Sabina Gold & Silver Announces Financial Results for the Quarter Ended March 31, 2017

9 May 2017

  • $43.1 million at March 31, 2017 in cash and equivalents 

May 9, 2017 
VANCOUVER - Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB - TSX) reports the financial results for the quarter ended March 31, 2017. 
“Much was accomplished during the first quarter as we continued to de-risk the Back River Project. On the permitting front, we continued to work with all stakeholders on the Project prior to the NIRB final hearing at the end of this month,” said Bruce McLeod, President & CEO. “We have worked particularly hard on our wildlife mitigation proposals which we believe are now the best in class in the north. We continue to build support for the Project through further community engagement efforts, and have also continued to progress project development with basic engineering underway and have completed a high impact drilling program for which assay results are pending. We look forward to the next steps for the Company and the Project as we work towards becoming a gold producer.” 

Q1, 2017 Highlights: 

  • The Company had cash and cash equivalents and short-term investments of $43.1 million at March 31, 2017.
  • On January 12, 2017, the Minister of Indigenous and Northern Affairs Canada (“INAC”), with the agreement of other responsible ministers, decided that the Back River Project be returned to the Nunavut Impact Review Board for further consideration. On February 15, 2017, the Company submitted an addendum to its Final Environmental Impact Statement to the NIRB. All parties are currently reviewing the addendum and will submit responses to culminate in a second final hearing in Cambridge Bay, Nunavut on May 31 through June 3, 2017.
  • Subsequent to the quarter, the Company completed further consultation with the communities in the Kitikmeot region and with aboriginal groups in the Northwest Territories. The Company continues to receive strong support from Kitikmeot communities in favour of advancing the Project.
  • On February 28, 2017, the Company completed a bought deal private placement flow-through financing to raise total gross process of approximately $6.1 million through the issuance of 3,470,000 flow-through commons shares. The total gross proceeds from the financing must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by December 31, 2018.
  • Subsequent to the quarter, the Company initiated a spring drilling campaign focused on potential high impact targets at the Goose site around the existing reserves with a view to demonstrating additional mine life at the Project. This program has since been completed and assay results are pending.
  • During the quarter the Company announced its budget for 2017 which included a base budget of $8.5 million and further discretionary expenditures, based on achieving certain permitting milestones, of up to a total of ~$31 million.
  • For the quarter ended March 31, 2017, the Company reported a net loss of $1.4 million or $0.01 per share. 

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