Sabina Gold & Silver Updates on Construction Achievements
VANCOUVER, British Columbia, Dec. 16 2020 (GLOBE NEWSWIRE) – Sabina Gold & Silver Corp (TSX-SBB / OTCQX-SGSVF) “Sabina” or the “Company” is pleased to announce that our construction goals for the year have been completed and staff demobilization of the Goose project in Nunavut, Canada, has been completed.
Project pre-development activities
Despite a late start due to COVID, 2020 has been a productive year at Goose Camp as the Company continued to advance its exploration and project pre-development activities.
Within a strict COVID operational framework that required pre-deployment surveillance, testing approved before deployment by Health Canada, as well as on-site mitigation and surveillance measures, the Back River project was the only large-scale mining camp of the territory not to report any cases of COVID.
Pre-construction activities that have progressed at Goose Camp this year include:
Extension of the existing all-weather airstrip from 3,000 to 4,500 feet to facilitate the use of large capacity freight and transport aircraft to support underground development and future operations;
220 flights carrying fuel, equipment, supplies and personnel safely performed during the year;
The supply and transport of underground equipment required for 2021 to bond and advance the exploration decline;
Completion of the caisson excavation for the future underground exploration ramp, with a view to plugging the ramp in spring 2021;
Completion of the underground equipment workshop platform and major earthworks of the groundwater settling basin;
Considerable progress made on the preparation of the permanent fuel tank platform; and
Construction of approximately 4 km of all-weather roads connecting the exploration camp, the underground workshop / portal collar area, the groundwater settling pond, the fuel tank platforms and the complex area permanent camp accommodation.
“These pre-development activities put us in an ideal position to move the project forward next spring,” said Bruce McLeod, President and CEO. “Not only will they make work more efficient as we move into construction, but they will further reduce the risk of the project schedule. We are now discharged from the camp for the 2020 season, and I am very proud of our team’s efforts and their safety record without loss of time incidents or COVID cases at the site. We’re all excited for 2021 and beyond. “
gInclusion of the DXJ index
Sabina is pleased to announce that as of market close on December 18, 2020, the Company will be added to GDXJ.
Qualifying for addition to GDXJ is another benchmark of how Sabina’s success has translated into stock performance and liquidity. Inclusion in this index provides an increased level of validation of the Company to a broader base of institutional investors, bringing additional trading flexibility and value to our Company.
The index’s initial position in Sabina is estimated at around 17 million shares.
Sabina Gold & Silver Corp.
Sabina Gold & Silver Corp. is well-funded and is an emerging precious metals company with advanced, high-grade district-scale gold assets in one of the newest and politically stable mining jurisdictions in the world: Nunavut, Canada.
Sabina has released a feasibility study on its 100% owned Back River gold project, which features a project designed on a tailored basis, with the potential to produce approximately 200,000 ounces per year for approximately 11 years with a rapid return on investment of 2.9 years (see “Technical Report for the Feasibility Study of the Initial Project on the Back River Gold Property, Nunavut, Canada” dated October 28, 2015). Work is progressing on the Updated Feasibility Study (“UFS”) and resource estimate for the Goose Mine. The UFS will feature a revised mining plan focused on bringing high grade underground material to the plant first, increasing the production profile and improving the profitability of the project. The updated resource estimate and UFS are expected in the first quarter of 2021.
The project received its final project certificate on December 19, 2017. The project received its type A water permit on November 14, 2018 and its registration to allow the deposit of tailings in Schedule 2 of the Regulation respecting effluents of metal and diamond mines on June 25, 2020. The Company is now in possession of all major authorizations for construction and operation.
In addition to Back River, Sabina also owns a significant silver royalty from Glencore’s Hackett River project. The silver royalty on Hackett River silver production comprises 22.5% of the first 190 million ounces produced and 12.5% of all silver produced thereafter.
For more information, please contact:
Nicole Hoeller, Vice-President, Communications: 1 888 648-4218
This press release contains “forward-looking information” within the meaning of applicable securities laws (“forward-looking statements”), including our belief as to the scope, results and timing of various studies relating to studies of engineering, infrastructure improvement activities, exploration results and permit and license results. These forward-looking statements are made as of the date of this press release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the circumstances, results or future results anticipated or implied by such forward-looking statements will occur or that the plans, intentions or expectations about which the forward-looking statements are based will occur. Although we have based these forward-looking statements on our expectations regarding future events on the date on which these statements were prepared, the statements do not constitute a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors that could cause events or results to differ materially from those expressed or implied by such forward-looking statements. These factors and assumptions include, among others, the effects of general economic conditions, commodity prices, changing exchange rates and actions of governmental and regulatory authorities and errors in judgment in the preparation of forward-looking statements. In addition, there are known and unknown risk factors that could cause our actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by forward-looking statements. Known risk factors include risks associated with exploration and development of the project; the need for additional financing; the calculation of mineral resources and reserves; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; government regulations; obtain and renew the necessary licenses and permits; environmental liability and insurance; dependence on key personnel; the potential for conflicts of interest between some of our officers or directors; the absence of dividends; currency fluctuations; labor disputes; competition; dilution; the volatility of the price and volume of our common shares; future sales of shares by existing shareholders; and other risks and uncertainties, including those relating to the Back River Project and general risks associated with the mineral exploration and development industry described in our Annual Information Form, financial statements and MD&A for the fiscal year ended December 31, 2019 filed with the Canadian Securities Corporation. administrators and available at www.sedar.com. Although we have attempted to identify material factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that may cause the actions to differ materially from those described in forward-looking statements. , events or results are not those anticipated, estimated or foreseen. . There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or change any forward-looking statements, except as required by applicable securities laws. This press release has been authorized by the undersigned on behalf of Sabina Gold & Silver Corp.
Bruce McLeod, President and CEO
Suite 1800 – Two Bentall Center
555 Burrard Street
Vancouver, BC V7X 1M7
Phone. 604 998-4175 Fax. 604 998-1051