Sabina Gold & Silver Corp. (the "Company") (TSX:SBB) announced
today its financial results for the interim period ended June 30,
2013.
"During the second quarter, drilling at Back River continued to
be successful in further defining our resources at the project,"
said Rob Pease President & CEO "This is a highly prospective
land package and year over year we continue to extend
mineralization to depth and along strike, while adding ounces and
finding new targets that warrant follow-up. Over the last two
years, work has focused on de-risking the Back River project with
drilling and engineering and environmental studies. While most
field and drilling work done in 2013 will support a potential final
feasibility study, planning and studies continue on our
pre-feasibility study which we expect to be announced in early
October."
Highlights of the quarter include:
-- Cash and equivalents and short-term investments of $94.2 million at June
30, 2013.
-- Continued drilling success at Back River with five drill rigs at Goose
and three drill rigs at George. Significant highlights include positive
assays from infill drilling on the Llama deposit; hole 13GSE300 returned
15.20 g/t Au over 20.90 m and hole 13GSE292 returned 19.86 g/t over
16.65m. For full drilling results, see the news releases dated April 30,
2013 and May 23, 2013 on the Company's website at
www.sabinagoldsilver.com.
-- On May 2, 2013, Glencore Xstrata plc (formerly Xstrata plc) announced an
updated resource at Hackett River. The entire Xstrata resource update
can be found at http://www.glencorexstrataplc.com/assets/Uploads/X-pup-
reservesandresources-20121231.pdf. Xstrata disclosed that Aline Cote,
Project Manager for Xstrata Zinc served as the Competent Person for
Xstrata in connection with this mineral resource estimate.
-- During the quarter, the Company completed a non-brokered private
placement of 14,699,295 flow-through common shares at $1.40 per share
for proceeds of $20.6 million at a 7% premium to the five day VWAP.
Financial Results
For the quarter ended June 30, 2013, the Company reported a net
loss of $1.6 million compared to a loss of $343 in the same period
of 2012. The increase of $1.2 million was the net result of
increased deferred income tax expense partially offset by
amortization of the flow-through premium.
Additionally, the Company`s exploration and evaluation
expenditures totaled $26.1 million in the quarter compared to $22.5
million in the same period of 2012. The net increase of $3.6
million resulted from increased on the Back River Project, which
increased by $7.5 million and was partially offset by reduced
activity on other projects, particularly the Wishbone project. The
increased expenditures on the Back River Project were primarily
associated with environmental and economic evaluation studies,
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 $94.2 million at June 30, 2013 compared to cash and
cash equivalents and short-term investments of $116.4 million at
December 31, 2012.
For the full Q2, 2013 interim financial statements and
Management's Discussion and Analysis, please see the Company
website at www.sabinagoldsilver.com.
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 pre-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.
Mr. Angus Campbell, P. Geo, and Vice-President, Exploration of
the Company is a Qualified Person under the terms of National
Instrument 43-101 and has reviewed the technical content of this
press release and approved its dissemination.
Forward Looking Statements
Information relating to future operations at the Hackett River
Project, the Back River Project and the Wishbone Greenstone belt
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, should change.
This news release has been authorized by the undersigned on
behalf of Sabina Gold & Silver Corp
Rob Pease, President & CEO
930 West 1st Street, Suite 202
North Vancouver, BC V7P 3N4
Tel 604 998-4175, Fax 604 998-1051
http://www.sabinagoldsilver.com
Contacts: Sabina Gold & Silver Corp. Nicole Hoeller
Vice-President, Communications 1 888
648-4218nhoeller@sabinagoldsilver.com www.sabinagoldsilver.com
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