SABINA’S HACKETT RIVER “PRELIMINARY ECONOMIC
ASSESSMENT” POSITIVE ON PRODUCTION OF 12
MILLION OZ SILVER, 324 MILLION LBS ZINC PER YEAR;
MOVING TO PREFEASIBILITY
March 5, 2007, Thunder Bay, ON – SABINA SILVER CORPORATION (SBB:V;
SBBFF erstaunt TC; RXC:FR) is pleased to announce receipt of an independent NI43-101
compliant Preliminary Economic Assessment of its 100% owned Hackett River silverzinc
Project. The project is located 70 km southwest of the community of Bathurst Inlet
on the Arctic Ocean and 130 km northeast of the diamond mines at Ekati and Diavik.
The Preliminary Economic Assessment by Wardrop Engineering Inc. envisions a mine
plan with average annual production of 324.7 million pounds zinc, 12.4 million ounces
silver, 20.7 million pounds copper, 37.0 million pounds lead, and 17.2 thousand
ounces gold over a mine life of 13.6 years.
According to the Wardrop study, a discounted cash flow analysis of the Hackett River
Project achieves a pre-tax net present value (NPV) of C$345 million at an 8% discount
rate with a pre-tax internal rate of return (IRR) of 20.6% and a payback period (PBP) of
approximately 3 years after the start of concentrate production (Table 2).
Project Highlights
A Preliminary Economic Assessment of the Hackett River Project features the following
highlights:
• A Nunavut-based all-season road and tidewater resupply and concentrate delivery
model.
• A bulk mining plan which includes ore production from open pits at Main Zone and
the East Cleaver deposits and a maximum of 5,750 tonnes of ore per day from a large
underground mine on the Boot Lake deposit.
• A 13.6 year mine life at a milling rate of 10,000 tonnes per day year-round.
• Total life-of-mine production of 4.4 billion pounds of zinc, 169 million ounces of
silver, 283 million pounds of copper, 504 million pounds of lead, and 234 thousand
ounces gold based on the current NI 43-101 compliant mineable mineral resource
(Table 1).
• Initial (3 yr.) capital costs of C$527 million.
• Open pit mining costs of C$12.74 per tonne of ore milled or bulk mining cost of
C$2.24/tonne mined over the life of mine.
• Underground mining costs of C$37.92 per tonne of ore milled over the life of mine.
• Cash cost of US$4.44 per ounce silver equivalent.
• Cash cost of US$0.22 per pound zinc equivalent.
• Considerable upside expansion potential remains on the known 3 resource deposits.
• High exploration potential for discovery of additional deposits within similar volcanic
stratigraphy on the company’s leases within the Hackett River greenstone belt.
The minable mineral resource estimated from Wardrop’s Preliminary Economic
Assessment is shown in Table 1. The mineral resource estimate takes into
consideration all geologic, mining, milling, and economic factors, and is stated
according to Canadian National Instrument 43-101.
Tiefwasser Hafen in der Arktic in Planung!!!!! Gewaltige Resourcen nur in diesem Projekt allein!!gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Not for distribution to U.S. Newswire services or dissemination in the U.S.A.
SABINA SILVER SUCCESSFULLY CLOSES $30 MILLION
BOUGHT-DEAL FINANCING, RESUMES DRILLING AT
HACKETT RIVER
SABINA SILVER CORPORATION (SBB-TSXV) (“Sabina”) is pleased to announce
that it has successfully closed the previously announced bought-deal private placement
of 5 million units (each, a “Unit”) at a price of $3.00 per Unit for gross proceeds of $15
million. Each Unit is comprised of one common share of Sabina (each a “Common
Share”) and one half of one Common Share purchase warrant (a “Warrant”), with each
full Warrant entitling the holder thereof to purchase one Common Share at a price of
$3.60 for a period of 36 months following the closing of the offering. The financing was
substantially oversubscribed, and the underwriting syndicate led by Research Capital
Corporation, which included BMO Nesbitt Burns Inc., and Pacific International Securities
Inc (the “Underwriters”), exercised their option to increase the size of the financing by
5 million Units at the same issue price per Unit for additional gross proceeds of $15
million. In total, 10 million Units were issued for gross proceeds of $30 million.
The Underwriters received as compensation a 5% cash commission and 500,000 broker
warrants. Each broker warrant entitles the holder to purchase one Common Share at an
exercise price of $3.00 per share until April 2, 2009.
All the Units issued pursuant to the private placement are subject to a four-month hold
period expiring August 3, 2007.
The net proceeds from the private placement will be used to further advance Sabina’s
Hackett River Project towards permitting, feasibility and ultimately production, all
subject to rigorous and ongoing engineering and environmental review, and for general
corporate purposes. Abraham Drost, President and Director of Sabina states “the
successful conclusion of this bought-deal financing involving strong financial partners
and a variety of new shareholders constitutes a significant step forward in advancing the
Hackett River Project to the bankable feasibility assessment stage”.
In related corporate news, Sabina announces that drilling has resumed at Hackett River.
The 2007 work plan includes additional definition and exploration drilling, geotechnical
drilling and testing, further metallurgical testing and optimization, geophysical surveys
of additional exploration target areas and initiation of a formal environmental impact
assessment process. The information expected to be obtained from the 2007 work plan
will supplement the existing database and move the Hackett River Project towards a
NI43-101 compliant pre-feasibility study later in the season.
Sabina Silver Corporation is a Canadian public mineral exploration and development
company with assets at the Hackett River silver-zinc project in the Canadian Arctic, the
Del Norte project in the Stewart-Eskay Creek Mining District, and several exploration
projects in Ontario in the Red Lake gold camp and Thunder Bay Mining District.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Dear Sir:
This question has come up several times recently. I have been introducing Albert Brantley, Sabina's new CEO and President to various institutional shareholders in the US and Canada.
Sabina has approximately $49 million in cash as of July 31. All cash is held in short term GICs (Guaranteed Investment Certificates) with Canadian chartered banks and
Government of Canada treasury bills.
Sabina has no exposure to commercial money market paper whatsoever.
Sabina is firmly moving ahead with its business plan, advancing Hackett River through prefeasibility to development. Albert Brantley's experience with large project development, constuction and mine commissioning will be very beneficial to the sustained growth of the company.
We are very much looking forward to the Munich show in November.
Best regards,
Abraham
Abraham Drost, Director
Sabina Silver Corporation www.sabinasilver.com
Ph: (807) 251-3539
Sabina Silver Corporation (SBB) As of August 20th, 2007
Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price
Aug 16/07 Aug 10/07 Downie, Ewan Stewart Direct Ownership Common Shares 10 - Acquisition in the public market 10,000 $1.990gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Sabina Silver Corp (C:SBB)
Shares Issued 66,300,853
Last Close 8/31/2007 $1.74
Tuesday September 04 2007 - News Release
Mr. Albert Brantley reports
HACKETT RIVER 2007 DRILLING UPDATE
Sabina Silver Corp. is reviewing the 2007 drilling campaign at its 100-per-cent-owned Hackett River project, Nunavut, Canada. This update represents a total of 10,384 metres in 44 drill holes, or 61 per cent of the total of 17,000 m of drilling planned for the Hackett River project in 2007.
