Silver Standard Intersects Further Significant Silver Mineralization a

    News Editors

    VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 2, 2005--Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is pleased to report further significant intersections from drilling at the Berenguela project located five kilometers west of Santa Lucia on the altiplano of southern Peru. The Berenguela property covers a zone of polymetallic mineralization which hosts significant silver resources and has received little exploration attention since the 1960's. Silver Standard holds an option to acquire the silver resources on the property.

    The accompanying table summarizes assay results for the 34 holes for which results had been outstanding. Highlights from the West Block drilling (holes 33 - 57) include:

- BER-40 which intersected - 177.2 feet averaging 15.2 ounces of silver per ton (54 meters averaging 520 grams of silver per tonne), including 128.0 feet averaging 18.2 ounces of silver per ton (39 meters averaging 624 grams of silver per tonne).

- BER-48 which intersected - 272.3 feet averaging 9.6 ounces of silver per ton (83 meters averaging 329 grams of silver per tonne), including 91.9 feet averaging 14.8 ounces of silver per ton (28 meters averaging 507 grams of silver per tonne).

- BER-47 which intersected - 121.4 feet averaging 14.7 ounces of silver per ton (37 meters averaging 503 grams of silver per tonne), including 49.2 feet averaging 29.7 ounces of silver per ton (15 meters averaging 1,019 grams of silver per tonne).

- BER-42 which intersected - 98.4 feet averaging 13.1 ounces of silver per ton (30 meters averaging 448 grams of silver per tonne), including 32.3 feet averaging 31.8 ounces of silver per ton (10 meters averaging 1,109 grams of silver per tonne).

    In the accompanying table, holes BER 13 - 32 were collared in the Cerro Block area centered approximately 550 meters to the east of the West Block. Mineralization in the Cerro Block is open to the east and northeast. Kenneth C. McNaughton, M.A.Sc., P.Eng., vice president, exploration, Silver Standard Resources Inc., is the qualified person responsible for the exploration program at Berenguela.

    Silver Standard's recently completed reverse circulation program totaled 5,247 meters in 57 holes. The program objectives were: (1) to twin historic, wider-spaced drilling to verify the grade of mineralization, and (2) to complete sufficient additional infill drilling in two areas of mineralization on the property to determine the scope of future drilling requirements for a measured, indicated and inferred resource. For other news releases related to the Berenguela project, please refer to news releases dated January 18, 2005 and March 31, 2004 on Silver Standard's web site: www.silverstandard.com.

    Silver Standard Resources Inc. is a well-financed silver resource company with $43.4 million in cash, 1.95 million ounces of physical silver, and marketable securities with a value of $3.9 million. The company continues to seek resource growth through acquisitions and exploration and development of its own projects.

    To receive Silver Standard's news releases by e-mail, contact Paul LaFontaine, director, investor relations at invest@silverstandard.com or call (888) 338-0046. The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties which could cause actual results to vary considerably from these statements. The risks and uncertainties include those described in Silver Standard's SEC Form 20F as amended.

    Cautionary note to U.S. investors concerning disclosure of estimates of mineral resources and contained ounces of silver: The terms "mineral reserve" and "mineral resource" used in this news release are Canadian geological and mining terms as defined in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council on August 20, 2000 as may be amended from time to time by the CIM.

    Disclosure of silver resources expressed in ounces in the mineral resource category in this news release is in compliance with National Instrument 43-101, but does not meet the requirements of Industry Guide 7, Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations, of the SEC, which will accept only the disclosure of tonnage and grade estimates for non-reserve mineralization.

