Sabina Gold & Silver Starts Drilling at Back River Gold Project, Nunavut Canada
Published : March 05, 2012

Largest Program in Company History Begins New Addition to Management Team

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2012) - Sabina Gold & Silver Corp. (News - Market indicators) is pleased to announce that the Company has begun drilling at its 100% owned Back River gold project, Nunavut.

As previously announced, Sabina has committed to a significant work program on its 100% owned Back River gold project for 2012. The Company has recently opened the camps at George and Goose where resupply efforts continue and drilling has begun.

Sabina ended 2011 with a solid cash position of $160 million. In 2012, the Company plans to spend approximately $70 million on its exploration programs, environmental and engineering work and G&A. Approximately $60 million of this budget will be focussed on advancing the existing Back River resource towards development as well as looking for new discoveries on the Back River claims and Wishbone.

"We are very excited about the aggressive program that we have planned for 2012 to follow up on the tremendous success we had in 2011," said Rob Pease, President & CEO. "Our drilling budget will be split approximately 40% on working to extend existing resources at Llama and Umwelt, 30% on conversion drilling looking to upgrade inferred resources into indicated resources. The remaining budget will focus on looking for new gold discoveries by applying our exploration toolbox to our Wishbone, Goose, George and Boulder Pond properties. Mobilization has gone well and we began drilling one week ahead of last year's campaign."

Further Addition to the Management Team

The Company is pleased to announce that Mr. Jason Hynes will be joining the Company effective March 6, 2012 as Vice President, Corporate Development. Jason's role will include exploring how the Company's assets, particularly its significant silver royalty on Hackett River, could play a role in reducing the financing and development risk at the Back River project.

Mr. Hynes spent the past seven years assisting mining companies in investment banking at National Bank Financial's Mergers & Acquisitions group in Toronto in 2005 before moving to their Global Mining & Metals group in 2006 where he was most recently a Director in the Vancouver office. Jason holds an Honours B.Sc. (Elec. Engineering) from Queen's University at Kingston and an MBA from the University of Toronto's Rotman School of Management.

Mr. Hynes is the third addition to the management team in the last seven months.

Matthew Pickard joined the Company on August 8, 2011 as Director of Environmental and Community Relations. Mr. Pickard is a Professional Geoscientist with over 12 years of experience in environmental, health and safety management within the mining industry most recently with Baffinland Iron Mines Ltd in Nunavut. Mr. Pickard Nunavut experience is invaluable to our permiting efforts at Back River.

In September, 2011 Mr. Leon Coetzer joined the Company as Vice President, Engineering and Project Development. Mr. Coetzer has a broad background including, among other things, working on the re-opening of the Black Angel Mine in Greenland. Leon brings an extensive background in working on remote projects covering a variety of technical areas. 

"We are very pleased to have Jason joining our expanding team as we push Back River towards production," said Rob Pease, President & CEO. "Our team brings a wealth of experience to their roles in the Company's growth."

Working in the Canadian North

The last few weeks of Sabina trading has seen some significant pressure on our share price. In our view, this seems to be the culmination of negative market sentiment regarding two Arctic projects that have been experiencing challenges with their operations.

Agnico-Eagle's ("Agnico") Meadowbank gold mine has experienced higher than expected operating costs resulting in targets not being met and reductions in grade and mine life (see Agnico press release dated Feb. 15, 2012). Despite Agnico's issues at the Meadowbank mine, its higher-grade Meliadine project, also located in Nunavut, continues to grow and meet permitting targets (see Agnico press releases dated Feb. 15 and Feb. 21 2012).

Newmont Mining also recently announced that they were putting their Hope Bay gold project in Nunavut on care and maintenance.

Without minimizing the costs and challenges of operating in such a remote location, we believe there are clear differences between Back River and these other projects.