The 2007 drilling campaign includes infill drilling to increase confidence levels of NI 43-101-compliant minable mineral resources outlined in the preliminary economic assessment prepared by Wardrop Engineering Inc. and reported in Stockwatch on March 5, 2007. The Wardrop PEA envisions a mine plan with average annual production of 324.7 million pounds zinc, 12.4 million ounces silver, 20.7 million pounds copper, 37 million pounds lead and 17,200 ounces gold, over a mine life of 13.6 years.
The Hackett River minable mineral resource is available on-line.
Highlights to date from the current drill program include:
57.2 metres (187.66 feet) of 16.78 per cent zinc and 140 grams per tonne (4.1 ounces per ton) silver from surface in the Main Zone West area in infill hole SHR-07-41 in the area designated as the starter pit by the NI 43-101 preliminary economic assessment reported in Stockwatch March 5, 2007;
30.25 m (99.25 feet) of 10.1 per cent zinc and 317 grams per tonne (9.25 ounces per ton) silver in step-out hole SHR-07-37 from a vertical depth of approximately 620 m in the Boot Lake Deep deposit area.
The full suite of certified assays from the 2007 drilling results to date at Hackett River is available on-line.
A variety of targets defined in the March, 2007, PEA are being tested in the current drill program including the Main Zone West, Main Zone East, Main Zone Keel and the Boot Lake Deep as well as the Patricia Lake zone as a regional exploration target.
The Main Zone Keel was identified in the March, 2007, PEA as a possible low-grade to barren sulphide-rich gap between the Main Zone West deposit and the Main Zone East deposit. The current results confirm the geologic model used by Wardrop in its resource estimate and have provided additional geotechnical information to support future mine planning.
The Boot Lake drilling has confirmed the continuity of mineralization extends to below 600 metres, and that mineralization is still open at depth in the Boot Lake area.
Douglas Kim, PGeo, project manager for the Hackett River project and a qualified person under the terms of NI43-101, has reviewed the content of this press release and approved its dissemination.
Sabina's 100-per-cent interest in the Hackett River project is subject to a 2-per-cent net smelter royalty to Cominco Mining Partnership. Etruscan Resources Inc. retains a 10-per-cent net profits interest capped at $2-million.
In related news, Sabina Silver wishes to confirm that it has no exposure to the asset-backed commercial paper investment vehicles. Sabina's working capital is fully intact and is 90 per cent held in short-term liquid investments guaranteed by Canadian chartered banks and the other 10 per cent is held in securities in Canadian exploration companies.
ih denke bei normalem Marktumfeld das die 2,0 Euro dieses Jahr mehr als realistisch sind!
bei F/D sind es i.Moment ca. 83 Mio Aktien die ausstehend sind, wobei i.M. ca. 66 Mio Aktien im Umlauf sich befinden......
83 Mio x 2,86 Can$ (ca. 2 Euro) = 245 Mio Can$ MK - Höchstkurs war schon mal 3,66 Can$
im Moment haben sie ca. 21 Mrd $ an nachgewiesenen Ressourcen im Boden........bezogen auf die 83 Mio Shares wären das Pro Aktie ein Wert von 253 $ (!)
bedeutet Sabina-Aktien sind im Moment noch nicht mal mit einem 1/10 des Ressourcenwertes bewertet
die BE´s von gestern und alles was jetzt kommt ehöhen die Resserven massiv, denn das waren fette Werte
Sabina hat i.M. ca. 50 MIo Can$ Cash (sicher und ohne Risiko behaftet) + 2,8 Mio Shares von Premier Gold.........das reduziert das Risiko auch nochmal
nur eine kleine Betrachtung der Dinge - bringt mich zur Überzeugung das wir dieses Jahr noch 2,.. Euro sehen werden - eventuell auch ne Übernahme
ich bin einfach zu ungeduldig dachte, wir gehen schneller wieder hoch,
bei dem steigenden silberpreis sollten eigentlich in kürze höhere kurse drin seinist ja nicht jeden tag happy hour
Sabina Silver Corporation: Hackett River 2007 drilling update
9/4/2007
Thunder Bay, Ontario CANADA, FSC, Sep 04, 2007 (M2 PRESSWIRE via COMTEX News Network) --
Sabina Silver Corporation (SBB - TSX Venture), is pleased to announce an update from the ongoing 2007 drilling campaign at it's 100% owned Hackett River Project, Nunavut, Canada. This update represents an aggregate 10,384m in 44 drill holes, or 61% of the total of 17,000m of drilling planned for the Hackett River Project in 2007.
The 2007 drilling campaign includes infill drilling to increase confidence levels of NI43-101 compliant minable mineral resources (Table 1) outlined in the Preliminary Economic Assessment (PEA) prepared by Wardrop Engineering Inc. and reported on 5 March 2007. The Wardrop PEA envisions a mine plan with average annual production of 324.7 million pounds zinc, 12.4 million ounces silver, 20.7 million pounds copper, 37.0 million pounds lead, and 17.2 thousand ounces gold, over a mine life of 13.6 years.
For Table 1. Hackett River Mineable Mineral Resource, click on the link below or paste the link into your browser:
Highlights to date from the current drill program include:
* 57.2m (187.66ft) of 16.78% zinc and 140g/tonne (4.10oz/ton) silver from surface in the Main Zone West area in infill hole SHR-07-41 in the area designated as the "starter pit" by the NI43-101 Preliminary Economic Assessment released 5 March 2007;
* 30.25m (99.25ft) of 10.1% zinc and 317g/tonne (9.25oz/ton) silver in stepout hole SHR-07-37 from a vertical depth of approximately 620m in the Boot Lake Deep deposit area.
The full suite of certified assays from the 2007 drilling results to date at Hackett River is available at:
A variety of targets defined in the March 2007 PEA are being tested in the current drill program including the Main Zone West, Main Zone East, Main Zone Keel and the Boot Lake Deep as well as the Patricia Lake Zone as a regional exploration target.
The "Main Zone Keel" was identified in the March 2007 PEA as a possible low-grade to barren sulphides-rich gap between the Main Zone West deposit and the Main Zone East deposit. The current results confirm the geologic model used by Wardrop in their resource estimate and have provided additional geotechnical information to support future mine planning.
The Boot Lake drilling has confirmed the continuity of mineralization extends to below 600 meters, and that mineralization is still open at depth in the Boot Lake area.
A system of sample standards, blanks and duplicates were inserted as part of the Company's QA/QC analytical procedures for the sample stream processed at accredited laboratories ALS Chemex (Vancouver, BC) and Accurassay Laboratories (Thunder Bay, ON). Mr. Douglas Kim, P.Geo. Project Manager for the Hackett River Project and a Qualified Person under the terms of NI43-101 has reviewed the content of this press release and approved its dissemination.
