22 January 2018
Sabina Gold & Silver Corp is pleased to announce the closing of the investment by Zhaojin International Mining Co., Ltd. to purchase 24,930,000 common shares of the company at a price of $2.65 per share for a total investment of approximately $66,100,000 in a private placement has closed. Zhaojin International now owns approximately 9.9% of the company’s issued and outstanding common shares on a non-diluted basis. Zhaojin International is a subsidiary of Zhaojin Mining Industry Co. Ltd., which is a leading Chinese gold producer and one of China’s largest gold smelting companies.
Development activities for 2018 will focus on continuing to de-risk the project by:
•completing pre-construction earthworks;
•early procurement commitments;
•logistical improvements, including air and sea mobilization; and
•building the project execution team.
Additionally, the Company plans on a significant exploration program to follow up on 2017 successes and to assess new targets. 2018 key exploration objectives are focussed on:
•optimizing and expanding the Vault zone;
•continuing to define the continuity and extension at Llama;
•continuing to drill test the concept of the deeper iron formation at Llama and Umwelt;
•continuing Echo step out drilling and scoping of resource expansion potential;
•testing the Goose Main Trend extension; and
•developing drilling approach for targets on the George and Boulder claim blocks.