Sabina Gold & Silver Corp (TSX:SBB), (“Sabina” or the
“Company”) is pleased to announce that Mr. Lello Galassi has been
appointed Vice-President, Project Development and Construction for
Sabina’s 100% owned Back River Project in Nunavut, Canada.
“We are pleased to welcome Lello Galassi to the
team,” said Bruce McLeod, President and CEO “Construction and
logistics in remote locations around the world is Lello’s specialty
and exactly what we need to ensure smooth development and
construction of the Back River Project. We all welcome Lello
to the Company and look forward to the next three years as we move
towards becoming a gold producer. ”
Peter “Lello” Galassi
Mr. Galassi is a retired US Air Force Officer
and Engineer with extensive experience in systems development,
acquisition and project management and construction in leading
greenfield mining projects in remote areas of the world. His
breadth of knowledge and capacity ranges from multi-million to
multi-billion-dollar projects.
Between 2004-2008, Lello was the project manager
of the Tenke Fungurume Project, a Phelps Dodge greenfield copper
and cobalt mine development in the Democratic Republic of
Congo. This US$2 billion project was developed from concept
studies to first copper cathode production in January 2009.
In 2009, Mr. Galassi worked for Rio Tinto Iron
Ore Expansion Projects, a group of Rio Tinto focused on developing
new greenfield mines and plants in NW Australia. He led the
project studies teams and engineering contractors in developing a
new mine, new bulk material port loading facility and new heavy
haul rail systems for the Turee Syncline Project and for expansions
at the Dampier Port facilities.
In late 2010, Lello was asked by Rio Tinto to
lead the very-large African Guinea Simandou Iron Ore Project as a
Project Director – General Manager. This US$18 billion
greenfield project scope included a new mine, new processing plant,
over 750 km of new heavy haul rail and machinery, a new deep water
port facility, and all supporting systems including camps,
warehouses, power generation, airfields and construction support
port facilities.
In 2013, Mr. Galassi took a position as COO and
Project Director of the Aurora Gold Mine Project for Guyana
Goldfields. This greenfield project had a capital value of
approximately US$300 million and was a joint effort of Guyana
Goldfields, financial institutions, and the International Finance
Corporation. The project commenced in Q2 2013 with successful
completion and first-gold pour in Sep 2015.
Following the Aurora Project, from 2015-2018, he
assumed a position as project director for the Phoenix Projects, a
combination of brownfield and greenfield mining projects in
Barcelona, Spain. The projects included a new 5 km long
underground access ramp to the mine, new processing plants for
potash and salt derivatives, new rail systems and a new greenfield
bulk material handling/ storage port facility in the Barcelona
Port. These projects had a combined value of US$500
million.
Sabina Gold & Silver Corp.
Sabina Gold & Silver Corp. is well-financed
with approximately C$94.5million in cash and equivalents, 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) (the “Study”). At a US$1,150 gold
price and a 0.80 (US$:C$) 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 received its final Project
Certificate on December 19, 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 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, 2017 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 1M9Tel 604
998-4175 Fax 604
998-1051http://www.sabinagoldsilver.com
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