Sabina's 100% interest in the Hackett River Project is subject to a 2% Net Smelter Royalty (NSR) to Cominco Mining Partnership. Etruscan Resources Inc. retains a 10% Net Profits Interest (NPI) capped at C$2 million.
Sabina Silver Corporation is debt free, with approximately C$55 million working capital in cash and securities as at the end of July 2007. In addition to advancing the Hackett River Project, the company is also drilling at its Del Norte silver-gold project in the Stewart-Eskay Creek Mining District, British Columbia, exploring four promising gold projects in the Red Lake Mining District, Ontario and exploring the silver-zinc Rockstone project in the Thunder Bay Mining District, Ontario.
In related news, Sabina Silver Corporation wishes to confirm that it has no exposure to the "asset backed" commercial paper (ABCP) investment vehicles. Sabina's working capital is fully intact and is 90% held in short term liquid investments guaranteed by Canadian chartered banks, the other 10% is held in securities in Canadian exploration companies
ON BEHALF OF THE BOARD OF DIRECTORS
ALBERT BRANTLEY President/CEO and Director
The foregoing securities have not been, nor are there any current plans to register said securities under the United States Securities Act of 1933, as amended, and these securities may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation or sale would be unlawful.
Sabina Silver Corporation does have a Moody's/Mergent Manual ("Blue Sky") exemption allowing distribution without registration in 39 states for secondary trading transactions only. Always consult a Registered Investment Advisor.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Sabina Silver Corporation does have an ongoing obligation to disclose material information, as it becomes available.
The TSX Venture Exchange does not accept responsibility for the accuracy or the adequacy of this release.
SABINA SILVER CORP
Sabina Silver and Silver Grail Drilling at Del Norte Extends High Grade Gold and Silver Mineralized Zone
11/28/2007
THUNDER BAY, ON, Nov 28, 2007 (MARKET WIRE via COMTEX News Network) --
Sabina Silver Corporation (TSX-V: SBB) is pleased to announce results from a nine hole, 1,600 meter diamond drilling program undertaken on the Del Norte property (Midas Claim Block) located approximately 34km east of Stewart, British Columbia. This drill program was undertaken to follow-up high grade gold and silver assay results from the "3 Oz Vein" drilled in 2006 which have been reported previously and which included 2.54g/t Au and 12.5 g/t Ag over 32.40m and 20.7g/t Au and 86.4g/t Ag over 1.45m in hole SDN-06-03, 0.97g/t Au and 4.1 g/t Ag over 44.79m in hole SDN-06-04, and 0.64g/t Au and 5.1 g/t Ag over 86.25 m in hole SDN-06-05.
Significant assay highlights encountered during this seasons drilling include 2,810 g/t Ag over 1.00m in hole SDN-07-03 and 6.75g/t Au over 0.90m, also in hole SDN-07-03. The 2007 drill program has now tested the main mineralized zone over a strike length of 150m. Mineralization is interpreted to be hosted within an anastomosing shear/vein structure that dips at approximately 65 degrees to the WSW. Anomalous gold assays are typically associated with quartz and arsenopyrite. Final results for the 2007 drilling are summarized in Table 1.
Holes were drilled this season on three section line spaced 50 meters apart. SDN-07-01, 02 and 03 were drilled from one drill pad set-up on section line 1004N, located 50 meters north of where the 2006 drill holes intersected encouraging mineralization, while SDN-07-04, 05, 06 and 07 were drilled from one drill pad set-up on section line 1002N, 50 meters south of the 2006 results and SDN-07-08 and 09 were drilled from one set-up on section line 1005N located 100m north of the 2006 drilling intersections. The holes were drilled to test the down dip extension as well as the strike extension of the previously encountered high grade intersections.
Table 2 lists the intervals with gold values greater than 0.5 g/t Au for holes drilled on Section line 1004N. True thickness of the mineralized intervals depends on the angle of intersection with the mineralized structure. Significant intercepts are listed in Tables 2, 3 and 4. The relationship between the known gold and silver-rich breccia type vein mineralization and the precious metal-enriched exhalative mineralization typifying the Eskay Creek deposit 70 kms to the northwest of Del Norte in the same geological trend remains an exploration priority for the company.
The 2007 exploration program at Del Norte was funded by Sabina according to terms of an option agreement with Teuton Resources Corp. (TUO.V) and Silver Grail (SGV.V) whereby Sabina can earn up to a 65% interest by spending $ 2.5 million on the property over four years and by completing a Feasibility Study on the Project within three years of completing the initial exploration stage. With the expenditure completed to date, Sabina has earned a 50% interest in the property.
Mr. Harvey Klatt, P.Geo., the Manager for the Del Norte Project, is the Qualified Person for Sabina Silver Corporation in charge of the 2007 Del Norte exploration. A system of standards, blanks and duplicates were inserted as part of the Company's QA/QC analytical procedures for the sample stream processed at accredited laboratories ALS Chemex (Vancouver, BC). Mr Klatt has reviewed the technical data and the content of this press release and approved its dissemination.
Sabina Silver Corporation is debt free, with approximately C$53 million working capital in cash and securities as at the end of October 2007. In addition to drilling at its Del Norte Silver-Gold project in the Stewart-Eskay Creek Mining District of British Columbia, the company is advancing the Hackett River Project in the Canadian Arctic through prefeasibility assessment and is also exploring four promising gold projects in the Red Lake Mining District, Ontario as well as exploring the silver-zinc Rockstone project in the Thunder Bay Mining District, Ontario.
ON BEHALF OF THE BOARD OF DIRECTORS ALBERT BRANTLEY President/CEO and Director
The foregoing securities have not been, nor are there any current plans to register said securities under the United States Securities Act of 1933, as amended, and these securities may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation or sale would be unlawful. Sabina Silver Corporation does have a Moody's/Mergent Manual ("Blue Sky") exemption allowing distribution without registration in 39 states for secondary trading transactions only. Always consult a Registered Investment Advisor.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may," "will," "plan," "expect," "anticipate," "estimate," "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Sabina Silver Corporation does have an ongoing obligation to disclose material information, as it becomes available.
The TSX Venture Exchange does not accept responsibility for the accuracy or the adequacy of this release.
Table 1 Diamond Drill Hole Summary - Del Norte 2007
Distributed by Filing Services Canada and retransmitted by Marketwiregemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Sabina has already recorded an inferred 770 Million oz Ag Eq resource with a stated potential of 33% further exploration growth at Hackett River,alone:
-Consciderable upside exploration potential exists on the three known resource deposits.
-High exploration potential for discovery of additional deposits ....
within the Hackett River Greenstone Belt.
Hackett River Canada Nunavut Territory Resource Estimation
Resources
Silver (oz)
Gold (oz)
Copper (Lb.)
Lead (Tons)
Zinc (Tons)
Total Silver Equivalent (oz)
...Rockstone Property exhibits geological characteristics of
zinc and silver rich massive sulphide deposition
such as Sabina has encountered elsewhere.
