Report to: Reliant Ventures S.A.C., Silver Standard Resources Inc., as the Operator of the San Luis Project Technical Report for the SAN LUIS PROJECT FEASIBILITY STUDY Ancash Department, Peru June 2010 Effective date: as of June 4, 2010 Prepared by the following Qualified Persons: Christopher Edward Kaye, MAusIMM Mine and Quarry Engineering Services Inc. Clinton Strachan, PE Montgomery Watson Harza Americas Inc. Steve L. Milne, P.E. Milne & Associates, Inc. Michael J. Lechner, P.Geo. Resource Modeling Inc. Donald F. Earnest, P.G. Resource Evaluation Inc. Robert Michael Robb, PE RR Engineering S AN L UIS P ROJECT R ELIANT V ENTURES S.A.C. IMPORTANT NOTICE This report was prepared as a National Instrument 43-101 Technical Report for Reliant Ventures S.A.C. and Silver Standard Resources Inc. by Mine and Quarry Engineering Services, Inc. (“MQes”), R&R Engineering, Milne & Associates, Resource Modeling Inc, Resource Evaluation Inc., and Montgomery Watson Harzag Americas Inc. (the Authors). The quality of information, conclusions, and estimates contained herein is consistent with the level of effort involved in the Authors’ services, based upon: (i) information available at the time of preparation, (ii) data supplied by outside sources, and (iii) the assumptions conditions, and qualifications set for the in this report. This report is intended to be used Reliant Ventures S.A.C. and Silver Standard Resources Inc. subject to the terms and conditions of its contracts with the Authors. These contracts permit Reliant Ventures S.A.C. and Silver Standard Resources Inc. to file this report as a Technical Report with Canadian Securities Regulatory Authorities pursuant to provincial securities legislation. Except for the purposes legislated under provincial securities laws, any other use of this report by any third party is at that party’s sole risk. S AN L UIS P ROJECT R ELIANT V ENTURES S.A.C. TABLE OF CONTENTS ITEM 1 • TITLE PAGE ITEM 2 • TABLE OF CONTENTS ITEM 3 • SUMMARY .......................................................................................................... 3-1 3.1 Introduction and Background .......................................................................................... 3-1 3.1.1 Project Location ................................................................................................ 3-1 3.1.2 Project History .................................................................................................. 3-2 3.1.3 Project Overview .............................................................................................. 3-2 3.1.4 Project Stakeholders ........................................................................................ 3-3 3.1.5 Project Access .................................................................................................. 3-3 3.2 Technical Summary ........................................................................................................ 3-3 3.2.1 Geology and Mineral Resources ...................................................................... 3-3 3.2.2 Mineral Reserves ............................................................................................. 3-5 3.2.3 Mining Method and Mine Plan .......................................................................... 3-6 3.2.4 Process Metallurgy ........................................................................................... 3-8 3.2.5 Process Facilities ........................................................................................... 3-10 3.2.6 Tailings Storage Facility ................................................................................. 3-11 3.2.7 Waste Rock Management .............................................................................. 3-13 3.2.8 Power Supply ................................................................................................. 3-13 3.2.9 Water Supply Structure (WSS) ....................................................................... 3-13 3.2.10 Project Execution Schedule............................................................................ 3-14 3.3 Environmental and Permitting ....................................................................................... 3-16 3.4 Occupational Safety and Health .................................................................................... 3-17 3.5 Capital and Operating Cost Estimates .......................................................................... 3-17 3.6 Marketing and Downstream Costs ................................................................................ 3-18 3.7 Risks and Opportunities ................................................................................................ 3-18 3.7.1 General .......................................................................................................... 3-19 3.7.2 Geological ...................................................................................................... 3-20 3.7.3 Mining ............................................................................................................. 3-20 3.7.4 Processing...................................................................................................... 3-21 3.7.5 Tailings Storage Facility ................................................................................. 3-22 3.7.6 Water Supply .................................................................................................. 3-23 3.7.7 Environmental Permitting ............................................................................... 3-23 3.7.8 Estimated and Actual Costs ........................................................................... 3-23 3.8 Financial Analysis and Sensitivities............................................................................... 3-24 3.9 Conclusions .................................................................................................................. 3-25 3.9.1 Geology .......................................................................................................... 3-25 3.9.2 Mining ............................................................................................................. 3-25 3.9.3 Processing...................................................................................................... 3-26 3.9.4 Tailings Storage Facility ................................................................................. 3-26 3.9.5 Water Supply Structure .................................................................................. 3-27 3.9.6 Other Infrastructure ........................................................................................ 3-27 3.9.7 Costs .............................................................................................................. 3-28 3.10 Recommendations ........................................................................................................ 3-28 June 2010 Table of Contents i S AN L UIS P ROJECT R ELIANT V ENTURES S.A.C. 3.10.1 Geology .......................................................................................................... 3-28 3.10.2 Mining ............................................................................................................. 3-28 3.10.3 Processing...................................................................................................... 3-28 3.10.4 Tailings Storage Facility ................................................................................. 3-29 3.10.5 Water Supply Structure .................................................................................. 3-30 3.10.6 Environmental ................................................................................................ 3-30 ITEM 4 • INTRODUCTION ................................................................................................. 4-1 4.1 Introduction ..................................................................................................................... 4-1 4.2 Terms of Reference ........................................................................................................ 4-1 4.2.1 Currency and Foreign Exchange ...................................................................... 4-1 4.2.2 Abbreviations and Units of Measure ................................................................. 4-1 4.2.3 Scope of Qualified Persons .............................................................................. 4-2 ITEM 5 • RELIANCE ON OTHER EXPERTS .................................................................... 5-1 ITEM 6 • PROPERTY DESCRIPTION & LOCATION ........................................................ 6-1 6.1 Property Location ............................................................................................................ 6-1 6.2 Mineral Rights ................................................................................................................. 6-1 6.3 Project Overview and Background .................................................................................. 6-2 6.4 Project Location and Setting ........................................................................................... 6-4 6.5 Property and Land Ownership Status ............................................................................. 6-4 6.6 Royalties ......................................................................................................................... 6-7 6.7 Environmental Liabilities ................................................................................................