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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 2009) – Sabina Gold & Silver Corp. ("Company") (TSX:SBB) reported today the financial results for the quarter ended September 30, 2009.

Quarter Highlights:

• A total 7,198 meters were drilled in the third quarter on the Hackett River silver project. Significant results of the campaign included high grade mineralization intersection at the Main West Extension target; hole SHR-09-39 intersected 288 g/t silver and 8.28% zinc over 20.10 meters (previously announced September 24, 2009). This drilling illustrates the opportunity to increase the known resource at the Main zone and potentially enhance current pit models.
• A total of 6,541 meters were drilled in the quarter on the Back River gold project focused on targets within and around the Goose deposit. Significant results of the campaign included the discovery of the Echo Zone, which sits approximately 2000 meters from the existing Goose Lake deposit. Significant drilling results received to-date from the Echo Zone included hole 09GSE26 which returned 8.17 g/t Au over 15.15 meters including 9.00 g/t Au over 13.20 meters. The Echo Zone remains open in all directions with all holes targeting mineralization no deeper than 150 meters from surface. The results of this work were reported in a news release dated October 7, 2009.
• A total of 1,934 meters were drilled in the quarter on the Wishbone project. The campaign targets were identified based on a combination of their geological similarity to the nearby Hackett River deposit. Positive results of the campaign included the discovery of the May VMS Zone which is approximately 15 km from the Hackett River deposits. Initial results reported October 13, 2009 include holes SWB which returned 73 g/t Ag and 10.86% Zn over 10.6 m.
• Subsequent to the quarter, on November 4, 2009, the Company sold its 2,800,000 shares of Premier Gold Mines, Ltd. ("Premier") for net proceeds of $9.2 million. On September 30, 2009, the Company had a total carrying value of the Premier shares was $7.6 million.
• Subsequent to the quarter, on November 12, 2009, the Company announced the positive results of a preliminary economic assessment update (PEA) on Hackett River. The PEA reports a robust project with a 25.9% IRR, a NPV of CAD$975 m (at 5% discount) and net cash flow of CAD$1.8billion (pre-tax). The results of this study were reported in a news release dated November 12, 2009 and can be found on the Company's website.

"We are on track to achieve our objectives for 2009," said Tony Walsh, President & CEO, "Our mandates to create shareholder value this year included advancing our existing assets, looking for new precious metals assets, continuing to build a strong team all while maintaining a strong balance sheet. We have been fortunate to have reported a significant gold acquisition earlier this year, made two new discoveries as a result of our experienced innovative team, demonstrated the robustness and opportunities at Hackett River through our updated PEA as well completed two financings to ensure our balance sheet stays replenished. We are busy planning our goals for next year."

Financial Results

For the three and nine month periods ended September 30, 2009, the Company reported a net loss of $0.5 million or $0.01 per share and $2.3 million or $0.03 per share respectively compared to losses of $0.9million and $1.3 million in the corresponding periods of 2008. The loss for the nine month period in 2009 was $1.0 million higher than the corresponding period in 2008 due largely to higher operating expenses and lower interest income, partially offset by a higher unrealized gain on held for trading investments.

The company had cash and short term investments of $32.1 million at September 30, 2009 compared to cash and short term investments of $35.0 million at December 31, 2008. Additionally the company held Canadian equities with an estimated market value of $7.3 million at September 30, 2009 which was largely comprised of 2.8 million shares of Premier Gold and, as described above, were sold subsequent to quarter end for proceeds of $9.2 million.

For the full September 30, 2009 financial statements and Management's Discussion and Analysis, as well as details on the exploration results described above, please see the Company website at [ www.sabinagoldsilver.com ][ . ]

Quality Assurance

Mr. John Wakeford, P.Geo. and a Qualified Person in accordance with NI 43-101 has reviewed the resources referred to above and attached and has approved their dissemination.

Project Management of the PEA study was conducted by Eric Harkonen, P.Eng. and Principal Project Manager/Mine Engineer of PEG Mining Consultants Inc. He is a Qualified Person under the terms of NI43-101 and has reviewed the technical content of this press release and approved its dissemination.

SABINA GOLD & SILVER CORP. is a Canadian public mineral exploration and development company with assets at the Hackett River silver, Back River gold and Wishbone projects in Nunavut, Canada and several projects in the Red Lake gold camp. The Company is well capitalized with approximately $40 million in cash.

Forward Looking Statements

Statements relating to the work at Hackett River and the Back River assets and the Company's corporate objectives 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 and information concerning mineral resource estimates 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 gold 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; uncertainties involved in the estimation of metal reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; 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 Gold & Silver Corp.

Tony Walsh, President and CEO
930 West 1^st Street, suite 202
North Vancouver, BC V7P 3N4
Tel 1 888 648-4218
[ http://www.sabinagoldsilver.com ]