So,the inferred estimate of Hackett by Sabina is 770 million oz Ag Eq
with a 33% exploration growth est.equalling 1.0241 BILLION oz Ag Eq.
Drilling is ongoing and Boot Lake is open at depth with confirmed mineralization below the 600 meter level.
Five separate targets or zones at Hackett are being drilled and tested.
39% of 2007 Hackett River drilling results are yet to be announced.
Sabina Silver SP:$1.75gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
SABINA SILVER CORP
Sabina Silver Corporation: Hackett River 2007 final drilling results: new high-grade jo zone and 78.45 m of massive sulphides at 600 m depth at Boot Lake
1/8/2008
Thunder Bay, Ontario CANADA, Jan 08, 2008 (M2 PRESSWIRE via COMTEX News Network) --
Sabina Silver Corporation (SBB - TSX Venture) (SBBFF - OTCBB_Pink_Sheets), is pleased to announce the final drill results from the 2007 drill program at its Hackett River project located in Nunavut. This announcement reports on the final completion of 17,106 meters of drilling completed in 65 drill holes during the 2007 program, and supplements the release of preliminary results issued on 4 September 2007.
The 2007 drilling campaign was primarily undertaken to complete development infill drilling to increase confidence level of the previously reported NI 43-101 compliant mineral resources, to explore areas where the mineralized envelope used in the previous resource calculation remained open at depth as well as to explore areas of anticipated mineralization within the likely footprint of the Project infrastructure layout.
Highlights encountered in the final stage of the 2007 drilling include:
* Drill intercepts from the Jo Zone, located approximately 4 kms from the proposed Hackett River milling site, suggest the potential for a fourth mineral deposit for the Project. Selected high-grade sub-intervals listed below from depths near surface to 115 meters indicate the exceptionally high silver and zinc grades encountered during the 2007 Jo Zone drilling:
The deepest hole, SHR-07-60, returned 12.25 m grading 0.08% Cu, 1.71% Pb, 9.77% Zn, 537 g/t Ag and 0.30 g/t Au starting from 115.70 m. Locally values exceed 40% Zn and 1 kg/t Ag. The Jo Zone requires additional drilling to outline the extent of mineralization, and planning is underway for additional drilling in early 2008 to delineate this potential deposit, and is included in the $ 6.5 million budgeted for drilling at Hackett River in 2008.
* Thick drill intercepts from approximately 600 m below surface indicate the large Boot Lake deposit remains open at depth. Hole SHR-07-49 intersected 78.45 m grading 0.24% Cu, 0.86% Pb, 6.98% Zn, 179 g/t Ag and 0.09 g/t Au starting from 627.00 m. True thickness of the massive sulphide lens at this depth is estimated to be approximately 45 m.
Other news highlights include:
* AMEC continues work on a Pre-Feasibility Study for the Hackett River Project, which is currently estimated for completion in mid 2008.
* In November Sabina Silver's Hackett River Camp was awarded the inaugural Clean Environment Award by the Kitikmeot Inuit Association for demonstrating the highest level of environmental stewardship of any exploration camp on Inuit Owned Land within the Kitikmeot region.
2007 Drill Program
The 2007 drill program was completed in early November with a total of 17,106 m drilled in 65 holes. Results for the first 44 holes of the season were announced September 4, 2007. A summary table listing of composite assays from the remaining 21 holes of the season is available at:
Drill Hole Summary Table Final 2007 http://www.usetdas.com/maps/sabina/sabinaMININGCHARTjan8.pdf The 2007 drill program included infill and step-out drilling to increase the confidence levels of a NI 43-101 compliant mineral resource outlined in a Preliminary Economic Assessment (announced 5 March 2007). As well, exploration drilling was undertaken at two of several known mineralized zones within Sabina's Hackett River property which could be affected by infrastructure layout required for the current Project design. Limited geotechnical drilling was also completed to provide preliminary information for civil and mine engineering design.
Jo Zone
The Jo Zone is located approximately 400 m SE of the East Limb of the Main Zone deposit along the same mineral horizon. Five holes (SHR-07-56, 58, 60 and Jo71-03 and 75-01) on one section line indicate mineralization continues from near surface to a depth of 115 m where it is still open. Hole SHR-07-57, located on a section line 50 m north, intersected 24.30 m of mineralization grading 0.64% Cu, 0.60% Pb, 6.46% Zn, 122 g/t Ag and 0.08 g/t Au. This mineralization started from the bedrock surface.
Additional drilling is required to confirm the orientation and extent of the Jo Zone mineralization. Jo Zone has significant potential to add near surface, high-grade tonnes to the existing Hackett River Resource.
Boot Lake Zone
Step-out and infill drilling at Boot Lake has confirmed continuity of mineralization from surface to a depth of 680 m. The deposit dips steeply to the SW and is open to depth. The practical depth limit for surface delineation drilling appears to have been reached.
Main Zone
A thermistor geotechnical hole was completed as was the last of the planned 2007 drill holes.
Patricia Zone
No significant mineralization was intersected in the Patricia target. Narrow mineralized late veins present in two of the holes are interpreted to have formed in the thermal aureole of a large diabase dyke located to the east.
A system of sample standards, blanks and duplicates were inserted as part of the Company's QA/QC analytical procedures for the sample stream processed at the accredited laboratory at ALS Chemex (Vancouver, BC). Mr. Douglas Kim, P.Geo. Project Manager for the Hackett River Project and Qualified Person under the terms of NI43-101 has reviewed the content of this press release and approved its dissemination.
Pre-Feasibility Study
Preparation of the Hackett River Pre-feasibility study by AMEC continues. AMEC has completed its initial assessment of the drill hole spacing for model definition purposes, and it is anticipated that limited additional infill drilling will be required prior to undertaking a Final Feasibility Study. Work has commenced on remodeling of the East Cleaver, Boot Lake and Main Zone deposits, and is expected to be completed in early 2008. A restatement of the resources for the Hackett River Project will be issued after completion of the modeling, and is expected in the first Quarter of 2008.
Engineering review of layout options, including milling site, tailings storage facility and waste dumps, has begun and will likewise continue into 2008. Review of mining options and preliminary designs has commenced. The Pre-feasibility study is expected to be available early Third Quarter 2008.
Environmental baseline investigation studies have been completed during this past field season for the Hackett site as well as the site of the proposed port and concentrate load out facility at Bathurst Inlet. Baseline monitoring will continue through the coming field season in 2008 in support of ongoing permitting activities. Filing of the Project Proposal with the Nunavut Government is planned for early 2008, and it is currently anticipated that the draft Environmental Impact Statement will be completed by late 2008 or very early in 2009.
Sabina's 100% interest in the Hackett River Project is subject to a 2% Net Smelter Royalty to Cominco Mining Partnership. Etruscan Resources Inc. retains a 10% Net Profits Interest capped at C$2 million.
