Business & Finance
Mon, November 2, 2009Sun, November 1, 2009Sat, October 31, 2009Fri, October 30, 2009Thu, October 29, 2009Wed, October 28, 2009Tue, October 27, 2009Mon, October 26, 2009Sat, October 24, 2009Fri, October 23, 2009Thu, October 22, 2009Wed, October 21, 2009Tue, October 20, 2009Sabina Silver Announces Name Change to Sabina Gold & Silver Corp.
Published in Business and Finance on Wednesday, October 28th 2009 at 5:50 GMT by Market Wire
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 28, 2009) - Sabina Silver Corporation (TSX VENTURE:SBB) announced today that effective immediately the Company has changed its name to Sabina Gold & Silver Corp.
"We are excited about this next stage in the Company's development," said Tony Walsh, President & CEO "The name change more accurately reflects the Company's strategy to focus on accretive gold and silver assets and is the culmination of a number of objectives over the last 18 months. The name change marks the evolution of Sabina into an emerging precious metals company."
SABINA GOLD & SILVER CORP.
Sabina's focus was advancing the Company's flag ship Hackett River Silver Project in Nunavut in the Canadian north. Hackett River is one of the largest silver deposits of its type in the world, is at an advance stage of exploration and has significant opportunities to add to the already large existing resource.
As stated in 2008, to facilitate further growth, the Company's added the following three objectives to its focus:
- to seek out other accretive precious metals acquisitions while continuing to advance Hackett River;
- to put into place an experienced skilled management and technical team; and
- to maintain a strong treasury to enable the Company to facilitate its objectives
An initial result of this strategy was the completion of the Back River transaction in June of this year, resulting in the acquisition of significant high grade gold ounces, close to the Hackett River Project. The Wishbone claims, a property that covers a large portion of the Hackett River Greenstone Belt ("HRGB") were also included in this acquisition. The HRGB hosts Sabina's Hackett River Project as well as other smaller base and precious metal deposits. The combined properties total approximately 3,000 square km and cover a largely unexplored highly prospective greenstone belt. These new and existing accretive precious metals assets, geographically proximal to each other offer opportunities to enhance the economics of all our projects in the area. This also provides Sabina with a strong geographical toehold in the region.
The combined precious metals resources at these Nunavut properties are stated in the table below.
| Sabina Gold & Silver Corp.-Precious Metals | ||||||
| Project | Category | Tonnes | Grade | Gold Ounces | Silver Ounces | |
| Back River | Indicated | 3,415,000 | 10.9g/t | 1,193,000 | ||
| Hackett | ||||||
| River | Indicated | 43,340,000 | 0.30g/t | 419,000 | 200,480,000 | |
| Total | Indicated | 1,612,000 | 200,480,000 | |||
| Back River | Inferred | 3,556,000 | 10.2 g/t | 1,162,000 | ||
| Hackett | ||||||
| River | Inferred | 14,620,000 | 0.31g/t | 144,000 | 64,020,000 | |
| Total | Inferred | 1,306,000 | 64,020,000 | |||
The Company's name change better reflects this large precious metals asset base.
To execute our corporate objectives, efforts towards building a strong management and technical team at Sabina have been a priority. We have laid a solid foundation to which we continue to add. The talent of our team has been demonstrated by the efficiency and success of our exploration programs in 2009, which resulted in the two new discoveries on Back River and Wishbone.
We have also completed two financings since the fall of 2008, ensuring our treasury is replenished after spending and ensuring we have the financial resources to complete our annual objectives. Maintaining a strong balance sheet will always remain a critical element of management's agenda.
Sabina Gold & Silver Corp. continues to assess other precious metals opportunities, with a focus on gold projects, preferably in North America in areas that would geographically diversify our existing portfolio of assets. This includes the assessment and exploration of the Company's Red Lake projects to evaluate opportunities from Sabina's Red Lake and Thunder Bay field offices.
Quality Assurance
Mr. John Wakeford, P.Geo., and Sr. Vice President Corporate Development 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. Mineral resources for Goose Lake and George Lake were generated by RSG Global Consulting Pty Ltd (Coffey Mining) in September 2007, and are posted on [ www.sedar.com ][ . ]
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver 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.
Forward Looking Statements
Statements relating to future operations at the Hackett River Project, the Back River Project and the Wishbone 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