"There is no question that the Arctic environment is challenging, however, it is no more so than working in any other remote region in the world that lacks infrastructure and power," said Rob Pease, President and CEO. "What is clear is that successful projects need to have sufficient grade, width, continuity and mineability to support the project requirements and infrastructure. Back River's grade is significantly higher than that of Meadowbank or Hope Bay. High grade combined with mining widths which average ~25 meters and shallow plunging deposits at the Goose claim block provide the foundation for what we believe will be a successful mining operation at Back River."

+5 Million Ounce deposits in Canada

To view the graph accompanying this press release please click on the following link: http://media3.marketwire.com/docs/SBBGraph.pdf

The existing resource at Back River appears to be amenable to both open pit and underground mining. The current production concept for Back River contemplates a through put of between 5,000-6,000 tonnes per day for annual gold production of between 300,000 and 400,000 ounces of gold per year. This profile envisages a relatively small footprint that would see Dore flown from the mine to refineries in the south.

The project also has other opportunities. There remains considerable upside exploration potential for new gold discoveries on the project as only a fraction of the land package has been explored. Also, Sabina's properties are adjacent to the Hackett River silver-zinc project, recently sold by the Company to Xstrata Zinc Canada. The very significant silver royalty held by the Company (22.5% of the first 190 million ounces of silver produced at Hackett and 12.5% on any silver produced thereafter) offers opportunities for future cash flow or a potential means to finance a portion of the projects future development. The value and optionality of Sabina's royalty on Hackett River should increase as Xstrata moves the project forward.

Perhaps the best proof of profitable mines in the Canadian North is to look at mines that have or are still producing successfully. As the map below illustrates, these include Diavik, Ekati, Snap Lake, Lupin, Xstrata's Raglan Mine, Polaris, Nanisivik, Pine Point, among others located in the far north around the world.

To view the map accompanying this press release please click on the following link: http://media3.marketwire.com/docs/SBB_Map.pdf

SABINA GOLD & SILVER CORP.

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

Sabina's primary properties consist of the Back River Gold Project, the Wishbone Claims, a vastly prospective grass roots project and the Hackett River silver royalty all located in Nunavut. The Company sold the Hackett River project and certain claims in the Wishbone greenstone belt to Xstrata Zinc Canada Division (Xstrata) for which the Company received $50 m cash and a silver royalty on Xstrata's Hackett River silver production of 22.5% of the first 190 million ounces produced and 12.5% of all silver produced thereafter

Forward Looking Statements

Statements relating to exploration, work on the Company's natural resource properties 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, 2010.

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, should change.

This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.

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 | Greenland | All
Gold and Silver Prices for these countries : Canada | Greenland | All

Sabina Gold & Silver Corp

DEVELOPMENT STAGE
CODE : SBB.TO
ISIN : CA7852461093
CUSIP : 785271 10 7
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

