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Sabina Gold & Silver Reports Updated Resource Estimate for the Back River Gold Project, Nunavut

Sabina Gold & Silver Reports Updated Resource Estimate for the Back River Gold 
Project, Nunavut 
Remodelling of all deposits results in increased grade, confidence
and 13% more ounces 
Successful conversion of Inferred resources to Measured & Indicated
categories 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/21/13 -- Sabina
Gold & Silver Corp (TSX:SBB) is pleased to announce a new Mineral
Resource estimate for its 100% owned Back River Project in Nunavut,
Canada.  
The updated Mineral Resource for Back River was undertaken by AMC
Mining Consultants (Canada) Ltd. ("AMC") as part of the ongoing
Pre-feasibility study ("PFS") for Back River. This new estimate
consists of a Measured Mineral Resource of 2.168 million tonnes
grading 4.4 g/t for a contained 304,000 ounces Au, an Indicated
Mineral Resource of 22.028 million tonnes grading 6.1 g/t for a
contained 4,352,000 ounces Au and an Inferred Mineral Resource of
7.665 million tonnes grading 7.8 g/t for a contained 1,920,000 ounces
Au. Remodelling from first principles was conducted on all deposits
and in combination with 2012 drilling, has increased the estimate at
Back River by approximately 740,000 ounces Au (or 13%) in all
categories. 
"We are very happy with our updated resource estimate," said Rob
Pease, President & CEO "The new resources have increased overall as
has our confidence and understanding of the deposits. Most
importantly, we are extremely pleased that after a rigorous
remodelling, the overall grade on the project has actually increased.
This new resource estimate has utilized more conservative assumptions
and we are satisfied at how the deposits are developing. We look
forward to having this resource form the basis of our ongoing PFS." 
Prior estimates for Back River were completed by SRK Consulting
(Canada) Inc. for Umwelt and George, including drill data up to
December 2011 and by Roscoe Postle Associates Inc. for Llama and
Goose Main using data up to December 2010 and July 2011 respectively.
AMC remodelled and estimated all deposits using drill data up to
December 31, 2012. Approximately 76,000 metres of drilling was
completed in 2012, providing a significant amount of new information
to incorporate into these new estimates. More conservative and
uniform cut off grades were utilized, as well as tighter optimized
pit shells at $1500/ oz gold in which to constrain the open-pit
resources in order to reflect the current cost environment. 


 
Table 1 - Back River Resource Estimate February 15, 2013                    
                                                                            
----------------------------------------------------------------------------
                                              Tonnes          Au      Ounces
Classification               Location           (kt)       (g/t)       (koz)
----------------------------------------------------------------------------
Open Pit Measured            Goose             2,168         4.4         304
Open Pit Indicated           Goose             4,616         4.1         609
                             Llama             3,085         5.8         577
                             Umwelt            4,780         5.6         867
                                        ------------------------------------
Total Open Pit Indicated                      12,481         5.1       2,053
Total Open Pit M&I                            14,649         5.0       2,357
Underground Indicated        Goose               998         7.2         232
                             Llama               501         7.2         115
                             Umwelt            3,817         8.4       1,026
                             George            4,230         6.8         925
                                        ------------------------------------
Total Underground Indicated                    9,547         7.5       2,299
                                                                            
Total M&I OP + UG                             24,196         6.0       4,656
----------------------------------------------------------------------------
Open Pit Inferred            Goose               156         3.4          17
                             Llama                23         5.6           4
                             Umwelt              134         3.4          15
                                        ------------------------------------
Total Open Pit Inferred                          313         3.6          36
                                                                            
Underground Inferred         Goose               298         6.7          65
                             Llama               780         7.7         192
                             Umwelt            1,926         9.9         612
                             George            4,348         7.3       1,015
                                        ------------------------------------
Total Underground Inferred                     7,352         8.0       1,884
                                                                            
Total Inferred OP + UG                         7,665         7.8       1,920
----------------------------------------------------------------------------

 
Notes: 


