1066 West Hastings, 20th Floor
Vancouver, BC V6E 3X2 Canada
July 11, 2008 SBB NR-08-10 SBB ? TSX.V
SABINA SILVER ANNOUNCES INTERIM UPDATE ON CORPORATE INITIATIVES ON HACKETT RIVER WORK
Vancouver, BC ? Sabina Silver Corporation (SBB.V) announced today an update on work progressing at its 100% owned Hackett River silver-zinc project in Nunavut, Canada as well as an update on interim corporate initiatives currently underway.
As announced on June 1, 2008, Anthony P. Walsh was appointed as President & CEO of Sabina Silver. Since his appointment, Mr. Walsh has been reviewing the current corporate initiatives and strategizing plans to create shareholder value going forward. The overall plan has not yet been finalized however it will be announced as soon as it is approved by the Board of Directors.
HACKETT RIVER
?The majority of the field work that is necessary for the year at Hackett River is almost completed,? said Tony Walsh. ?In reviewing the work done to date for the Hackett River pre-feasibility study, it has become apparent that there is still significant work to be completed. Although this is frustrating, it is unfortunately standard in the current industry environment?
The company also anticipated releasing an updated resource calculation incorporating the work done at Hackett in 2007 by the end of the second quarter. The resource update has been plagued by delays, typical in the industry right now and Sabina does not expect an updated resource to be completed until all metallurgical work and modelling has been finalized. Although the Company was provided with target dates for the completion of this work, the work continues to be behind as a result of capacity constraints. Work is continuing however and the Company is pushing for completion as early as possible.
?The delays we are encountering as well as the extra work required on the project could push the pre-feasibility study out further than the year-end target provided previously,? said Mr. Walsh ?It is essential, in today?s economic environment, that the study is completed in a manner that is conservative but realistic, especially in light of anticipated increases in capital and in the current fuel cost environment.?
CORPORATE
The Company?s corporate objective is to preserve as much cash as possible and continue to maintain a healthy balance sheet. Work continues to be done at Hackett River to push the project forward to pre-feasibility, as well as on other projects, but the focus is on maintaining a healthy treasury.
The Company is proceeding to relocate its corporate offices from London, Ontario to Vancouver, B.C. Plans to expedite a smooth move are currently underway with the anticipation of relocating the head office as soon as possible.
Further updates on the corporate strategy and work on the Company?s projects will be provided as soon as they become available.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in Nunavut, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp.
For further information please contact:
Nicole Hoeller, Director, IR: (807) 766-1799
Forward Looking Statements
Statements relating to exploration, pre-feasibility work and permitting at the Hackett River Project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words ?expects,? ?plans,? ?anticipates,? ?believes,? ?intends,? ?estimates,? ?projects,? ?potential? and similar expressions, or that events or conditions ?will,? ?would,? ?may,? ?could? or ?should? occur. Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company?s properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina?s operations and other risks and uncertainties, including those described in Sabina?s Annual Report for the year ended December 31, 2007.
Forward-looking statements are based on the beliefs, estimates and opinions of Sabina?s management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management?s beliefs, estimates or opinions, or other factors, change.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation
Tony Walsh, President & CEO
1066 West Hastings St, 20th Floor
Vancouver, BC V6E 3X2
Tel 807-766-1799 Fax 807-343-0232
http://www.sabinasilver.com
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