Sabina Gold & Silver Receives Type B Water License from Nunavut Water Board
March 14 2018 - 8:00AM
Sabina Gold & Silver Corp (SBB.T), (“Sabina” or the “Company”)
is pleased to announce it has received its Type B Water License
from the Nunavut Water Board (“NWB”) for the Company’s 100% owned
Back River Gold Project (“Back River” or the “Project”) in Nunavut,
Canada.
Following receipt of the Project Certificate for
Back River in December 2017, marking the end of the environmental
assessment phase for the Goose mine, Sabina submitted various
licenses and work authorization applications to advance development
of the Project.
Two particularly important licenses are the Type
A and Type B water licenses, for which applications were submitted
in October and November 2017. The Type B Water License that has
been issued by the NWB is a key authorization to complete work
planned for the Project in 2018. The Type B Water License permits
Sabina to complete pre-construction infrastructure works, including
preparing the marine laydown area to receive necessary fuel,
equipment, and supplies to the Back River Project, as well
pre-development earthworks to establish all weather roads between
the deposits, camp sites, tailings storage facility and the mill
site.
“The issuance of the Type B license is critical
to the work planned at site this year and we are pleased to have
received it in a timely fashion,” said Bruce McLeod, President
& CEO. “As reported, camp is open and we have commenced up for
what we hope will be a successful drilling campaign as well as a
fruitful season in preparing site for construction. We look forward
to reporting on activities throughout the year.”
The Type A Water License review is in process
and is expected by the end of 2018.
Sabina Gold & Silver Corp.
Sabina Gold & Silver Corp. is well-financed
with approximately C$94.5 million, (after closing an equity
financing on January 19, 2018) 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.
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 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 1M7Tel 604
998-4175 Fax 604
998-1051http://www.sabinagoldsilver.com
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