 
1.  CIM definition standards were used for the Mineral Resources. 
2.  The Qualified Persons are Dinara Nussipakynova, P Geo. and Andrew Fowler
    MAusIMM CP (Geo) both of AMC Mining Consultants (Canada) Ltd. 
3.  Open pit Mineral Resources are constrained by an optimized pit shell at
    a gold price of $1500 oz Au. 
4.  The cut off grade applied to the open pit resource is 1.0 g/t Au and the
    underground is 4.0 g/t Au. 
5.  Metallurgical recovery varies with gold grade. For example, for the
    average grade of the open pits recoveries ranges between 88-89%. 
6.  The George Mineral Resources (LCP - North, LCP - South, Locale 1, Locale
    2, GH & Slave) were estimated within mineral domains expanded to a
    minimum width of 2 m. 
7.  Using drilling results to December 31, 2012. 
8.  Numbers may not add due to rounding.

 
Major differences between this estimate and the previous estimate
are: 


 
1.  Drilling and a higher cut off grade has changed the Llama deposit
    significantly. The Llama estimate had previously been reported at a 0.76
    g/t Au cut off. The new estimate utilizes a 1.0 g/t Au cut off for the
    open pit, consistent with that at Umwelt and Goose Main. Llama had not
    been modelled since 2010 and the significant amount of drilling
    completed in 2012 provided better information for estimation. 
2.  Previous estimates used an underground cut off grade of 2.0 g/t Au
    contrary to a more realistic 4.0 g/t Au cut off. We believe this cut off
    better reflects underground mining costs at these deposits and at this
    location. 
3.  Infill drilling has resulted in inclusion of Measured Mineral Resources
    at Goose Main.

 
A NI 43-101 Technical Report is underway and will be filed within 45
days of this release. 
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 Feasibility Study and to provide best options
and alternatives for possible production sequencing. High priority
greenfield targets will also be tested for near surface discoveries.
Drilling and work includes: 


 
--  Infill drilling on Llama, Umwelt and Goose deposits to upgrade high
    grade zones within the pits to the measured category.  
--  Extension drilling at George (Locales 1 & 2), at Llama Wing zone and
    Llama gap. 
--  Near-deposit drilling at George and Goose for potential to add new,
    shallow resources that could 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. 
--  Continuing engineering work, environmental baseline data collection and
    capital projects. 

 
Drills are expected to start turning by the end of February. 
Back River Project  
The Goose, Llama and Umwelt deposits sit within a 5 km long corridor
and are envisioned as three major open pits transitioning into
underground, supporting one central milling facility at the Goose
claim block. The George deposits, located approximately 50 km to the
north, are envisioned as underground satellite deposits that would be
mined and transported to the mill at Goose via winter road.  
Late in 2012, the Company engaged Tetra Tech, AMC, Rescan & Knight
Piesold to undertake a PFS for Back River. The study is anticipated
to be completed in Q3, 2013 after which (if positive) a Feasibility
Study will begin. The Company has also entered the environmental
assessment phase with the project and is waiting for Environmental
Impact Statement ("EIS") Guidelines from the Nunavut Impact Review
Board to enable filing of a draft EIS by year end 2013.  
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 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
www.sedar.com. 
Quality Assurance 
The Mineral Resource estimates for the Back River deposits were
estimated by AMC Mining Consultants (Canada) Ltd. who has approved
the content of this news release. The Qualified Persons are Dinara
Nussipakynova, P Geo. and Andrew Fowler MAusIMM CP (Geo) both of AMC
Mining Consultants (Canada) Ltd. 
Mr. Angus Campbell, P. Geo. and Vice-President, Exploration for
Sabina Gold & Silver Corp. is a Qualified Person under the terms of
NI 43-101 and has reviewed the technical content of this press
release for the Back River Project and has approved its
dissemination.  
Forward-Looking Statements 
Statements relating to exploration, pre-feasibility work and 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 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. 
To view the maps accompanying this press release, click on the
following link: http://media3.marketwire.com/docs/s220m.pdf
Contacts:
Sabina Gold & Silver Corp.
Nicole Hoeller
VP, Investor Relations
1 888 648-4218
nhoeller@sabinagoldsilver.com 
Sabina Gold & Silver Corp.
Rob Pease
President & CEO
604 998-4175
604 998-1051 (FAX)
www.sabinagoldsilver.com
 
 
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