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Sabina Gold & Silver Announces Q2 2012 Financial Results
Published : August 14, 2012

$152.9 Million at June 30, 2012 in Cash and Short-Term Investments

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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2012) - Sabina Gold & Silver Corp. (the "Company") (News - Market indicators) reported today the financial results for the interim period ended June 30, 2012.

Highlights of the quarter include:

  • On May 29th, the Company announced a positive PEA on the Back River Gold Project. According to the PEA, the base case scenario for the project generates a post-tax NPV of $650 million and an IRR of 25% at a $1250 gold price.
  • The Company completed a bought deal flow-through financing comprised of 11,896,750 flow-through common shares at $2.90 for gross proceeds of $34.5 million. An additional 206,759 flow-through common shares at $2.90 were sold on a non-brokered basis for additional proceeds of approximately $0.6 million.
  • Extensive construction and upgrading continued at both the Goose and the George camps.
  • On April 26 and June 4, the Company announced significant high grade assays from the Llama deposit at the Back River Gold Project. Results included Hole 12GSE182 which returned 21.76 g/t Au over 11.70m including 51.52 g/t Ay over 4.50m; hole 12GSE180 which returned 8.40 g/t Au over 10.90m and hole 12GSE168 which returned 6.73 g/t Au over 9.25m.
  • The Company ended the quarter with cash and short-term investments of $152.9 million.

"We continue to have eight drills working hard at our Nunavut properties," said Rob Pease, President & CEO. "Drills continue to focus on extending and increasing the confidence at our existing deposits at Goose, Llama, Umwelt and George. Also, significant baseline and environmental programs continue. The results of this year's work will be incorporated into the upcoming Pre-Feasibility Study on Back River which we plan to complete early in 2013. The Company is fortunate to have a significant treasury which would allow us to advance Back River through engineering and permitting as well as continue to aggressively explore."

Financial Results

For the quarter ended June 30, 2012, the Company reported a net loss of $343 thousand compared to a loss of $3.0 million in 2011. The loss in 2012 is lower than the same period on 2011 primarily as a result of reduced operating and deferred income tax expenses partially offset by reduced amortization of flow-through premium.

The Company had cash and cash equivalents and short-term investments of $152.9 million at June 30, 2012 compared to cash and cash equivalents of $147.4 million at March 31, 2012. It is anticipated that the Company will end the year with approximately $115 million in cash at December 31, 2012.

For the full Q2, 2012 interim financial statements and Management's Discussion and Analysis, please see the Company website at www.sabinagoldsilver.com.

SABINA GOLD & SILVER CORP.

Sabina Gold & Silver Corp. is an emerging precious metals developer with district scale, world class assets in one of the world's newest, most politically stable mining jurisdictions: Nunavut, Canada.

Sabina's primary assets, all located in Nunavut, consist of: the Back River Gold Project, currently in the pre-feasibility and permitting phase; the Wishbone Claims, a vastly prospective grass roots project; and the Hackett River Silver Royalty, a silver production royalty on Xstrata Zinc's Hackett River project comprised of 22.5% of the first 190 million ounces produced and 12.5% of all the silver produced thereafter.

Quality Assurance

The PEA was prepared under the direction of SRK Consulting (Canada) Inc. by leading independent industry consultants, all Qualified Persons (QP) under National Instrument 43-101.

The NI 43-101 "Back River Gold Project Preliminary Economic Assessment ("PEA")" can be found on www.SEDAR.com or on the Company's website.

All technical reports have been filed on www.sedar.com.

Forward-Looking Statements

Statements relating to future operations at the Hackett River Project, the Back River Project and the Wishbone Greenstone belt 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, 2011.

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 Gold & Silver Corp.

Rob Pease, President & CEO



Sabina Gold & Silver Corp.
Nicole Hoeller
Vice-President, IR
1 888 648-4218
nhoeller@sabinagoldsilver.com
www.sabinagoldsilver.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Sabina Gold & Silver Corp

DEVELOPMENT STAGE
CODE : SBB.TO
ISIN : CA7852461093
CUSIP : 785271 10 7
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Sabina is a gold and silver development stage company based in Canada.

Sabina develops gold, silver, copper, lead and zinc in Canada, and holds various exploration projects in Canada.

Its main asset in development is HACKETT RIVER in Canada and its main exploration properties are DEL NORTE, ROCKSTONE, GOLDEN SIDEWALK, SKINNER, BACK RIVER - GOOSE LAKE, BACK RIVER, BACK RIVER - GEORGE LAKE, NEWMAN-MADSEN and WISHBONE in Canada.

Sabina is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 348.8 millions as of today (US$ 281.8 millions, € 242.9 millions).

Its stock quote reached its lowest recent point on July 12, 2002 at CA$ 0.05, and its highest recent level on April 21, 2011 at CA$ 7.63.

Sabina has 223 580 000 shares outstanding.

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