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$ 362.2 millions as of today (US$ 292.5 millions, € 252.1 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.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Sabina Gold & Silver Corp
4/22/2010Sabina Silver Corp. Business Summary
4/21/2010Emerging Precious Metals Stock Analysis
Annual reports of Sabina Gold & Silver Corp
2007 Annual report
Financings of Sabina Gold & Silver Corp
3/1/2011Completes $97.5 Million Financing
Nominations of Sabina Gold & Silver Corp
10/24/2011Appoints Rob Pease as New President and CEO and Director of ...
4/6/2011Appoints John Wakeford to Board of Directors
Financials of Sabina Gold & Silver Corp
3/20/2015Announces Financial Results for the Year Ended 2014
8/9/2013Reports Q2 Financial Results
8/9/2013Reports Q2 Financial Results
4/2/2013Announces 2012 Year End Financial Results
11/9/2012Announces Q3 2012 Financial Results
8/14/2012Announces Q2 2012 Financial Results
5/14/2012Announces Q1, 2012 Financial Results
3/30/2012Announces 2011 Year End Financial Results
11/20/2008ANNOUNCES Q3FINANCIAL RESULTS
9/3/2008Q2 Financial Results
Project news of Sabina Gold & Silver Corp
10/13/2015Sabina Gold & Silver announces assays from Back River confir...
11/4/2013(Back River)Announces Positive Results From Echo Zone at Back River Proj...
10/22/2013(Back River)Announces Continued Positive Results from the Umwelt Deposit...
10/9/2013(Back River)Announces Positive Preliminary Feasibility Study on Back Riv...
8/22/2013(Back River)Announces Positive Results From the George Project at Back R...
7/24/2013(Back River)drills 18.6m of 19.27 g/t Gold at Back River
7/24/2013(Back River)Announces Positive Results from Umwelt Deposit at Back River...
7/4/2013(Back River)Announces Positive Results from George Property at Back Rive...
5/23/2013(Back River)Announces More Significant Assays From Llama Deposit at Back...
5/9/2013(Hackett River)Reports Glencore Xstrata Discloses New Hackett River Resourc...
4/30/2013(Back River)Announces First Results From 2013 Back River Drilling
2/14/2013(Back River)Announces Significant 2013 Back River Work Program
10/18/2012(Back River)Drilling Continues to Demonstrate Confidence at Back River P...
3/5/2012(Back River)Starts Drilling at Back River Gold Project, Nunavut Canada
2/14/2012(Back River)Mobilizes Back River Camps, Drilling Campaign to Commence Ea...
2/13/2012(Back River)Mobilizes Back River Camps, Drilling Campaign to Commence Ea...
1/12/2012(Back River)Completes Technical Report of Resource Estimate for Back Riv...
9/13/2011(Back River)Reports Continued Expansion at Umwelt & Llama Deposits, Back...
8/31/2011(Back River)Reports More Positive Results at Umwelt on the Back River Go...
8/25/2011(Back River)Reports Continued Positive Results at Back River and Wishbon...
7/22/2011(Back River)Reports Continued Positive Results at Back River Gold Projec...
6/28/2011(Back River - Goose Lake)Reports Umwelt Mineralization Now Extended Over a Strike Len...
5/31/2011(Back River)Announces Buy Back of the R.A. Olson Consulting Ltd. Royalti...
5/22/2011(Hackett River)Reports Positive Results from Early 2011 Drilling at the Hac...
4/27/2011(Back River)Reports Positive Results From Early 2011 Drilling at the Bac...
3/13/2011(Back River)Announces Updated Resource Estimate for Back River Gold Proj...
2/15/2011(Back River)Sabina Gold & Silver Files Updated Technical Report on Back ...
2/3/2011(Back River - Goose Lake)amp; Silver Opens Nunavut Camp for Aggressive 2011 Explorati...
9/15/2008(Hackett River)Hackett River Permitting Process Moves Forward
7/14/2008(Hackett River)Announces Interim Update on Corporate Initiatives on Hackett...
1/8/2008(Hackett River)Sabina drills 3.7 m of 40.28% Zn at Hacket River
Corporate news of Sabina Gold & Silver Corp
6/16/2016Sabina Gold & Silver Statement On The Nunavut Impact Review ...
6/10/2016Sabina Gold & Silver Announces AGM Voting Results
6/9/2016Sabina Gold & Silver Discovers New Gold Zone and Advanced Hi...
5/25/2016Sabina Gold & Silver Reports Encouraging Metallurgical Optim...
5/20/2016Sabina Closes $32 Million Bought Deal Financing: Enables Con...
5/2/2016Sabina Gold & Silver Corp. Announces C$30 Million Bought Dea...
3/31/2016Sabina Gold & Silver Announces Anna Stylianides Appointed To...
3/24/2016Sabina Gold & Silver Announces Financial Results for the Yea...
