VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 16, 2016) - Sabina Gold & Silver Corp. (TSX:SBB) ("Sabina" or the "Company") announces that it has received the report (the "Report") of the Nunavut Impact Review Board ("NIRB" or the "Board") to the Minister of Indigenous and Northern Affairs (the "Minister") in relation to Sabina's proposal (the "Proposal") relating to its Back River Gold Project in Nunavut, Canada (the "Project").
In its Report, the NIRB recommended to the Minister that the Project not proceed to the licensing and permitting regulatory phase at this time but indicated that the proposal could be reconsidered once more information is provided to address uncertainties regarding effects predictions and mitigation measures, particularly with respect to caribou and climate change.
The Report follows a lengthy regulatory process during which the NIRB reviewed Sabina's Environmental Impact Statement, which ran approximately 15,000 pages and included numerous technical studies and reports. The regulatory process included a six-day public hearing in Cambridge Bay, Nunavut.
During the public hearing, the Project received broad support from the Kitikmeot Inuit Association, Kitikmeot communities and federal and territorial government agencies. In its Report, the NIRB acknowledges the general support for the economic benefits that are expected to accrue to the Kitikmeot region if the Project were to proceed.
"We are studying the Report and reviewing the NIRB's recommendations as we seek to continue to move the Project forward," said Bruce McLeod, President and Chief Executive Officer of Sabina. "The Report is over 300 pages long and it will take some time for us to review and analyze the Report in detail," said McLeod. "We remain confident that the concerns of the Board can be addressed and resolved through further consultation and collaboration with stakeholders."
"We fully appreciate the central importance of caribou in the North," said McLeod. "Obviously, climate change is a matter that impacts everyone - and Northern Canada is more heavily impacted than other places. These are values and concerns we share. Sabina will be considering these issues carefully as it continues its review of the NIRB report."
Under the provisions of the Nunavut Land Claim Agreement, the next step in the Project review process is for the Minister to review the NIRB's report. Sabina is reviewing its options, including a request to the Minister to refer the report back to NIRB for further consideration.
Conference Call
The Company will be holding a conference call on Thursday June 17, 2016 at 6:30am Pacific time.
PARTICIPANT TELEPHONE NUMBERS
Canada/USA TF: 1-800-319-4610
Toronto Toll: +1-416-915-3239
International Toll: +1-604-638-5340
Callers should dial in 5 - 10 min prior to the scheduled start time and simply ask to join the Sabina call.
Sabina Gold & Silver Corp
Sabina Gold & Silver Corp. is a well-financed, emerging precious metals company with district scale, world class undeveloped assets in one of the world's newest, politically stable mining jurisdictions: Nunavut, Canada.
Sabina recently released a Feasibility Study on its 100% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~200,000 ounces a year for ~11 years with a rapid payback of 2.9 years. At a US$1,150 gold price and a 0.80 exchange rate, the Study delivers a potential after tax internal rate of return of approximately 24.2% with an initial CAPEX of $415 million.
In addition to Back River, Sabina also owns a significant silver royalty on Glencore's Hackett River Project. The silver royalty on Hackett River's silver production is comprised of 22.5% of the first 190 million ounces produced and 12.5% of all silver produced thereafter.
The Company has approximately $45 million in its treasury and is currently amending the budget and plans for 2016.
Qualified Person
Wes Carson, P.Eng, Vice-President, Project Development for the Company has reviewed and approved the technical disclosure in this news release in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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