February 25, 2002
News Release 02-04

Trading Symbols:
Nasdaq SmallCap: SSRI
CDNX: SSO

SILVER STANDARD PURCHASES BLACK HAWK'S INTEREST IN MANANTIAL ESPEJO,
SELLS 50% INTEREST TO PAN AMERICAN SILVER

Vancouver, B.C. -- Silver Standard Resources Inc. is pleased to report
an agreement with Black Hawk Mining Inc. of Toronto, Ontario, whereby
Silver Standard will purchase Black Hawk's remaining interest in the
Manantial Espejo silver-gold project in Argentina for US$2.0 million in
cash or common shares. Silver Standard presently holds a 10% direct
interest in the project and an option to earn an additional 40%
interest.

The company also reports a concurrent agreement to vend a 50% interest
in Manantial Espejo to Pan American Silver Corp. of Vancouver, B.C. Pan
American's consideration will be US$2.0 million in cash or common shares
plus certain joint venture expenditures described below. Both
agreements are subject to regulatory approvals and are expected to close
on or before March 31, 2002.

Silver Standard and Pan American will enter into a joint venture
agreement with costs shared equally from January 1, 2002. Silver
Standard will continue as operator during the exploration phase. Pan
American will be operator during feasibility and mine construction and
the two companies will form a joint venture management committee on
commencement of production. In recognition of Silver Standard's
exploration work to date, Pan American will contribute the first US$3.0
million toward mine construction once a production decision is made.
After those expenditures are made, further investments will be shared
equally.

The agreement with Pan American brings a strong proven mine operator to
Manantial Espejo and signals Pan American's confidence in both the
project and Argentina. From Silver Standard's perspective, Pan
American's participation frees up capital for other potential
acquisitions and will enable Silver Standard to continue with aggressive
exploration at its silver-dominant projects at Challacollo in Chile and
San Marcial in Mexico.

Manantial Espejo is an advanced silver-gold project located in the
province of Santa Cruz in southern Argentina approximately 60 miles (100
kilometers) west of AngloGold's Cerro Vanguardia high-grade gold-silver
mine. Prior to a recently completed 5,000-metre diamond drilling
program, Silver Standard and Black Hawk had reported the following
resources:

Manantial Espejo Resource Summary

Category Tonnes (in millions) Silver Grade (in grams/tonne)
Gold Grade (in grams/tonne) Silver (in millions of oz.) Gold
(in millions of oz.) Silver Equivalent* (in millions of oz.)
Measured and Indicated 4.39 263.8 4.51 37.2 0.637 72.3
Inferred 1.59 258.2 3.65 13.2 0.187 23.5

(*Silver-equivalent is based 55:1 silver: gold. Resource data provided
by Silver Standard was reviewed by Pincock Allen & Holt, Stew Wallis,
P.G., P.Geo., Qualified Person.)

Silver Standard is well-financed with a current cash position of $5.4
million and is completing drill programs at its Challacollo property in
Chile and San Marcial in Mexico. The company's silver-dominant projects
are located in Australia, Argentina, Chile, the United States and
Mexico.

For further information, contact:

Robert A. Quartermain, President
Silver Standard Resources Inc.
Vancouver, B.C.
(604) 689-3846

or

Paul LaFontaine, Director, Investor Relations
N.A/ toll-free: (888) 338-0046
Direct: (604) 484-8212
E-Mail: invest@silverstandard.com

To receive Silver Standard's news releases by e-mail, contact Paul
LaFontaine, manager, investor relations at invest@silverstandard.com or
call (888) 338-0046. The Canadian Venture Exchange has neither approved
nor disapproved of the information contained herein. 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.

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