Sabina Plans Back River Project Re-Opening
- Exploration and Pre-development Activities expected to Commence in July -
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VANCOUVER, British Columbia, May 29, 2020 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp. (SBB-T) (“Sabina” or the “Company”) announces that plans are now in place for a phased re-opening of the Back River project (“Back River” or the “Project”) in Nunavut, Canada.
With a fully subscribed offering scheduled to close on June 3, 2020, the commencement of the deferred exploration drill program along with other project pre-development activities are planned to begin in July.
In addition, Zhaojin International Mining Co., Ltd. has elected to exercise its participation right under its Shareholder Agreement with the Company to maintain its 9.9% holdings in Sabina’s Common Shares.
Contemporaneously with the closing of the financing, an additional 151,083 flow-through common shares of the Company at $2.40 per share have been subscribed for and will also close on June 3, 2020.
“We are pleased to have developed plans to enable us to safely return to the Goose site to commence exploration and pre-development activities,” said Bruce McLeod, President & CEO. “Although we will be working at a reduced camp capacity due to recently established COVID-19 safety protocols, we can once again begin de-risking the project as we advance towards becoming a gold producer. We anticipate camp re-opening in early July and are looking forward to getting back to work. Over the last two years, while markets have not been conducive to obtaining full project financing on acceptable terms, we were able to fund and complete some initiatives critical to the success of the Project. These proceeds will enable us to continue to do this and to advance the Project to a state of readiness for a production decision when the time is right.”
Summer Drilling and Planned Exploration Decline at Umwelt
Since de-mobilizing personnel from Goose Camp in March due to the COVID-19 pandemic, the Company has been working in consultation with external parties to develop camp protocols to ensure the safety of our workforce and the surrounding communities. Sabina will continue to engage with relevant parties including the Government of Nunavut, Government of Northwest Territories, Kitikmeot Inuit Association, and Kitikmeot communities as additional information on the pandemic becomes available. Protocols will be modified based on new information to ensure our safety measures remain appropriate. The Company expects that its planned drilling campaign will recommence in July.