Sabina Gold & Silver Announces Engagement of Financial Advisory Firm
Management changes in Project Development team
VANCOUVER - Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB - TSX) is pleased to announce that it has engaged Cutfield Freeman & Co (“CF”) as its Financial Advisory Firm.
Cutfield Freeman & Co is a global mining financial advisory firm that provides independent advice on all aspects of mining finance.
Bruce McLeod, President and CEO stated “we are very pleased to have engaged Cutfield Freeman as our financial advisor as we look for opportunities to fund the construction of the Back River project pending a positive NIRB recommendation. CF has a proven track record in financing alternatives for mine construction which we believe will assist us in our objectives to finance Back River at a reasonable cost of capital. Preparatory work is underway and opportunities are being developed to assist us should we receive a positive NIRB recommendation sometime in mid-July.”
The Company also announces the departure of Wes Carson, Vice-President, Project Development for the Company. Mr. Carson has left the Company to pursue other career opportunities. A search is underway for a replacement to lead project development and construction activities and take the project into production. During the interim, Jeff Eng, Director of Engineering for the Company will oversee all project development activities.
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 is advancing through the environmental assessment process with final public hearings with the Nunavut Impact Review Board completed during May 31 - June 3, 2017 in Cambridge Bay.
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.
The Company had cash and equivalents of C$43m at March 31, 2017.
For further information please contact:
Nicole Hoeller, Vice-President, Communications:
1 888 648-4218
Forward Looking Statements
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 and timing of exploration programs and various studies including the FS, and exploration results, reserves estimates, potential production from and viability of the Company’s properties, production and operating costs and permitting submission, timing and receipt of necessary permits and project approvals for future operations 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 licences 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 has been authorized by the undersigned on behalf of Sabina Gold & Silver Corp.
Bruce McLeod, President & CEO
375-555 Burrard Street, Two Bentall Centre
Vancouver, BC V7X 1M7
Tel 604 998-4175 Fax 604 998-1051
You can view the Next News item:July 18th, 2017, Sabina Gold & Silver Receives Positive Recommendation from the Nunavut Impact Review Board for Continued Development of Back River Gold Project, Canada
You can view the Previous News item:June 23rd, 2017, Sabina Gold & Silver Reports NIRB Final Hearing Exhibits and Transcripts Available
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