and operated the Snowfield and Brucejack projects. The CRA has asserted the transaction was of an income nature and not of a capital nature as recorded by the company.

Silver Standard strongly disagrees with the CRA's reassessment and will vigorously defend its position, including filing a notice of objection and, if necessary, a notice of appeal to the Tax Court of Canada. In order to object to the reassessment, the company is required to make a deposit of 50 per cent of the reassessed amount plus interest accrued to the date of the notice of reassessment. As of Dec. 31, 2014, the company had an unaudited cash and cash-equivalents balance of approximately $185-million.

The company cannot determine how long the appeal and court processes will take at this time. If Silver Standard is successful in defending its position, deposits made plus applicable interest will be refunded.

We seek Safe Harbor.