Sabina Silver is debt free, with approximately $45 million in cash and securities of an additional $ 8 million as of the end of November 2007. In addition to advancing the Hackett River Project, the company is also drilling its Golden Sidewalk Project in the Red Lake Mining District, Ontario and is exploring the silver-zinc Rockstone Project in the Thunder Bay Mining District, Ontario.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Apr 10, 2008 08:45 ET
Sabina Silver Commences 2008 Program at Hackett River: Work Continues on Resource Update and Pre-Feasibility Study: Overall Budget of $18.9M for 2008
VANCOUVER, BC--(Marketwire - April 10, 2008) - Sabina Silver Corporation (TSX-V: SBB) (PINKSHEETS: SBBFF) announced today that the 2008 work campaign has started at the Hackett River Project in Nunavut, Canada. Work also continues on compiling the Hackett River resource update and pre-feasibility work continues in full swing.
2008 Objectives
"Our camp is now open and we are busy working on our 2008 campaign at Hackett River," said Albert Brantley, President and CEO. "The main focus of the program will be to continue drilling to infill the existing resource for increased confidence and to obtain pre-feasibility geotechnical information required for civil and mine engineering planning support, as well as continuing base-line studies for inclusion in our Draft Environmental Impact Statement. However, we also plan to focus on the exploration potential at Hackett River and have incorporated significant efforts to follow up on the successes of 2007 and to determine future exploration targets."
The objectives of the work program at Hackett River for 2008 are:
a. Exploration drilling to continue to test the newly defined high grade Jo Zone
b. Continued infill /definition drilling on the three major deposits
c. Geotechnical drilling and field investigations for inclusion in the pre-feasibility and feasibility studies
d. Continued base line work for incorporation into a Draft Environmental Statement
e. Sampling and mapping work around the core property
The overall budget at Hackett River for 2008 is approximately $18.9 m which includes, among other activities, $8.3 million for drilling, Pre-Feasibility work of approximately $ 2 million and environmental baseline work of approximately $4 million.
Exploration
During 2007, preliminary drilling was completed at the Jo Zone, located approximately 4 km from the proposed Hackett River milling site, and 250 m from the Main Zone pit. Drilling completed during 2007 has suggested the potential for a fourth mineral deposit for the Project. Selected high-grade sub-intervals listed below indicate exceptionally high grade silver and zinc values encountered in the drilling. All intercepts were within 116 meters of surface.
-****-
The deepest hole, SHR-07-60, returned 12.25 m grading 0.08% Cu, 1.71%pb, 9.77% Zn 537 g/t Ag and 0.30 g/t Au starting from 115.70 m down the hole.
Locally values exceed 40% Zn and 1 kg/t Ag.
Approximately 3,000m of drilling in 2008 will focus on testing the extent of mineralization at the Jo Zone. The objective of the 2008 campaign is to sufficiently drill the Jo Zone so that it can be included in the Hackett River resource estimate in the final feasibility study.
"We are very excited about the potential of the Jo Zone to become a fourth deposit at Hackett River," said Harvey Klatt, Vice-President, Exploration. "With the significant grades encountered close to surface, the Jo Zone could potentially become another open pit providing opportunity to positively impact the economics of mining start-up at Hackett River."
Results on the Jo Zone drilling will be reported through the year as they become available.
Mapping and prospecting around the core portion of the property (from Anne Lake to the west, to Joe Lake in the east, and possibly the Watson and May prospects, see Figure 1) will also be undertaken in 2008. Approximately 1,500 m of drilling has been allocated to test these targets. Work will include structural mapping and geological mapping to update the property geology map, and work around any areas which will be impacted by proposed tailings, waste rock dumps, and other infrastructure, including roads. Sampling will include grab samples and soil sampling. In addition, a geophysical program will also be undertaken over several of these target areas.
Drilling Program
The primary focus for the 2008 drilling will be to further delineate/define the existing deposits at Hackett River and to test peripheral exploration targets. Approximately 5,500m of infill/definition drilling has been allocated for this purpose. Also, 1,300m of drilling for the installation of two thermistor holes is planned as well as approximately 750m for drilling on geotechnical holes.
Environmental Baseline Studies
Comprehensive environmental baseline studies will continue in 2008 for the Hackett River Project. Components included in the planned 2008 work include hydrology, meteorology, permafrost, water quality, sediment quality, aquatic biology, fisheries, wildlife, ecosystem mapping, vegetation, soils, and archaeology. Field studies will begin in late April, and will continue until October of 2008. Results from the 2008 fieldwork will be used to update a series of baseline reports, which will be used to support the preparation of a draft Environmental Impact Statement. Public consultation, traditional knowledge, land use, and socio-economic studies will also be on-going in 2008. The Project has entered the environmental assessment process with the Nunavut Impact Review Board (NIRB) and activities in 2008 will also include on-going correspondence with regulators for environmental permitting and support to see the Project through the NIRB process. It is also anticipated that negotiations with the Kitikmeot Inuit Association on an Impact and Benefits Agreement covering the Hackett River area and the Project development will commence during this year.
Map hosted by Filing Services Canada Inc. website.
Resource Estimate Revision
The existing resource at Hackett River is made up of three deposits, the East Cleaver Zone, The Main Zone and The Boot Lake Zone.
The mineral resource for the Hackett River Project based on the Preliminary Economic Assessment (announced on March 5, 2007) is as indicated in the following table.
Map hosted by Filing Services Canada Inc. website.
Work is currently in progress to compile results from the 2007 drilling into a revised resource. It was expected that this resource revision would be completed by the first quarter of 2008, however, due to personnel constraints, this estimate is now expected to be announced in the second quarter 2008.
Prefeasibility Update
As the result of a positive Preliminary Economic Assessment (PEA), announced in March 2007 and completed by Wardrop Engineering Inc. in accordance with National Instrument 43-101 guidelines, the Hackett River project is now undergoing a Prefeasibility Assessment. The PEA envisions Hackett River as being capable of achieving average annual production of 324.7 million pounds of zinc, 12.4 million ounces of silver, 20.7 million pounds of copper, 37.0 million pounds of lead and 17.2 thousand ounces of gold over a mine life of 13.6 years.
According to the PEA, a discounted cash flow analysis of the Hackett River Project achieves a pre-tax net present value of C$345 million at an 8% discount rate with a pre-tax internal rate of return of 20.6% and a payback period of approximately 3 years. For further information on the Preliminary Economic Assessment, please see the News release dated March 5, 2007 at www.sabinasilver.com.
The Hackett River Project Prefeasibility Study is in full swing and is expected to be announced during the fourth quarter of 2008.
Qualified Persons
Mr. Harvey Klatt, P.Geo., VP Exploration and Qualified Person under the terms of NI43-101, has reviewed the technical content of this press release and approved its dissemination.
The Preliminary Economic Assessment is based on a NI 43-101 compliant mineral resource estimate completed by Wardrop Engineering in November 2006.
The resource estimation and results of the Jo Zone were reviewed by Douglas Kim, P.Geo, Executive Project Manager for Sabina and a Qualified Person under NI 43-101.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in the Canadian Arctic, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp.
