TECHNICAL REPORT AND RESOURCE ESTIMATES ON THE WEST, BRIDGE, GALENA HILL, SHORE, SG & GOSSAN HILL GOLD & SILVER ZONES OF THE BRUCEJACK PROPERTY NORTHERN BRITISH COLUMBIA CANADA LATITUDE 56° 28’ 20” N: LONGITUDE 130° 11’ 31” W For SILVER STANDARD RESOURCES INC. By P&E Mining Consultants Inc. NI 43-101F1 TECHNICAL REPORT No 173 Dr. Wayne D. Ewert, P.Geo. Ms. Tracy Armstrong, P.Geo. Mr. Fred H. Brown, CPG, Pr.Sci.Nat. Mr. Eugene Puritch, P.Eng. Effective Date: Dec 1, 2009 Signing Date: Jan 14, 2010 TABLE OF CONTENTS 1.0 INTRODUCTION AND TERMS OF REFERENCE ......................................................... 1 1.1 TERMS OF REFERENCE ....................................................................................... 1 1.2 SOURCES OF INFORMATION ............................................................................. 2 1.3 UNITS AND CURRENCY ........................................................................................ 2 1.4 GLOSSARY AND ABBREVIATION OF TERMS ................................................ 2 1.5 ACKNOWLEDGMENTS ......................................................................................... 4 2.0 RELIANCE ON OTHER EXPERTS ................................................................................... 5 3.0. PROPERTY DESCRIPTION AND LOCATION .............................................................. 6 3.1 PROPERTY DESCRIPTION AND TENURE ....................................................... 6 3.2 LOCATION ................................................................................................................ 7 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY ............................................................................................................... 12 4.1 ACCESS .................................................................................................................... 12 4.2 CLIMATE ................................................................................................................ 12 4.3 LOCAL RESOURCES AND INFRASTRUCTURE ............................................ 13 4.4 PHYSIOGRAPHY ................................................................................................... 15 5.0 HISTORY AND PREVIOUS EXPLORATION ............................................................... 16 5.1 EARLY REGIONAL HISTORY ........................................................................... 16 5.2 RECENT PROPERTY HISTORY ........................................................................ 20 5.3 HISTORICAL RESOURCE ESTIMATES .......................................................... 22 5.4 HISTORICAL FEASIBILITY STUDY ................................................................. 23 5.5 HISTORICAL MINERAL PROCESSING & METALLURGY ........................ 23 6.0 GEOLOGICAL SETTING ................................................................................................. 24 6.1 REGIONAL GEOLOGY ........................................................................................ 24 6.2 PROPERTY GEOLOGY ........................................................................................ 30 7.0 DEPOSIT TYPES ................................................................................................................ 34 7.1 INTRODUCTION.................................................................................................... 34 7.2 EPITHERMAL GENETIC MODEL ..................................................................... 35 7.2.1 INTRODUCTION........................................................................................ 35 7.2.2 EPITHERMAL MINERALIZATION CHARACTERISTICS ............... 35 7.2.3 DIAGNOSTIC CHARACTERISTICS OF EPITHERMAL SUBTYPES ................................................................................................... 36 7.3 SUMMARY - EPITHERMAL MINERALIZING SYSTEMS ............................ 43 8.0 MINERALIZATION ........................................................................................................... 45 8.1 INTRODUCTION.................................................................................................... 45 8.2 BRUCEJACK PROPERTY .................................................................................... 45 8.3 WEST ZONE ............................................................................................................ 49 8.4 BRIDGE ZONE ....................................................................................................... 51 8.5 GALENA HILL ZONE ........................................................................................... 53 8.6 SHORE ZONE ......................................................................................................... 55 8.7 SG ZONE .................................................................................................................. 57 8.8 GOSSAN HILL ZONE ............................................................................................ 59 9.0 EXPLORATION .................................................................................................................. 60 10.0 DRILLING ........................................................................................................................... 61 10.1 INTRODUCTION.................................................................................................... 61 10.2 WEST ZONE ............................................................................................................ 62 10.3 BRIDGE ZONE ....................................................................................................... 64 10.4 GALENA HILL ZONE ........................................................................................... 65 10.5 SHORE ZONE ......................................................................................................... 67 10.6 SG ZONE .................................................................................................................. 67 10.7 GOSSAN HILL ZONE ............................................................................................ 67 10.8 MAMMOTH ZONE ................................................................................................ 67 11.0 SAMPLING METHOD AND APPROACH ...................................................................... 69 12.0 SAMPLE PREPARATION, ANALYSES AND SECURITY .......................................... 70 12.1 ALS CHEMEX LAB................................................................................................ 70 13.0 DATA VERIFICATION ..................................................................................................... 71 13.1 SITE VISIT AND INDEPENDENT SAMPLING ................................................ 71 13.2 PRE-SILVER STANDARD HISTORICAL DATA & QC .................................. 72 13.3 P&E INDEPENDENT DATA REVIEW ............................................................... 73 13.4 2009 DATA VERIFICATION RESULTS ............................................................. 73 13.4.1 PERFORMANCE OF CERTIFIED REFERENCE MATERIAL.......... 73 13.4.2 PERFORMANCE OF BLANK MATERIAL ........................................... 73 13.4.3 2009 DUPLICATE STATISTICS .............................................................. 74 13.4.4 2009 EXTERNAL CHECKS ...................................................................... 74 14.0 ADJACENT PROPERTIES ............................................................................................... 75 14.1 KERR-SULPHURETS-MITCHELL PROPERTY .............................................. 75 14.2 IRON CAP ZONE.................................................................................................... 77 15.0 MINERAL PROCESSING AND METALLURGICAL TESTING ................................ 79 16.0 MINERAL RESOURCE ESTIMATES ............................................................................. 80 16.1 INTRODUCTION.................................................................................................... 80 16.2 PREVIOUS RESOURCE ESTIMATES ............................................................... 80 16.3 SAMPLE DATABASE ............................................................................................ 81 16.4 DATABASE VALIDATION ................................................................................... 81 16.5 TOPOGRAPHIC CONTROL ................................................................................ 83 16.6 DENSITY .................................................................................................................. 83 16.7 DOMAIN MODELING ........................................................................................... 83 16.8 COMPOSITING ...................................................................................................... 85 16.9 EXPLORATORY DATA ANALYSIS ................................................................... 85 16.10 TREATMENT OF EXTREME VALUES ............................................................. 88 16.11 VARIOGRAPHY ..................................................................................................... 88 16.12 BLOCK MODELS ................................................................................................... 90 16.13 ESTIMATION & CLASSIFICATION .................................................................. 90 16.14 RESOURCE ESTIMATE ......................................................................................