SABINA GOLD & SILVER ANNOUNCES FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2019

Cash and cash equivalents and short-term investments of $26.2 million

VANCOUVER, British Columbia, March 31, 2020 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB.T/SGSVF.OTCQX) reports the financial results for the year ended December 31, 2019.

“2019 was a year of significant achievement for Sabina,” said Bruce McLeod, the Company’s President & CEO.  “We continued with our two-pronged approach to advance Back River through de-risking project development activities as well as completed drill programs on high-value targets at the Goose property.  In particular, the successful construction and operation of our inaugural winter ice road (“WIR”) from our Port facility constructed last year was the last component needed to demonstrate the viability of the Project’s logistics and supply chain.  Additionally, a concerted review of structural geology at Goose has defined some high priority targets for us to drill at Umwelt later this year.  While the COVID-19 pandemic has cast some uncertainty for the coming next few weeks and months, we are fortunate that we remain well funded to continue to build value at Back River, one of the best gold development projects in the sector.”

 2019 Highlights:

• The Company ended the year with cash and cash equivalents and short-term investments of $26.2 million.

• During Q1 and Q2 2019, the Company completed construction of the 172 km WIR and haulage of construction materials and equipment from the Bathurst Inlet port facility to the Goose site, demonstrating the viability of the second critical component of the Project’s logistics and supply chain.  

• During Q3 2019, the Company completed the construction of two bulk fuel tanks at the Port Facility as well as the delivery of a sealift transporting additional construction equipment and supplies.

• During Q2 2019, the Company completed a drill program consisting of 6,468 meters comprised of eight holes at three target areas at the Goose property to follow up on the successes from 2018, namely around the Nuvuyak and resource growth and optimization priorities at Llama Extension and Umwelt Vault.  Additionally, during Q3 2019, the Company completed regional field programs which were integrated with geoscience initiatives on structural geology and mineralization paragenesis exploration.  The field work combined with drilling results advanced significant updates of geologic models for Nuvuyak, Llama Extension and Umwelt as well as additions and new rankings of the prospect and target portfolio.

• The Company completed several equity financings during 2019 for gross proceeds of $13.3 million.

• For the year ended December 31, 2019, the Company reported a net loss of $8.1 million or $0.03 per share, which includes an after-tax write-down of $4.2 million on non-core Red Lake mineral properties.  Excluding the impact of the mineral property write-down, the adjusted net losses for the year ended December 31, 2019 would be $3.9 million or $0.01 per share.

• Subsequent to the end of the period, in response to the COVID-19 pandemic, the Company elected to defer its spring drilling program until later in the year and implemented a work from home protocol for its corporate office employees.  Additionally, the Company elected to decelerate its project development activities until the global situation stabilizes and more information becomes available.

Project Update