Sabina Silver Corporation is well financed with approximately C$47 in working capital as at March 31, 2008. Shares on issue at the same date were 66,669,634.
For further information please contact:
Albert Brantley, President & CEO: 807-766-1799
Nicole Hoeller, Director, IR: 807-766-1799 nhoeller@sabinasilver.com
SOURCE: Sabina Silver Corporation
May 29, 2008 13:16 ET
Sabina Silver Appoints Anthony P. Walsh as New President and CEO
VANCOUVER, BC--(Marketwire - May 29, 2008) - Sabina Silver Corporation (the "Company") (TSX-V: SBB) is pleased to announce today that Mr. Anthony P. Walsh has been appointed President & CEO of the Company and has also joined as a director of the Board. Mr. Walsh will start effective June 1, 2008.
Mr. Walsh was most recently the President & CEO and a director of Miramar Mining Corporation (also with a project in Canada's Arctic) where he led the successful management team that grew Miramar from a C$175 million market cap company to a company that was recently acquired for C$1.5 billion.
"Mr. Walsh's experience in the industry and in the North fits very well with Sabina's mandates," said Bill Cummins, Chairman of the Board. "We anticipate that Tony's proven track record in growing and developing companies will translate itself into the growth that Sabina shareholders are looking forward to, and we are excited to have him aboard."
Mr. Walsh graduated from Queen's University (Canada) in 1973 and became a member of The Canadian Institute of Chartered Accountants in 1976. Mr. Walsh has over 20 years' experience in the field of exploration, mining and development. From 1993 to 1995, prior to joining Miramar Mining Corporation, Mr. Walsh was the Senior Vice-President and CFO of a computer leasing company. Prior to that he was the CFO and Senior Vice-President, Finance of International Corona Mines Ltd., a major North American gold producer, from 1989 to 1992. From 1985 to 1989 he was Vice-President, Finance of International Corona Mines Ltd., and from 1973 to 1985 Mr. Walsh held various positions at Deloitte, Haskins & Sells, Chartered Accountants (now Deloitte & Touche LLP). Mr. Walsh is a director of three other junior resource companies.
As part of his compensation, Mr. Walsh has been granted one million options at a strike price of $1.47 expiring in 2013.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in Nunavut, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp.
Forward-Looking Statements
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, should change.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporationgemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Nov 19, 2008 18:35 ET Sabina Silver Announces Q3 Financial Results
$32.8 million at September 30, 2008 in cash and short-term investments
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2008) - Sabina Silver Corporation (the "Company") (TSX VENTURE:SBB) announced today the financial results for the period ended September 30, 2008.
In the first three quarters of 2008, the Company added to its management team, completed work to advance studies on the Hackett River project and continues to evaluate other projects and companies for merger and acquisition opportunities.
During the quarter, the Company's work focused on the Hackett River Project which is one of the largest undeveloped deposits of its type and is the Company's flag ship project in Nunavut Canada, one of the world's most appealing mining jurisdictions.
"Work on the Hackett River studies required for the pre-feasibility study continued to push forward during the quarter," said Anthony Walsh, President & CEO. "However, we are still experiencing delays with the metallurgical and rock characterization work which is delaying the updated mineable resource calculation. AMEC, the Company's engineering consultants, have advised management that the updated Hackett River Resource should be completed by year end 2008."
With the addition of new management, a fresh review was done of the exploration potential at Hackett River. As a result of this review, management believes the Hackett River deposit offers significant potential to add resources through extension of existing deposits and discoveries of new near surface resources. Recently the Company announced a non-brokered flow through financing of approximately $4 million which it intends to use for exploration work on its Hackett River project. The flow through will also be used to fund a small work program on the Company's Red Lake gold properties. An exploration program for 2009 is currently being defined.
Financial Results
For the three months ended September 30, 2008, the Company reported a net loss of $0.9 million which is comparable to the same period in 2007. Operating expenses for the three month period were $0.8 million as compared with $1.2 million in the same period of 2007 due primarily to lower stock based compensation and investor relations expenses partially offset by higher administrative costs. Interest income was lower by $0.3 million in the third quarter of 2008 compared to the same period in 2007 due to lower a cash balance and a lower realized interest rate on investments. The Company had cash and short-term investments of $32.8 million at September 30, 2008 compared to $43.8 million at December 31, 2007. In addition, the Company holds Canadian securities with an estimated market value of approximately $6.2 million.
As discussed above, subsequent to the quarter, the Company announced that it had arranged for a non-brokered private placement to place approximately 6,200,000 flow-through common shares for proceeds of $4,030,000. The proceeds of this financing will be used for exploration purposes at Hackett River and in Red Lake Ontario. Insiders will participate for additional flow-through shares on the same terms.
Also, subsequent to the quarter, the Company determined that it would not continue with its option on the Rockstone property in Thunder Bay and has elected to terminate the option agreement.
For the full September 30, 2008 financial statements and Management's Discussion and Analysis, please see the Company website at www.sabinasilver.com.
Subsequent to the end of the quarter, the Company granted 50,000 stock options at a strike price of $0.38 for a period of five years.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in the Canadian Arctic, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp.
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.
Nov 26, 2008 19:16 ET Sabina Completes $4.2 Million Flow-Through Private Placement
Exploration Programs for 2009 at Hackett River and Red Lake being defined
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2008) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Sabina Silver Corporation (TSX VENTURE:SBB) today announced completion of the previously announced non-brokered private placement flow-through financing. The private placement was comprised of 6,512,308 flow-through common shares at $0.65 per share to raise gross proceeds of $4,233,000. A cash finder's fee of $201,500 will be paid in relation to this financing. The gross proceeds of the financing will be used by Sabina to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by December 31, 2009.
Since Sabina's acquisition of Hackett River in 2003, most of the work completed has focussed on resource delineation and engineering studies on the known deposits with less emphasis on the exploration potential of the property. Even so, this narrowly focussed exploration strategy resulted in significant increases in resource size and demonstrated that multiple large base metal deposits are present in a relatively small area. In September 2008, a review was completed by an independent volcanic massive sulphide (VMS) specialist on existing data who made the following observations and recommendations regarding the exploration potential of Hackett River:
- 45,000 meters of drilling resulted in the discovery of 45 million tonnes of mineralized material. Sustained rapid resource growth reflects a highly prolific geological setting found in world class VMS environments.
- There are considerable near surface showings and targets that represent opportunities to increase the resource base by extending existing deposits or by new discoveries.
- Previous exploration and resource drilling has encountered a number of higher value intercepts which are generally copper with high grade silver and occasionally gold. Higher value mineralization would have a positive impact on project economics.
Sabina is developing an exploration program for 2009 at Hackett River which will focus on new near surface targets as well as test priority targets in an effort to identify higher value mineralization containing copper and precious metals. The proceeds from this financing, along with Sabina's existing treasury, will provide Sabina with substantial resources to follow up on any exploration success resulting from its 2009 program and its ongoing development of the Hackett River project.
