Sabina Gold & Silver Updates on Construction Accomplishments
December 16 2020 - 06:59AM
Sabina Gold & Silver Corp (TSX-SBB/OTCQX-SGSVF) “Sabina” or the
“Company” is pleased to announce that our construction objectives
for the year were completed and demobilization of personnel from
the Goose project in Nunavut, Canada has been completed.
Project Pre-development Activities
Despite a late start due to COVID, 2020 was a
productive year at Goose Camp as the Company continued to advance
its exploration and project pre-development activities.
Under a COVID strict operational framework which
required pre-deployment monitoring, pre-deployment Health Canada
approved testing, and onsite mitigation and monitoring the Back
River project was the only large-scale mining camp in the territory
not to report any cases of COVID.
Pre-construction activities that were progressed
at Goose Camp this year include:
- Extension of the existing
all-weather airstrip from 3,000 to 4,500 feet to facilitate the use
of large capacity cargo and transport aircraft to support
underground development and future operations;
- 220 flights hauling fuel,
equipment, supplies and personnel completed safely during the
year;
- The procurement and transport of
underground equipment required for 2021 to collar and advance the
exploration decline;
- Completion of the box cut
excavation for the future underground exploration ramp, in
preparation for collaring of the decline in spring 2021;
- Completion of the underground
equipment workshop pad and major earthworks for the underground
water settling pond;
- Considerable advancement made on
preparation of the permanent fuel tank pad; and
- Construction of approximately 4 km
of all-weather roads connecting the exploration camp, the
underground portal workshop/collar area, the underground water
settling pond, the fuel tank pads and the permanent accommodation
camp complex area.
“These pre-development activities put us in an
ideal position to move the Project forward next spring,” said Bruce
McLeod, President & CEO. “Not only will they make work more
efficient as we move towards construction, they further de-risk the
Project schedule. We have now demobilized from camp for the 2020
season, and I am very proud of our team’s efforts and safety track
record with no lost time incidents and no cases of COVID on site.
We are all excited for 2021 and beyond.”
GDXJ Index Inclusion
Sabina is pleased to announce that effective at
market close on December 18, 2020, the Company will be added to the
GDXJ.
Qualifying for addition to the GDXJ is another
benchmark of how Sabina’s successes have translated into share
performance and liquidity. Inclusion on this index provides an
increased level of validation of the Company to a broader base of
institutional investors, bringing additional trading flexibility
and value to our Company.
The index initial position in Sabina is
estimated at approximately 17M shares.
Sabina Gold & Silver Corp.
Sabina Gold & Silver Corp. is well-financed
and is an emerging precious metals company with district scale,
advanced, high grade gold assets in one of the world’s newest,
politically stable mining jurisdictions: Nunavut, Canada.
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 (see “Technical Report for the Initial Project
Feasibility Study on the Back River Gold Property, Nunavut, Canada”
dated October 28, 2015). Work is advancing on the Goose Mine
updated feasibility study (“UFS”) and resource estimate. The UFS
will feature a revised mine plan focusing on bringing high-grade
underground material into the mill first, increasing production
profile and enhancing project economics. The updated resource
estimate and UFS are expected in Q1, 2021.
The Project received its final Project
Certificate on December 19, 2017. The Project received its Type A
Water License on November 14, 2018 and its listing to enable
deposition of tailings on Schedule 2 of the Metals and Diamond
Mining Effluent Regulations on June 25, 2020. The Company is now in
receipt of all major authorizations for construction and
operations.
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
silver produced thereafter.
For further information please contact:
Nicole Hoeller, Vice-President,
Communications: 1
888 648-4218
nhoeller@sabinagoldsilver.com
Forward Looking InformationThis
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 and
timing of and various studies relating to engineering studies,
infrastructure improvement activities, exploration results and
permitting and licensing outcomes. 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, 2019 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 has been authorized
by the undersigned on behalf of Sabina Gold & Silver Corp.
Bruce McLeod, President & CEOSuite 1800 – Two
Bentall Centre555 Burrard StreetVancouver, BC V7X 1M7Tel 604
998-4175 Fax 604
998-1051http://www.sabinagoldsilver.com
Sabina Gold and Silver (TSX:SBB)
Historical Stock Chart
From Feb 2024 to Mar 2024
Sabina Gold and Silver (TSX:SBB)
Historical Stock Chart
From Mar 2023 to Mar 2024