Sabina Gold & Silver Announces Q3 2012 Financial Results
November 09 2012 - 4:00PM
Marketwired
Sabina Gold & Silver Corp. (the "Company") (TSX:SBB) reported
today the financial results for the interim period ended September
30, 2012.
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
12GSE191.
-- The Company ended the quarter with cash and short-term investments of
$29.1 million.
"In the quarter, we continued to have drilling success,
including discovery 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."
Financial Results
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 thereafter.
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 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.
Rob Pease, President & CEO
Contacts: Sabina Gold & Silver Corp. Nicole Hoeller
Vice-President, IR 1 888 648-4218nhoeller@sabinagoldsilver.com
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) www.sabinagoldsilver.com
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