The proceeds will also fund a small drill program on the Company's Red Lake projects.
All the Shares issued pursuant to the private placement are subject to a four month hold period expiring March 26, 2009.
Sabina Completes $18 Million Private Placement
Exploration Programs for 2009 at Back River being defined and expanded at Hackett River
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 30, 2009) -
Sabina Silver Corporation (TSX VENTURE:SBB) (the "Company") today announced completion of the previously announced private placement financing. The private placement was comprised of 5,000,000 flow-through common shares at $1.20 per share and 12,000,000 common shares at $1.00 to raise gross proceeds of $18,000,000. The private placement was carried out on a bought deal basis by a syndicate of underwriters co-led by Dundee Securities Corporation and BMO Capital Markets, and including Paradigm Capital Inc., Haywood Securities Inc. and Research Capital Corporation.
"Sabina's Board and management are committed to maintaining a strong treasury to allow the Company to carry out its initiatives," said Tony Walsh, President & CEO. "Not only does this financing replenish our treasury after the costs of the Back River acquisition, but it enables us to get straight to work on our new projects as well as push forward with more work at Hackett River. The Company is also actively looking to broaden our portfolio of precious metals projects, preferably in North America, but outside of Nunavut."
In consideration for their services, the underwriters received a 6% commission on the proceeds. All the Shares issued pursuant to the private placement are subject to a four month hold period expiring October 30, 2009. The gross proceeds of approximately $6.3 million from the flow through common shares must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by December 31, 2010.
In addition to the brokered private placement, the Company has also arranged to sell on a non-brokered basis, 236,500 flow through shares at $1.20 per share and 25,000 common shares at $1.00 per share for gross proceeds of $308,000. The non-brokered private placement is subject to TSXV approval and is anticipated to close by the end of the week.
Back River Gold Exploration
Work at Back River will focus on the Goose Lake deposit which currently hosts 603,000 indicated ounces of gold at 11.9 g/t and 295,000 inferred ounces at 9.2 g/t. The current resource lies within a thick folded iron formation with a shallow plunging fold hinge. This makes Goose Lake deposit a favourable target for potential open pit development.
The Goose Lake camp was opened earlier this spring and a resupply program of fuel and drilling supplies was completed to support a two drill program this summer.
The exploration objectives for the Back River project in 2009 can be summarized as follows:
- To conduct a detailed induced polarization (IP) geophysical survey and detailed mapping to better define target locations and orientations prior to diamond drilling.
- To conduct a total of 5000 to 6000 metres of diamond drilling at the Goose Lake, focusing on priority targets outside the current deposit area.
- The 2009 budget is estimated to be $3.25 million.
Wishbone
An initial 2009 budget of $750,000 has been set for the summer exploration program for the Wishbone project to explore for both gold deposits and base metal rich volcanic massive sulphide (VMS) deposits. The Wishbone project covers a VMS district-scale land package over the highly prospective extension of the Hackett River Greenstone belt outside of the main Hackett River deposit area. In 2008, a 12,350 line km VTEM survey was completed by Dundee Precious Metals over the southern portion of the property. This survey successfully defined at least 200 prospective EM anomalies. Work will focus on following-up these anomalies and will include 1,200 m of diamond drilling. The initial priority will be given to gold and VMS targets that are proximal to Hackett River to best impact possible synergies with Hackett. In addition, an evaluation will begin to evaluate gold and base metal potential on the large block of claims to the north of Hackett River where favourable hydrothermal alteration has been previously identified in regional mapping.
Hackett River
Drilling will continue to test priority exploration targets on the Hackett River claim group with emphasis on near surface targets and targets that have higher value mineralization (copper, gold and silver). Limited drilling will be completed on the Jo Zone prior to resource calculation. Testing of these targets is designed to potentially impact the ongoing project studies by defining high value near surface mineralization that could enhance the earlier years of production.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc and the recently acquired Back River gold project and Wishbone claims in Nunavut along with several projects in the Red Lake gold camp. The Company is well capitalized with approximately $40 million in cash and marketable securities at March 31, 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.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements.
Forward Looking Statements
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.
Anthony P. Walsh, President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Jul 20, 2009 09:01 ET
Sabina Silver Reports Summer Campaigns Underway at Hackett River, Back River and Wishbone
Four drills turning with mapping, prospecting and geophysical teams fully active
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2009) - Sabina Silver Corporation (TSX VENTURE:SBB) announced today that the 2009 summer exploration programs are fully underway the Company's 100% owned Hackett River silver-zinc and Back River gold projects (including the Wishbone claims) in Nunavut, Canada.
The Goose Lake and Hackett River camps opened smoothly for the summer exploration campaigns with a total of four diamond drills now turning: two at Back River and two at Hackett River. Geophysical crews are active on both projects and mapping and prospecting teams are in the field.
"We are excited to be back at Hackett River and to embark on Sabina's first campaigns at the Back River and Wishbone projects," said Tony Walsh, President & CEO of Sabina Silver Corporation. "There is much work to be done and many prospective targets to be tested. We look forward to the results of this work through the remainder of the summer."
Back River Gold Project
The 2009 program at Back River is focused on the Goose Lake claim group which hosts the Goose deposit. Mineralization at Goose Lake consists of gold hosted within a thick unit of folded iron formation with a high grade indicated resource of 1.8 million tonnes grading 10.0 g/t Au (contained 590,000 ounces gold) and an additional inferred resource of 2.6 million tonnes grading 10.5 g/t Au (contained 866,000 ounces gold). The Goose deposit contains over 60% of the total Back River resource.
Drilling will be directed toward priority exploration targets that have similar characteristics to the Goose deposit: thick folded iron formation units in areas of structural complexity and areas of synvolcanic intrusives cutting the iron formation units. Drilling will continue through to September 15th with a drilling target of 6,000 meters. Induced polarization (IP) and magnetic geophysical surveys are currently in progress to finalize the drill targets.
Hackett River Silver-Zinc Project
At Hackett River, diamond drilling has commenced with a campaign target of drilling 3,500 meters.
The Hackett River project hosts a series of silver rich volcanic massive sulphide deposits containing a indicated resource of 43.3 million tonnes containing 200 million ounce of silver, 2 million tonnes of zinc, 180,000 tonnes of copper, 279,000 tonnes of lead and 419,000 ounces of gold. Additional inferred resources total 64 million tonnes containing, 652,000 ounces of silver, 652,000 tonnes of zinc, 46,000 tonnes of copper, 84,000 tonnes of lead and 144,000 ounces of gold. Development studies indicate a long mine life at a 10,000 tonne per day production rate.
Drilling for the winter campaign continued at Hackett River throughout April and concluded in late May. A total of 28 holes were completed totalling 5,408 meters. The initial campaign focused on near surface extensions of the known zones which could only be tested during winter conditions.