SELECTED BERENGUELA, PERU DRILL RESULTS - February 2005

Interval (in Silver Hole meters) (grams/ Interval Silver Number From To (i) tonne) (in feet) (oz./ton) BER-13 11 27 16 45 52.5 1.3 57 67 10 68 32.8 2.0 BER-14 0 12 12 47 39.4 1.4 26 49 23 142 75.5 4.1 incl. 40 49 9 255 29.5 7.4 BER-30 11 47 36 229 118.1 6.7 incl. 16 38 22 305 72.2 8.9 BER-30 96 103 7 220 23.0 6.4 BER-31 10 29 19 94 62.3 2.7 incl. 22 29 7 196 23.0 5.7 BER-31 39 46 7 200 23.0 5.8 BER-32 57 79 22 74 72.2 2.2 BER-33 0 27 27 176 88.6 5.1 BER-34 0 8 8 430 26.2 12.5 38 76 38 86 124.7 2.5 BER-35 0 4 4 118 13.1 3.4 38 79 41 97 134.5 2.8 BER-36 0 26 26 232 85.3 6.8 1 14 13 331 42.7 9.7 BER-37 0 33 33 163 108.3 4.8 incl. 10 19 9 260 29.5 7.6 BER-38 12 39 27 275 88.6 8.0 incl. 17 30 13 383 42.7 11.2 BER-39 1 24 23 137 75.5 4.0 BER-39 43 52 9 248 29.5 7.2 BER-40 6 60 54 520 177.2 15.2 incl. 9 48 39 624 128.0 18.2 BER-41 14 30 16 244 52.5 7.1 BER-42 5 35 30 448 98.4 13.1 incl. 22 32 10 1,109 32.8 32.3 44 60 16 92 52.5 2.7 77 89 12 111 39.4 3.2 BER-43 0 50 50 112 164.0 3.3 incl. 12 23 11 212 36.1 6.2 BER-44 0 36 36 185 118.1 5.4 incl. 20 35 15 387 49.2 11.3 BER-45 0 48 48 132 157.5 3.8 BER-46 0 47 47 251 154.2 7.3 incl. 0 4 4 451 13.1 13.2 and 28 43 15 493 49.2 14.4 BER-47 7 44 37 503 121.4 14.7 incl. 14 29 15 1,019 49.2 29.7 BER-48 1 84 83 329 272.3 9.6 incl. 12 40 28 507 91.9 14.8 and 51 65 14 330 45.9 9.6 BER-49 No significant mineralization BER-50 14 25 11 133 36.1 3.9 BER-51 0 39 39 77 128.0 2.2 incl. 16 32 16 110 52.5 3.2 BER-52 0 26 26 146 85.3 4.3 incl. 1 11 10 176 32.8 5.1 BER-53 0 68 68 72 223.1 2.1 incl. 0 15 15 116 49.2 3.4 BER-54 0 21 21 42 68.9 1.2 44 63 19 92 62.3 2.7 BER-55 0 26 26 128 85.3 3.7 incl. 5 18 13 170 42.7 5.0 68 80 12 140 39.4 4.1 BER-56 2 31 29 74 95.2 2.2 42 54 12 580 39.4 16.9 58 91 33 115 108.3 3.4 BER-57 0 33 33 87 108.3 2.5 incl. 26 32 6 235 19.7 6.9

(i) True thickness to be determined. Kenneth C. McNaughton, M.A.Sc., P.Eng., and vice president, exploration, Silver Standard Resources Inc., is the Qualified Person (QP) responsible for the Berenguela exploration program and has verified the data in the table above. All assays were submitted for preparation and analysis by ALS Chemex at its facilities in Lima, Peru (preparation) and Vancouver, B.C. (analysis). All samples were analyzed using three acid digestion with ICP finish. Samples over 200 grams were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,000 grams were fire assayed with a gravimetric finish. One in 20 samples were blind duplicate assayed at ALS Chemex in Vancouver, B.C..

    The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

    Silver Standard Resources Inc. (TSX:SSO) (NASDAQ:SSRI)

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CONTACT: Silver Standard Resources Inc. Robert A. Quartermain Robert A. Quartermain (604) 689-3846 OR Silver Standard Resources Inc. Paul LaFontaine Director, Investor Relations N.A/ Toll Free: (888) 338-0046 or (604) 484-8212 invest@silverstandard.com www.silver-standard.com

KEYWORD: NEW YORK INTERNATIONAL CANADA INDUSTRY KEYWORD: MINING/METALS SOURCE: Silver Standard Resources Inc.

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