Sabina Gold & Silver Announces Significant 2013 Back River Work Program
Company Aggressively Continuing on Its Path Towards Becoming a
Mid-Tier Gold Producer
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/14/13 -- Sabina
Gold & Silver Corp. (TSX:SBB) is pleased to outline the objectives of
its 2013 exploration program for its 100% owned Back River project in
Nunavut. Goose Camp is open and mobilization is underway with
drilling expected to commence in late February.
"2013 will be another pivotal year for us in Nunavut at the Back
River Gold Project," said Rob Pease, President & CEO. "The Board and
management believe that we will keep building value in the Company by
continuing to de-risk Back River and aggressively moving the project
towards a production decision. To this end, the 2013 program is
focussed on work to complete the on-going Pre-Feasibility Study (PFS)
and support a potential subsequent Feasibility Study (FS). At the
same time, the Company is moving forward with our permitting
initiatives and plans to file a draft Environmental Impact Statement
("EIS") by year end. We also anticipate an updated Back River
resource calculation before the end of the Q1, 2013."
In 2012, the Company completed approximately 76,000 metres of
drilling at Back River, primarily focused on upgrading the resources
for inclusion in the PFS. In 2013, the company plans approximately
45,000 metres of drilling which will include: infill, geotechnical
and geo-mechanical drilling as well as exploration drilling of high
potential greenfield type targets. Drills will start turning in late
February with a view to having 8 drills up and running on the project
by the end of March, 2013.
The objectives at Back River for 2013 are:
1. To complete all work needed to support a PFS on the project;
2. If the PFS is positive, to commence a FS on the project for completion
in the second half of 2014;
3. To complete necessary baseline environmental studies needed to support
the filing of a draft EIS by the end of 2013;
4. To drill test remaining high potential targets on the Goose claim block
with a view to adding open pit ounces in and around the existing
5. To drill test high priority exploration targets at the George, Boot and
Boulder claim blocks.
Work Plans 2013
Work at Back River will continue to be directed towards adding value
to the project in and around existing deposits. Drilling is planned
to optimize and support successful completion of the PFS and a
potential subsequent FS and to provide best options and alternatives
for possible production sequencing. High priority greenfield targets
will also be tested for near surface discoveries.
Infill drilling will focus on the Llama, Umwelt and Goose deposits to
upgrade high grade zones within the pits to the measured category.
Extension drilling will concentrate on target areas at George with a
focus on the Locale 1 and 2 deposits and at Llama at the newly
discovered Wing Zone and the gap between the bottom of the current
pit outline and lower extensions to the Llama mineralization
identified in 2012.
Near-deposit drilling at George and Goose will focus on a number of
areas that have been identified for potential to add new, shallow
resources that can potentially be incorporated into mine planning.
Greenfield targeting and testing may also be undertaken at the under
explored Boulder and Boot claim blocks where a number of high
priority targets have been identified for new discoveries.
In support of development planning and open pit design, significant
engineering and environmental studies will be undertaken, including
geotechnical and geo-mechanical drilling. Additionally, a large
environmental and baseline data collection program is also planned
for 2013 that will focus on areas which require additional
information for the EIS. The draft EIS is expected to be completed
and filed with the Nunavut Impact Review Board by year end, 2013.
To support operations, minor capital projects will be undertaken at
site, including, for example and upgrade to fuel storage systems.
Community engagement will also continue with plans for multiple
visits to all involved communities in 2013. Sabina has launched
www.backriverproject.com to support its goal of working closely with
the Kitikmeot residents, communities and stakeholders.
To facilitate these programs, the Board of Directors has approved up
to $70 million in corporate spending in 2013 with a mandate to
management to move Back River aggressively towards production while
preserving as much of the Company's treasury as possible.
Updated Resource Calculation
Geologic and resource remodelling of the Back River mineral zones
including all data from the 2012 drilling program is near completion.
A focus of the 2012 drill program was on infill drilling to upgrade
inferred resources to the measured and indicated categories for
inclusion in the PFS. All deposits will have been remodelled from
first principles and along with the drilling from 2012, will result
in a resource calculation with greater confidence.
The new resource will be announced prior to the end of Q1, 2013 and
will be included in the PFS.
SABINA GOLD & SILVER CORP.
Sabina Gold & Silver Corp. is an emerging gold 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 comprising 22.5% of the first
190 million ounces produced and 12.5% of all the silver produced
thereafter. The company ended December 31, 2012 with approximately
$116 million in cash.
All news releases and further information can be found on the
Company's website at www.sabinagoldsilver.com or on SEDAR at
Forward Looking Statements
Statements relating to future operations at the Back 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
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
930 West 1st Street, Suite 202
North Vancouver, BC V7P 3N4
Sabina Gold & Silver Corp.
1 888 648-4218
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