Sabina Gold & Silver Announces Commencement of the Review of its Water License Applications for the Back River Project
December 11 2017 - 6:30AM
YASTEST
VANCOUVER, British Columbia, Dec. 11,
2017 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp (TSX:SBB.T),
("Sabina" or the "Company") is pleased to announce that the Nunavut
Water Board (NWB) has commenced public review of the Type A and
Type B water license applications related to initial development,
mine construction and operation of the Back River Project (the
"Project" or "Back River").
As announced on December 6, 2017,
the Minister of Indigenous and Northern Affairs Canada, on behalf
of the five responsible federal Ministers, accepted Nunavut Impact
Review Board's recommendation for the Project to proceed to the
regulatory and licensing phase. The NIRB has advised that the
final Project Certificate will be issued on or before January 4,
2018.
The Type B water license would
enable Sabina to commence certain initial pre-development
activities in 2018 including onsite construction of service roads
and laydown pads, and the mobilization of fuel, supplies and
equipment at the Goose property and marine laydown area.
Sabina anticipates approval of the Type B water license in late Q1,
2018.
The Type A water license would
allow for full construction and operation of the Back River
project. Sabina anticipates approval of the Type A water
license in Q4, 2018.
"With a positive Ministers
decision now in hand we are pleased to see that the licensing
process has commenced which will enable full development of the
Back River Project" said Bruce McLeod, President & CEO.
"We look forward to receiving the Project Certificate, various
final licenses as well as finalizing the definitive agreements with
the Kitikmeot Inuit Association for land tenure and Inuit
benefits."
Sabina Gold & Silver
Corp
Sabina Gold & Silver Corp. is
a well-financed, emerging precious metals company with district
scale, world class undeveloped assets in one of the world's newest,
politically stable mining jurisdictions: Nunavut, Canada.
In September 2015, Sabina released
a Feasibility Study on its 100% owned Back River Gold Project which
presents a project that has been designed on a fit-for purpose
basis, with the potential to produce ~200,000 ounces a year for ~11
years with a rapid payback of 2.9 years. At a US$1,150 gold price
and a 0.80 exchange rate, the Study delivers a potential after tax
internal rate of return of approximately 24.2% with an initial
CAPEX of $415 million.
The Project has advanced through
the environmental assessment process with a positive decision from
the federal government received December 5, 2017. The Project
is now in the final regulatory and licensing phase.
In addition to Back River, Sabina
also owns a significant silver royalty on Glencore's Hackett River
Project. The silver royalty on Hackett River's silver production is
comprised of 22.5% of the first 190 million ounces produced and
12.5% of all the silver produced thereafter.
The Company had cash and
equivalents of C$38.5m at September 30, 2017.
For further information please
contact:
Nicole Hoeller, Vice-President,
Communications: 1 888 648-4218
nhoeller@sabinagoldsilver.com
Forward
Looking Information
This news release contains "forward-looking information" within the
meaning of applicable securities laws (the "forward-looking
statements"), including our belief as to the extent, results of
permitting and environmental assessment outcomes, and access to
project funding. These forward-looking statements are made as of
the date of this news release. Readers are cautioned not to place
undue reliance on forward-looking statements, as there can be no
assurance that the future circumstances, outcomes or results
anticipated in or implied by such forward-looking statements will
occur or that plans, intentions or expectations upon which the
forward-looking statements are based will occur. While we have
based these forward-looking statements on our expectations about
future events as at the date that such statements were prepared,
the statements are not a guarantee that such future events will
occur and are subject to risks, uncertainties, assumptions and
other factors which could cause events or outcomes to differ
materially from those expressed or implied by such forward-looking
statements. Such factors and assumptions include, among others, the
effects of general economic conditions, commodity prices, changing
foreign exchange rates and actions by government and regulatory
authorities and misjudgments in the course of preparing
forward-looking statements. In addition, there are known and
unknown risk factors which could cause our actual results,
performance or achievements to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Known risk factors include risks
associated with exploration and project development; the need for
additional financing; the calculation of mineral resources and
reserves; operational risks associated with mining and mineral
processing; fluctuations in metal prices; title matters; government
regulation; obtaining and renewing necessary licenses and permits;
environmental liability and insurance; reliance on key personnel;
the potential for conflicts of interest among certain of our
officers or directors; the absence of dividends; currency
fluctuations; labour disputes; competition; dilution; the
volatility of the our common share price and volume; future sales
of shares by existing shareholders; and other risks and
uncertainties, including those relating to the Back River Project
and general risks associated with the mineral exploration and
development industry described in our Annual Information Form,
financial statements and MD&A for the fiscal period ended
December 31, 2016 filed with the Canadian Securities Administrators
and available at www.sedar.com. Although we have attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. We are under no obligation to update or
alter any forward-looking statements except as required under
applicable securities laws. This news release is authorized by the
undersigned on behalf of Sabina Gold & Silver Corp.
Bruce McLeod, President &
CEO
Suite 1800 - Two Bentall Centre
555 Burrard Street
Vancouver, BC V7X 1M9
Tel 604 998-4175 Fax 604 998-1051
http://www.sabinagoldsilver.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Sabina Gold & Silver Corp. via
Globenewswire
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