The Johannesburg-based company, however, said it remained interested in a negotiated transaction.
Silver Standard Mining News
Offer came on the heels of Kirkland Lake's move to buy fellow bullion miner Newmarket Gold (TSX:NMI) in an all-stock deal worth about Cdn$1 billion ($764 million).
The properties are located in the southern Chihuahua state.
Saskatchewan has lost its only home-grown gold miner, which last year produced a record-75,748 ounces of the yellow metal.
With the deal, Saskatchewan loses its only home-grown gold miner.
The deal values Claude Resources at Cdn$377 million in total or the equivalent of about $1.65 per share.
Silver standard plans up to US$12.6m to advance to feasibility Golden Arrow's Chinchillas project for a business combination with Pirquitas Mine
"Combining these two neighboring assets offers compelling benefits and allows us to accelerate the development of Chinchillas while benefiting from the existing infrastructure and cash flow being generated at the producing Pirquitas Mine"