1/20/2016Sabina Gold & Silver announces 2016 Budget and Work Plans
11/25/2015Sabina Gold & Silver Corp Completes $2.2 Million Financing
10/13/2015Sabina Gold & Silver Announces Assays from Back River Confir...
9/14/2015Sabina Gold & Silver Announces Positive Initial Project Feas...
8/13/2015Sabina Gold & Silver Announces Q2 Financial Results
7/29/2015Sabina Gold & Silver Commences Feasibility Study Assessing L...
7/14/2015Sabina Completes $1.3 Million Financing
6/23/2015Sabina Gold & Silver Files NI 43-101 Technical Report for Fe...
6/18/2015Sabina Gold & Silver Announces John Wakeford Joins As Adviso...
2/4/2015Sabina Gold & Silver Reports Change in Management
1/12/2015Sabina Gold & Silver Reports On Important Back River Permitt...
1/12/2015Sabina Gold & Silver Reports on Important Back River Permitt...
11/14/2014SABINA GOLD & SILVER ANNOUNCES Q3 2014 FINANCIAL RESULTS $38...
11/14/2014Sabina Gold & Silver Announces Q3 2014 Financial Results
10/7/2014Sabina Gold & Silver Reports on Back River Feasibility Study...
8/7/2014Sabina Gold & Silver Announces Q2 2014 Financial Results
7/31/2014Sabina Gold & Silver Reports Completion of Drilling at Echo ...
6/25/2014Sabina Gold & Silver Completes Sale of Newman-Madsen, Ontari...
5/14/2014Sabina Gold & Silver Announces Q1 2014 Financial Results
5/13/2014Sabina Gold & Silver Announces Sale of Newman-Madsen, Ontari...
4/28/2014Sabina Gold & Silver & Kitikmeot Inuit Association Announce ...
4/22/2014Sabina Gold & Silver Reports Significant Estimated Improveme...
4/7/2014Sabina Gold & Silver Announces 2014 Back River Work Program ...
3/27/2014Sabina Gold & Silver Announces 2013 Year End Financial Resul...
3/13/2014Sabina Gold & Silver Reports Completion Of Hackett River 201...
3/12/2014Sabina Gold & Silver Reports Completion of Hackett River 201...
6/11/2013Completes $20.6 Million Financing
10/2/2012(Back River)Reports Drilling Confirms Thickness and Grade at Back River ...
9/17/2012(Back River)Announces New Shallow High Grade Discovery at Back River Pro...
8/9/2012(Back River)Announces High Grade Drill Results from Umwelt Deposit at th...
7/19/2012(Back River)Announces Continued Positive Drill Results From 2012 Drillin...
7/9/2012(Back River)Initiates Permitting Process at Back River Project, Nunavut;...
6/26/2012Completes $34.5 Million Financing
6/4/2012(Back River)Announces More Positive Drill Results from 2012 Drilling at ...
5/29/2012(Back River)Announces Positive Preliminary Economic Assessment at Back R...
4/26/2012(Back River)Announces High Grade Drill Results from 2012 Drilling at Lla...
1/23/2012Announces Aggressive 2012 Nunavut Work Program
10/4/2011to Set Up Development Trust for the Kitikmeot Region of Nuna...
9/20/2011(Back River)Reports Updated Resource Estimate for the Goose Deposit, Bac...
3/24/2011Announces Memorandum of Understanding With the Nunavut Resou...
11/3/2008New Address
8/26/200825 August 2008
8/21/2008ADDS TO ?NORTHERN? MANAGEMENT TEAM
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (SBB.TO)Other OTC (SBBFF)
1.62-4.14%0.760-2.56%
TORONTO
CA$ 1.62
10/26 15:03 -0.070
-4.14%
Prev close Open
1.69 1.66
Low High
1.60 1.69
Year l/h YTD var.
1.42 -  3.45 -50.76%
52 week l/h 52 week var.
1.42 -  3.45 -36.22%
Volume 1 month var.
171,240 10.20%
24hGold TrendPower© : 27
Produces
Develops Copper - Gold - Lead - Silver - Zinc
Explores for Gold - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 1/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2021-50.76%3.541.60
202070.47%3.380.71
201958.20%2.270.99
2018-46.26%2.351.13
2017131.63%2.700.93
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.24-0.69%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.53+2.02%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.34-0.30%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 1.17+0.00%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 1.22+1.67%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.04+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 4.03+0.75%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.41-2.07%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.45-2.17%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.20+2.56%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.98-2.61%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 41.62+2.36%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :