Sabina Gold & Silver Corp. Makes Good Progress on Updated Feasibility Study
Completion Targeted for Q1 2021
VANCOUVER, British Columbia, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp (SBB.T/SGSVF.OTCQX), (“Sabina” or the “Company”) is pleased to report on the status of the Updated Feasibility Study (“UFS”) on the proposed Goose Mine at its 100%-owned Back River Gold Project (“Back River” or the “Project”) in Nunavut, Canada.
“Work continues to advance the updated Back River resource estimate and Goose Project UFS for delivery in Q1, 2021,” said Bruce McLeod, President & CEO. “The significant exploration success we have delivered since the September 2015 feasibility study has been incorporated into the resource estimate and mine plan, along with many other improvements to the Project. This work continues to showcase the Goose Mine as a very compelling project: the first of many opportunities on Sabina’s 80km long Back River belt. Work continues at site, and we expect to complete our objectives for civil works to enable collaring our exploration decline in the spring of next year. We anticipate mobilizing out of camp in mid December.”
UPDATED FEASIBILITY STUDY
The September 2015 feasibility study (“2015 FS”) envisioned a 3,000 tonne per day (“TPD”) mine producing approximately 200,000 ounces a year over an 11.8-year mine life from a series of three open pits and one underground at the Goose site. Since that time, material discoveries and significant resource extensions have been made at the Project, including the two separate high-grade underground zones at Umwelt. Internal studies were undertaken to determine what potential improvement these areas might have to meaningfully increase the production profile and/or mine life, with a similar or marginally increased throughput, through a combination of open pit and underground mines at the Goose site. The Company is well advanced on the UFS which is expected in early Q1, 2021. The goal for the UFS is to increase gold production on an annual and total life of mine basis, which is expected to improve the overall financial metrics of the Project over the already positive economics demonstrated in the 2015 FS
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