The JO Zone is located 500 meters south of the Main Zone. 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 an opportunity for a shallow high-grade starter pit. During the winter campaign excellent results were returned for hole SHR09-19 reporting 26.2% Zn, 457 g/t Ag, 0.13% Cu, 2.51% Pb and 0.12 g/t Au over 8.8 meters at a down hole depth of 61.6 m including 40.92% Zn, 618 g/t Ag, 0.08% Cu, 3.70% Pb and 0.12 g/t Au over 4.85 meters. These results continue to demonstrate the high grade potential of the JO Zone.
Incorporating the JO Zone into the next resource update remains a priority and a portion of the summer 2009 program will be directed toward better defining the near surface limits of this high grade deposit.
Drilling during the summer will also test priority exploration targets that potential to impact the grade and size of current development models by targeting areas of higher value mineralization (copper, silver gold), areas of near surface mineralization and large scale standalone exploration targets near the existing deposits. Geophysical crews are completing both surface and down hole surveys and crews are completing detailed mapping in areas of high interest. Testing of these targets is designed to potentially impact the ongoing project studies by defining high value near surface mineralization that could enhance the earlier years of production.
Wishbone Claims - Hackett Greenstone Belt
Surface mapping, prospecting and geophysical surveys will soon be underway on the large Wishbone property which covers the Hackett River Greenstone Belt and extends for approximately 150 kilometers in length and up to 30 kilometers in width. Ground surveys will target selected geophysical and geological targets working outward from the Hackett River deposits. Summer work will include 1,200 m of diamond drilling for target testing with the initial priority given to gold and VMS targets that are proximal to Hackett River to best impact possible synergies with Hackett.
Results of this work will be reported through the remainder of the campaign as they become available. Drilling is expected to continue until mid-September.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Aug 06, 2009 09:19 ET
Sabina Silver Announces Significantly Improved Recoveries From Hackett River Metallurgical Results
More comprehensive testing results in higher recoveries for silver, zinc, lead and gold
Summer Campaign underway at Back River and Hackett River Projects
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 6, 2009) - Sabina Silver Corporation (TSX VENTURE:SBB) announced today the results of the updated metallurgical report on Hackett River (the "Report"), completed by AMEC Americas Ltd. as part of the pre-feasibility work for the project. The Report extends the metallurgical knowledge from the preliminary economic assessment ("PEA") completed by Wardrop in 2007.
Hackett River is one of the largest undeveloped Volcanic Massive Sulphide ("VMS") camps of its type in the world and exhibits many geological similarities to the long producing prolific VMS camps such as Flin Flon and Noranda. After the release of a positive PEA on the Hackett River project in March of 2007, Sabina Silver engaged AMEC Americas Ltd. ("AMEC") to conduct a Pre-feasibility Study ("PFS") on the project. As part of the study, a new mineral resource estimate was prepared and further metallurgical testing was undertaken.
Metallurgical Results
The metallurgical test work was performed at SGS Lakefield Research Limited (SGS) under the direction of AMEC and included work on mineralogy, grindability studies, and floatation process development.
Samples and tests recovered as part of the SGS studies differed from the PEA tests in that a better representative sample was used and tests conducted were more extensive compared to the tests conducted in the PEA. Also the metallurgical flow sheet is slightly different between the two reports.
Overall, when compared to the Wardrop PEA, recoveries are;
- Silver increased by 7% (72% to 76.8%)
- Zinc increased by 2% (89.6% to 91.7%)
- Lead increased by 21% (70.0% to 84.9%)
- Copper decreased by 7% (80.0% to 74.7%)
- Gold increased by at least 20% (50% to greater than 60%)
Although the grades indicated for copper are lower (see table below), the concentrate grade still represents a saleable product and is not expected to penalize production.
"We are very pleased with the results of the recent metallurgical work on Hackett River," said Tony Walsh, President & CEO. "The more comprehensive testing undertaken for this work has returned significantly better recoveries, particularly for silver. As with the recently released mineral resource which identified increases in grade, tonnage and open pit material, these studies continue to demonstrate the quality and robust nature of the Hackett River deposits."
The studies indicate that three concentrate steams would be generated with recoveries as outlined below:
The flotation tests were in the form of locked-cycle tests which experimentally simulate a continuous flotation circuit. The tests were conducted on seven composites of material from the Hackett River deposits. Three composites were from the Main zone and two composites each from the Boot Zone, and the East Cleaver Zone. The samples consisted of the three major types of mineralization at the Hackett River Project: Massive Sulphides of greater than 20% sulphides, Semi-massive sulphides with less than 20% sulphides, and footwall stringer mineralization.
Two methods of mineral separation were extensively assessed during the test work. One method was sequential separation of Copper/Lead/Zinc (Sequential), the other was a Bulk Copper/Lead floatation followed by Zinc flotation (Bulk). The Bulk method produced the best overall results corroborating the findings of the PEA.
The Gold recovery reporting to the copper concentrate has increased over the PEA to greater than 60%. The Gold content in the Lead concentrate is less than 1 g/t. ICP (Inductively Coupled Argon Plasma Optical Emission Spectrometer) analysis of the test concentrates indicated low levels of impurities.
Grindability test results indicate the composites are relatively soft. The abrasion test on the composites indicates the composites averaged a higher Abrasion Index. Also, 52 variable samples were used for Sag power index and modified ball mill Work index tests. These tests indicate a wide range of material values from very soft to very hard.
The information from the report will be used to provide a foundation for further metallurgical test work supporting the design of the mine in the future.
Pre-Feasibility Update
The PFS commenced in 2007 has been significantly delayed, in part due to human resources constraints, and in part due to insufficient technical information on the project.
As an initial part of the PFS, AMEC completed and the Company filed an updated 43-101 Mineral Resource Estimate in April of 2009. The updated resource represented an improvement over the previous estimate and included improved recoveries resulting from metallurgical studies which were completed under the supervision of AMEC as part of the work to prepare for the PFS as outlined above.
Based on the positive results from the resource and metallurgical studies, the opportunities identified from the new AMEC generated resource model and the significant exploration potential identified at Hackett in the fall of 2008, the Company has recently decided to delay commencing the engineering work that would form part of the PFS.
Work has not stopped, however. The Company has engaged PEG Mining Consultants ("PEG") to undertake an update to the PEA to provide insight to management on how best to proceed with the PFS. This updated PEA would incorporate the new resource model and improved recoveries as well as examine increased production rates, methods of mining and infrastructure.
Upon completion of the PEG update, further PFS work will be re-assessed to determine if any changes should be made to the scope of the mine design or if further collection of technical data is required.
Quality Assurance
Mr. John Wakeford, P.Geo. and a Qualified Person in accordance with NI 43-101 has reviewed the results referred to above and has approved their dissemination.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc and the recently acquired Back River gold project and Wishbone claims in Nunavut along with several projects in the Red Lake gold camp. The Company is well capitalized with approximately $40 million in cash and marketable securities at March 31, 2009 (not including the proceeds raised in the brokered and non-brokered financings). 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.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.
Tony Walsh, President & CEOgemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
der RCT-Chart hier bei SBB.....sicherlich ein Versehen
dachte, wir gehen schneller wieder hoch,