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Sabina Silver Corporation: Sabina Silver Announces Initial Hackett River Results

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^{Published in Business and Finance on Thursday, September 24th 2009 at 9:14 GMT by Market Wire}  

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2009) - Sabina Silver Corporation (TSX VENTURE:SBB) announced today further favourable results from the 2009 summer drilling campaign on its 100% owned Hackett River silver-zinc project in Nunavut, Canada.

HACKETT RIVER

Hackett River is one of the largest undeveloped silver - zinc volcanic massive sulphide ("VMS") deposits of its type in the world with indicated resources totalling 43 million tonnes grading 144 g/t silver, 4.65% zinc, 0.42% copper, 0.64% lead and 0.30 g/t gold and an additional inferred open resource totalling 14.6 million tonnes grading 136 g/t silver, 4.46% zinc, 0.31% copper, 0.57% lead and 0.31 g/t gold.

2009 SUMMER EXPLORATION PROGRAM - HACKETT RIVER

Following an encouraging winter campaign, drilling commenced for the second exploration phase at Hackett River in mid-July.

The objectives of the 2009 Hackett River program were to:

- test for extensions of the existing deposits to identify opportunities to enhance the economics of the deposits as well as to examine targets in untested portions of current internal conceptual open pit shells;

- identify and test a number of new near surface showings and targets that present opportunities to find new discoveries at Hackett River, thereby demonstrating potential to increase throughput; and

- test previously encountered intercepts of higher value mineralization generally consisting of copper with high grade silver and occasionally gold mineralization which could have a positive impact on early years of development.

With these opportunities in mind, 12,600 meters were drilled over a two phase campaign at Hackett River which was completed on September 15, 2009.

"Although we believe Hackett River has already reached the critical mass needed to sustain a large mining project in the Arctic, we also believe that there is still significant opportunity to both improve and grow the resource through exploration and as a result, lever our share price along the way. Our drilling to date has been exceptionally encouraging as we better define our targets to grow the project and the Company," said Tony Walsh, President & CEO.

Drilling results

Step-out Drilling on Existing Deposits

Main Zone West Extension Drilling

Previously considered one large folded deposit, the Main deposit was identified to be two separate zones as a result of the updated geological modelling completed earlier this year. The Main Zone West deposit, containing resources with grades typically twice as high as the Main Zone East deposit, is open at depth and to the north and south. Of particular interest is the northern extension which is high-grade, near surface and incompletely drilled.

Hole SHR-09-39 was drilled at Main Zone West to the north of all previous drilling and targeted an inferred structure identified in the resource model. The hole intersected 288 g/t Ag, 8.28% Zn, 0.90% Cu, 1.41% Pb, 1.29 g/t Au over 20.10 meters starting at a down hole depth of 4.30 meters. This hole continues the high grade Main Zone West mineralization and remains open to the north.

This hole collared in silver-rich massive sphalerite and galena bearing base metal sulphides over 12.5 meters and continued into a well developed silver-rich chalcopyrite stringer zone down to 24.80 meters followed by a wide zone of intense alteration containing disseminated chalcopyrite for over 150 meters. Three additional holes drilled to the north of SHR-09-39 intersected copper stringer mineralization associated with intense alteration for which assay results have yet to be received.

These results are significant as they indicate the presence of higher grade copper stringer mineralization, near surface, in an area which has had limited drilling. This extended higher value mineralization at the Main Zone West, in addition to the already high grade nature of the existing Main Zone West deposit, offers opportunities for an expanded high grade starter pit which continues to improve the potential economics of the project.

Once all results are returned, a drill program for 2010 will be designed to delimit this area for inclusion into an updated resource estimate.

JO Zone

The JO Zone is located 500 meters south of the Main Zone. Drilling in 2007 demonstrated the possibility that the JO Zone could add significantly to the resource at Hackett River. JO Zone mineralization is, on average, higher in grade, though more complex than any of the zones in the existing resource and expanding mineralization at JO could provide another opportunity for a shallow high-grade starter pit.

Hole SHR-09-29 was drilled to test the continuity of mineralization in the JO Zone and to validate some incomplete historical drill data. Hole SHR-09-29 intersected 66 g/t Ag, 6.84% Zn, 0.07% Cu, 0.01% Pb, 0.01 g/t Au over 18.75 meters.

The alteration associated with the JO Zone is strong and extensive and is similar in nature to the alteration associated with the Main Zone. Drilling to date has only tested the zone to a maximum depth of 200 meters and there is significant opportunity for the deposit to continue to depth.

East Cleaver

SHR-09-30 was drilled at East Cleaver to test down dip of historical hole ECL-94-01A, which encountered numerous mineralized intercepts within the proposed pit shell but which are not included in the defined resource. Some of the historical intervals included 9.97% Zn over 2.99 m at a depth of 4.5 m and 11.91% Zn over 4.45 m at a depth of 11.5 m.

Hole SHR-09-30 intersected a number of mineralized intervals including 691 g/t Ag, 0.13% Zn, 0.42% Pb, 1.90 g/t Au over 1.10 meters at a down hole depth of 176 meters and 124 g/t Ag, 4.12% Zn, 0.17% Pb, 0.08 g/t Au over 1.05 meters at a down hole depth of 182.5 meters. The recent intercepts will be review to determine potential impact on the East Cleaver pit shells.

Two additional holes (SHR-09-31 and SHR-09-32) were drilled in this area with hole SHR-09-32 returning 153 g/t Ag, 1.25% Zn, 0.78% Pb, 0.05 g/t Au over 2.85 m at a down hole depth of 225.61 meters. Assay results for hole SHR-09-31 are still pending.

These results indicate that the East Cleaver system is open to the west and further work is required to define potential new zones in this area.

Regional Exploration Targets

Additional drilling was also completed on a number of regional targets with encouraging results having been obtained in the East Cleaver, JO and May areas. Results from this drilling will be compiled and reported once assay results have been received.

Quality Assurance

Mr. Peter Manojlovic, PGeo, and Chief Geologist of Sabina Silver Corporation is a Qualified Person under the terms of NI43-101 and has reviewed the technical content of this press release and approved its dissemination.
The mineral resource estimate for Hackett River was prepared by Mr. Albert Chong, P.Geo., Senior Geologist of AMEC Americas Limited, and can be found on SEDAR at [ www.sedar.com ]. Mr. Chong is a qualified person as defined by National Instrument 43-101. CIM Definition Standards (2005) have been used in defining the mineral resource categories.

SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in Nunavut and several projects in the Red Lake gold camp. The Company is well capitalized with approximately $45 million in cash and marketable securities at June 30, 2009. The strategy to grow the company focuses on two mandates: 1) to continue to focus on enormous exploration and development potential of the Hackett River silver-zinc and Back River gold projects; and 2) maintain a strong balance sheet to acquire accretive precious metals assets.

Forward Looking Statements

Statements relating to exploration, pre-feasibility work and future operations at the Hackett River Project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements 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 statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are 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 statements, 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, 2008.

Forward-looking statements are 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 statements should management's beliefs, estimates or opinions, or other factors change.

This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.

Tony Walsh, President & CEO

To view the table and map accompanying this press release please click on the following link: [ http://media3.marketwire.com/docs/SBB0924.pdf ]