June 13, 2022

Sabina Gold & Silver Closes Zhaojin C$12 Million PP Financing

VANCOUVER, British Columbia, June 13, 2022 – Sabina Gold & Silver Corp. (SBB.T/SGSVF.OTCQX), (“Sabina” or the “Company”) reports today that it has completed the previously announced Private Placement with Zhaojin International Mining Co., Ltd., (“Zhaojin”) in relation to the previously closed C$127 million Bought Deal Offering.

Zhaojin elected to participate in the bought deal offering which closed earlier in March this year. With receipt of TSX and shareholder approval, the Company issued 7,797,813 common shares of the Company at $1.55 per share for gross proceeds of approximately C$12 million.

In Addition, Leo Zhao will be resigning from Sabina’s board of directors. Mr. Jianzhuo Xu will replace Mr. Zhao as Zhaojin’s nominee.

Mr. Xu is the Chief Investment Officer of Zhaojin Mining Industry Co., a gold producer listed on the Hong Kong Stock Exchange. He has more than 15 years of experience in global capital markets and mining investments. He is also the founding partner of Marshall Precious Metals Fund focused on early-stage junior mining investments and is an alternate director of the World Gold Council. Previously, Mr. Xu served as a director in the global metals and mining team at UBS Investment Bank and as Head of Mining Investments in the Can-China Global Resource Fund. Mr. Xu holds a Bachelor of Science in Economics with first-class honours from The London School of Economics.

“We are very happy to have Mr. Xu join the board as Zhaojin’s nominee,” said Bruce McLeod, President & CEO. “Zhaojin continues to be a supportive shareholder and we are happy to benefit from their mining expertise and advice. We also thank Mr. Zhao for his contributions over the years and wish him well in his next endeavours.”

About Sabina Gold & Silver

Sabina Gold & Silver Corp. is an emerging gold mining company that owns 100% of the district scale, advanced, high grade Back River Gold District in Nunavut, Canada.

Sabina filed an Updated Feasibility Study (the “UFS”) on its first mine on the district, the Goose Mine, which presents a project that will produce ~223,000 ounces of gold a year (first five years average of 287,000 ounces a year with peak production of 312,000 ounces in year three) for ~15 years with a rapid payback of 2.3 years, with a post-tax IRR of ~28% and NPV5% of C$1.1B at a gold price of $1,600 USD. See “National Instrument (NI) 43-101 Technical Report – 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada” dated March 3, 2021.

The Project has received all major permits and authorizations for construction and operations.

The Company has arranged a comprehensive project financing package comprised of:

  • A US$425 million senior secured debt facility, gold prepay and stream package with Orion Mine Finance and Wheaton Precious Metals Corp.; and
  • US$221 million in equity including Zhaojin’s participation.

The Company is also very committed to its Inuit stakeholders, with Inuit employment and opportunities a focus. The Company has signed a 20-year renewable land use agreement with the Kitikmeot Inuit Association and has committed to various sustainability initiatives under the agreement.

The Company continues to advance exploration and project optimization, including advancing the planned plant expansion to 4,000 tpd from Year two to initial startup.

All news releases and further information can be found on the Company’s website at or on SEDAR at All technical reports have been filed on

For further information, please contact:

Nicole Hoeller, Vice-President, Communications: 1 888 648-4218

This news release has been authorized by the undersigned on behalf of Sabina Gold & Silver Corp.

Bruce McLeod, President & CEO
Suite 1800 – Two Bentall Centre
555 Burrard Street
Vancouver, BC V7X 1M7
Tel 604 998-4175 Fax 604 998-1051

Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable securities laws (the “forward-looking statements”), including, but not limited to, the commencement of construction of the Project, the timing for completion of construction, the creation of value for stakeholders and the projections and assumptions of the results of the UFS. 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 availability of equity financing on reasonable terms, the uncertainty of construction, production, development plans and costs estimates for the Back River Gold Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs; the interpretation of drill, metallurgical testing and other exploration results; the ability of the Company to retain its key management employees and skilled and experienced personnel; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks including defective title to mineral claims or property; 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, 2021 filed with the Canadian Securities Administrators and available at 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.

You can view the Next News item:July 12th, 2022, Sabina Gold & Silver Opens George Camp as Next Focus of Development on the Back River Gold District

You can view the Previous News item:June 2nd, 2022, Sabina Gold & Silver Drills 21.87g/t Au over 15.10m (hole 22GSE610), 12.59g/t Au over 45.05m (hole 22GSE607) and 16.22g/t Au over 10.57m (hole 22GSE611) at Umwelt V2 Zone

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