VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 11/13/13 — Sabina Gold & Silver Corp. (the „Company“) (TSX: SBB) announced today its financial results for the interim period ended September 30, 2013. The Company has also filed the National Instrument 43-101 compliant Technical Report and Prefeasibility Study for the Back River Gold Property, Nunavut, Canada, on .
„We had a very busy field season in 2013 as we continued to de-risk the Back River project. Our camps opened in late February and closed just after the quarter end in early October,“ said Rob Pease, President & CEO. „Drilling results continue to be returned and once all are received will be used to remodel our deposits for compilation into an updated resource estimate for Back River expected in early 2014. The Company remains well funded and expects to end the year with approximately $57 million in cash.“
Q3 Highlights:
Financial Results
For the three and nine months periods ended September 30, 2013, the Company reported a net loss of $4.1 million and $9.3 million respectively compared to a loss of $4.6 million and $9.1 million in the same periods of 2012.
Additionally, the Company`s exploration and evaluation expenditures totaled $25.8 million and $66.1 million in the periods compared to $26.0 million and $58.8 million in 2012.million in the same period of 2012. The increased expenditures on the Back River Project were primarily associated with environmental and economic evaluation studies, and increased drilling including a significant component of geo-technical and geo-mechanical drilling. The Company`s accounting policy is to defer exploration and evaluation costs until the properties are placed into production, sold or abandoned.
The company had cash and cash equivalents and short term investments of $69.0 million at September 30, 2013 compared to $116.4 million at December 31, 2012.
For the full Q3, 2013 interim financial statements and Management-s Discussion and Analysis, please see the Company website at .
Appointment of Vice-President
The Company is pleased to announce the appointment of Matthew Pickard as the Company-s Vice-President, Environment & Sustainability. During his career Matthew has spent time with Falconbridge, De Beers Canada, Baffinland Iron Mines until he joined Sabina in 2011 as the Company-s Director, Environment & Community Relations.
Matthew Pickard is a Professional Geoscientist with significant experience in sustainability and mine development within the Canadian mining industry. Matthew holds an Honours Bachelor of Science and Masters of Business Administration, both from Laurentian University. He also retains the designation of Professional Geoscientist, Canadian Registered Safety Professional and Certified Environmental Practitioner. He has worked throughout Canada including projects in Ontario, Alberta, Saskatchewan, Manitoba, Quebec, and the Northwest Territories, but recently has been focused on Nunavut. He also currently sits on the Board of Directors of the Prospectors and Developers Association of Canada and as a Committee Chair of the Association for Mineral Exploration British Columbia.
Qualified Person
The PFS was prepared under the direction of Tetra Tech by leading independent industry consultants, all Qualified Persons (QP) under National Instrument 43-101.
SABINA GOLD & SILVER CORP
Sabina Gold & Silver Corp. is an emerging gold 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 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 comprising 22.5% of the first 190 million ounces produced and 12.5% of all the silver produced thereafter.
Forward-Looking Statements
Information relating to future operations at the Back River Project and the expected results of this work is forward-looking information within the meaning of securities legislation of certain Provinces in Canada. Forward-looking information is information that is not historical fact 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 information, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. This forward-looking information is 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 information, 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, 2012.
Forward-looking information is 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 information 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
Contacts: Sabina Gold & Silver Corp. Nicole Hoeller Vice-President, Communications 1 888 648-4218
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