Sabina Gold & Silver Reports Q2 Financial Results

Sabina Gold & Silver Reports Q2 Financial Results 
$94.2 million in cash and equivalents at June 30, 2013 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/09/13 -- Sabina
Gold & Silver Corp. (the "Company") (TSX:SBB) announced today its
financial results for the interim period ended June 30, 2013. 
"During the second quarter, drilling at Back River continued to be
successful in further defining our resources at the project," said
Rob Pease President & CEO "This is a highly prospective land package
and year over year we continue to extend mineralization to depth and
along strike, while adding ounces and finding new targets that
warrant follow-up. Over the last two years, work has focused on
de-risking the Back River project with drilling and engineering and
environmental studies. While most field and drilling work done in
2013 will support a potential final feasibility study, planning and
studies continue on our pre-feasibility study which we expect to be
announced in early October." 
Highlights of the quarter include: 


 
--  Cash and equivalents and short-term investments of $94.2 million at June
    30, 2013.  
    
--  Continued drilling success at Back River with five drill rigs at Goose
    and three drill rigs at George. Significant highlights include positive
    assays from infill drilling on the Llama deposit; hole 13GSE300 returned
    15.20 g/t Au over 20.90 m and hole 13GSE292 returned 19.86 g/t over
    16.65m. For full drilling results, see the news releases dated April 30,
    2013 and May 23, 2013 on the Company's website at
    www.sabinagoldsilver.com. 
    
--  On May 2, 2013, Glencore Xstrata plc (formerly Xstrata plc) announced an
    updated resource at Hackett River. The entire Xstrata resource update
    can be found at http://www.glencorexstrataplc.com/assets/Uploads/X-pup-
    reservesandresources-20121231.pdf. Xstrata disclosed that Aline Cote,
    Project Manager for Xstrata Zinc served as the Competent Person for
    Xstrata in connection with this mineral resource estimate. 
    
--  During the quarter, the Company completed a non-brokered private
    placement of 14,699,295 flow-through common shares at $1.40 per share
    for proceeds of $20.6 million at a 7% premium to the five day VWAP.

 
Financial Results 
For the quarter ended June 30, 2013, the Company reported a net loss
of $1.6 million compared to a loss of $343 in the same period of
2012. The increase of $1.2 million was the net result of increased
deferred income tax expense partially offset by amortization of the
flow-through premium. 
Additionally, the Company`s exploration and evaluation expenditures
totaled $26.1 million in the quarter compared to $22.5 million in the
same period of 2012. The net increase of $3.6 million resulted from
increased on the Back River Project, which increased by $7.5 million
and was partially offset by reduced activity on other projects,
particularly the Wishbone project. The increased expenditures on the
Back River Project were primarily associated with environmental and
economic evaluation studies, including a significant component of
geo-technical and geo-mechanical drilling. The Company`s accounting
policy is to defer exploration and evaluation costs until the
properties are placed into production, sold or abandoned.  
The company had cash and cash equivalents and short-term investments
of $94.2 million at June 30, 2013 compared to cash and cash
equivalents and short-term investments of $116.4 million at December
31, 2012.   
For the full Q2, 2013 interim financial statements and Management's
Discussion and Analysis, please see the Company website at
www.sabinagoldsilver.com. 
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. 
Mr. Angus Campbell, P. Geo, and Vice-President, Exploration of the
Company is a Qualified Person under the terms of National Instrument
43-101 and has reviewed the technical content of this press release
and approved its dissemination. 
Forward Looking Statements 
Information 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 is forward-looking information
within the meaning of securities legislation of certain Provinces in
Canada. Forward looking information is information that is not
historical fact 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 information, as it
constitutes a prediction of what might be found to be present when
and if a project is actually developed. This forward-looking
information is 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 information, 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, 2012.  
Forward-looking information is 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
information 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 Gold & Silver Corp 


 
Rob Pease, President & CEO                                                  
930 West 1st Street, Suite 202                                              
North Vancouver, BC V7P 3N4                                                 
Tel 604 998-4175, Fax 604 998-1051                                          
http://www.sabinagoldsilver.com                                             

Contacts:
Sabina Gold & Silver Corp.
Nicole Hoeller
Vice-President, Communications
1 888 648-4218
nhoeller@sabinagoldsilver.com
www.sabinagoldsilver.com