As a result of a review by the British Columbia Securities
Commission, Sabina Gold & Silver Corp. ("Sabina" or the
"Company") (TSX:SBB) is issuing this news release to clarify
disclosure relating to the Back River and Hackett River
projects.
The Company specifically refers to statements made in its
January 2013 corporate presentation (the "January Presentation")
and its June 2013 corporate presentation (the "June Presentation"
and collectively with the January Presentation, the
"Presentations"), both titled "Sabina Gold & Silver Corp - A
Gold Miner in the Making", which were previously posted on the
Company's website and which now have been removed. Disclosure in
the Presentations included a new, conceptual economic analysis of
the Company's Hackett River silver royalty based on a conceptual
increased mineral resource estimate and increased throughput (the
"Conceptual Economic Analyses"), each of which differs from the
existing preliminary economic assessment prepared in respect of the
Hackett River project in 2009, as amended in 2010 (please refer to
"Preliminary Economic Assessment Update - NI 43-101 Technical
Report Amended 26 July, 2010, Hackett River Project"). The
Conceptual Economic Analyses is contrary to National Instrument
43-101 ("NI 43-101") as it is based on a conceptual resource
estimate. The Conceptual Economic Analyses and the conceptual
resource estimate on which it is based should therefore not be
relied upon, and the Company hereby retracts the Conceptual
Economic Analyses and the conceptual resource estimate on which it
was based.
Elsewhere in the Presentations as well as on the Company's
website and in its management's discussion and analysis for the
periods ended June 30, 2012, September 30, 2012 and December 31,
2012 (collectively, the "MD&A"), the Company refers to the
results of its preliminary economic assessment on the Back River
project that is based in part on inferred resources. This
disclosure is not compliant with NI 43-101 as it does not include
the following required proximate cautionary language required under
NI 43-101:
"The preliminary economic assessment is preliminary in nature
and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves. There is no certainty that the preliminary economic
assessment will be realized. Mineral resources that are not mineral
reserves do not have demonstrated economic viability."
In the Presentations, the Company makes several references to
mineral resource estimates on its Back River and Hackett River
projects that are not NI 43-101 compliant in that they (a) do not
report each category of mineral resource separately; or (b) add
inferred mineral resources to other categories of mineral
resources. Please refer to the table below for the Company's
mineral resource estimate for its Back River project, which mineral
resource estimate is contained in the technical report titled:
"Back River Gold Property, Nunavut Territory, Canada" and dated
effective February 13, 2013.
Table - Back River Resource Estimate - Effective Date: February
15, 2013
----------------------------------------------------------------------------
Classification Location Tonnes (kt) Au (g/t) Ounces (koz)
----------------------------------------------------------------------------
Open Pit Measured Goose 2,168 4.4 304
Open Pit Indicated Goose 4,616 4.1 609
Llama 3,085 5.8 577
Umwelt 4,780 5.6 867
--------------------------------------
Total Open Pit Indicated 12,481 5.1 2,053
Total Open Pit M&I 14,649 5.0 2,357
Underground Indicated Goose 998 7.2 232
Llama 501 7.2 115
Umwelt 3,817 8.4 1,026
George 4,230 6.8 925
--------------------------------------
Total Underground
Indicated 9,547 7.5 2,299
Total M&I OP + UG 24,196 6.0 4,656
----------------------------------------------------------------------------
Open Pit Inferred Goose 156 3.4 17
Llama 23 5.6 4
Umwelt 134 3.4 15
--------------------------------------
Total Open Pit Inferred 313 3.6 36
Underground Inferred Goose 298 6.7 65
Llama 780 7.7 192
Umwelt 1,926 9.9 612
George 4,348 7.3 1,015
--------------------------------------
Total Underground
Inferred 7,352 8.0 1,884
Total Inferred OP + UG 7,665 7.8 1,920
----------------------------------------------------------------------------
Notes:
1. CIM definition standards were used for the Mineral Resources.
2. The Qualified Persons are Dinara Nussipakynova, P Geo. and Andrew Fowler
MAusIMM CP (Geo) both of AMC Mining Consultants (Canada) Ltd.
3. Open pit Mineral Resources are constrained by an optimized pit shell at
a gold price of $1500 oz Au.
4. The cut off grade applied to the open pit resource is 1.0 g/t Au and the
underground is 4.0 g/t Au.
5. Metallurgical recovery varies with gold grade. For example, for the
average grade of the open pits recoveries ranges between 88-89%.
6. The George Mineral Resources (LCP - North, LCP - South, Locale 1, Locale
2, GH & Slave) were estimated within mineral domains expanded to a
minimum width of 2 m.
7. Using drilling results to December 31, 2012.
8. Numbers may not add due to rounding.
The Company will ensure that future disclosures of the Hackett
River project mineral resource estimates will be made in accordance
with NI 43-101.
The Company also included in the January Presentation an Xstrata
corporate presentation slide that suggested a potential increase in
the mineral resource estimate for Hackett River. This slide failed
to include the information required for exploration targets under
NI 43-101. The Company retracts the disclosure in respect of the
potential increase in the mineral resource estimate for Hackett
River in the January Presentation and advises readers not to rely
on such disclosure to the extent that it may continue to be found
in the public domain. The Company has removed this disclosure from
the Presentations.
On its website, in its Presentations and in its management's
discussion and analyses, the Company has in certain cases not
identified and disclosed the relationship to the Company of the
qualified person who prepared or supervised the preparation of
technical information disclosed therein. This is not in compliance
with NI 43-101, and the Company confirms that it will include such
qualified person disclosure in future written disclosure of
technical information.
Angus Campbell, P. Geo., a qualified person under NI 43-101 and
the Vice-President, Exploration of the Company, has reviewed and
approved of the scientific and technical disclosure contained in
this press release.
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 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.
All news releases and further information can be found on the
Company's website at www.sabinagoldsilver.com or on SEDAR at
www.sedar.com.
Forward-Looking Information
Statements relating to future operations at the Back River
project and the Hackett River project and the expected results of
this work are forward-looking information within the meaning of
securities legislation of certain Provinces in Canada.
Forward-looking information are statements that are not historical
facts 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 the forward-looking
information should management's beliefs, estimates or opinions, or
other factors, change, except as required by applicable law.
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
Sabina Gold and Silver (TSX:SBB)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Sabina Gold and Silver (TSX:SBB)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024