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Sabina Gold & Silver Announces Interim Financial Results for the Quarter Ended March 31, 2021 and Provides Update on Site Activities

Nachrichtenquelle: globenewswire
17.05.2021, 14:00  |  120   |   |   

$72.1 million in cash and short-term investments, pre-development activities commenced

VANCOUVER, British Columbia, May 17, 2021 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB – TSX/ SGSVF - OTCQX) reports the interim financial results for the quarter ended March 31, 2021.

“Under a strict COVID-19 operational framework, Sabina opened Goose Camp in early March and commenced preparations for this year’s activities,” said Bruce McLeod, the Company’s President & CEO. “To date we have completed almost half of our planned phase I drill program. We have also commenced preparations to collar the underground exploration decline along with other site civil works. During the first quarter, we reported our much-awaited updated resource estimate as well as our updated feasibility study ('UFS'). The UFS showcases a gold project with a larger reserve (one million ounces added, for a total of 3.5 million ounces of proven and probable reserves), greater capital efficiency, a higher production profile and longer mine life. The Project has also received the required environmental authorizations and social license to commence construction and operations. The team continues to advance detailed engineering and the Project debt process.”

Q1 2021 Highlights:

  • The Company has cash and cash equivalents and short-term investments of $72.1 million at March 31, 2021.
     
  • On March 16, 2021, the Company completed a bought deal prospectus financing of 18,000,000 common shares at a price of $1.95 per common share for gross proceeds of $35.1 million. Pursuant to its Shareholder Agreement, Zhaojin International Mining Co., Ltd. elected to maintain its 9.9% holdings in Sabina and purchased by private placement, 2,117,640 Common Shares $1.95 per Common Share for gross proceeds of approximately $4.1 million. The net proceeds of the financings were approximately $37.1 million.
     
  • On January 20, 2021, the Company announced an updated mineral resource estimate for the Project. Resources now total 6.32 million ounces (33,452,000 tonnes at 5.88 g/t) in the Measured and Indicated (“M&I”) categories and an additional 2.86 million ounces (13,794,000 tonnes at 6.44 g/t) in the Inferred category.
     
  • On February 24, 2021, the Company announced the results of its UFS which included improvements to the mine schedule to bring forward high-grade areas at Umwelt underground amongst other changes. The revised mine plan increased total gold production by 1.0 million ounces, with annual average production of 287 koz in years 1 through 5 (with peak production of 303k oz in year 3) and 223 koz per year over the 15-year mine life. The UFS generates a post-tax internal rate of return of 27.7% and net present value(5%) of C$1.1B (US$860M) with a rapid pay back of 2.3 years using a gold price of US$1,600/oz and an exchange rate of 1.31 $C/$US.
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Sabina Gold & Silver Announces Interim Financial Results for the Quarter Ended March 31, 2021 and Provides Update on Site Activities $72.1 million in cash and short-term investments, pre-development activities commencedVANCOUVER, British Columbia, May 17, 2021 (GLOBE NEWSWIRE) - Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB – TSX/ SGSVF - OTCQX) reports the …

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