CORRECTION FROM SOURCE: Sabina Gold & Silver Announces Q3 2012
Cash and Short-Term Investments of $129.1 Million at September 30,
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/09/12 -- A
correction from source has been issued for the news release
disseminated on November 9, 2012 at 5:00pm ET for Sabina Gold &
Silver Corp. (TSX:SBB). There was a typo in the sixth bullet point,
the figure should read $129.1 million rather than $29.1 million. The
complete and corrected release follows:
Sabina Gold & Silver Corp. (the "Company") (TSX:SBB) reported today
the financial results for the interim period ended September 30,
Highlights of the quarter include:
-- The Company submitted a Preliminary Project Description on the Back
River Gold Project to the Nunavut Water Board, triggering the
environmental assessment and permitting process on the project.
-- In August, the Company initiated a Prefeasibility Study ("PFS") on Back
River. Tetra Tech WEI Inc has been engaged as the lead on the project.
Other consultants contributing to the PFS are AMC Consultants Ltd.
(geological modeling and mining), Knight Piesold Consultants Ltd.,
(tailings design, geotechnical and hydrogeology) and Rescan (hydrology
and baseline environmental).
-- On September 17th, the Company announced the discovery of the shallow
Wing Zone between the proposed Llama and Umwelt pits. Further work needs
to be done on this prospective discovery.
-- The Company announced significant results from its ongoing 2012
exploration programs at Back River in the quarter. Significant assays
continued to be returned from Llama and Umwelt and new zones of gold
mineralization were reported from drilling at the Boulder Property
(located in the corridor between George and Goose) and Fold Forest zones
(on the George property). More work is planned on both of these targets.
-- One of the best holes of the year was drilled at the Umwelt G2 Zone.
Hole 12GSE217 returned 51.93 g/t Au over 16m from the G2 Zone; hole
-- The Company ended the quarter with cash and short-term investments of
"In the quarter, we continued to have drilling success, including
of the Wing Zone near Llama as well has significant good
grade, good width incepts from the G2 zone at Umwelt," said Rob
Pease, President & CEO. "At the same time we completed baseline and
other site work to support the upcoming PFS. Camps closed for the
season on October 19, and the team is busy reviewing work and
proposing plans and budgets for next year. We look forward to
reporting on this to the market in due course."
For the three months ended September 30, 2012, the Company reported a
net loss of $4.6 million compared to a loss of $2.6 million in 2011.
The loss in Q3 2012 is higher primarily as a result of lower
flow-through premium income and higher operating expenses.
The Company had cash and cash equivalents and short-term investments
of $129.1 million at September 30, 2012 compared to cash and cash
equivalents of $159.9 million at December 31, 2011. It is anticipated
that the Company will end the year with approximately $118 million in
cash at December 31, 2012.
For the full Q3, 2012 interim financial statements and Management's
Discussion and Analysis, please see the Company website at
www.sabinagoldsilver.com or visit www.sedar.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
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
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.
1 888 648-4218
Sabina Gold & Silver Corp.
930 West 1st Street, Suite 202
North Vancouver, BC V7P 3N4
(604) 998-4175 or Toll Free: (888) 648-4218
(604) 998-1051 (FAX)
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