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2010 Mining Explorers: Sabina Gold & Silver Corp.

 

Last updated 10/31/2010 at Noon



SBB.V: TSX-V

President and CEO: Anthony P. Walsh, MBA, CA

Senior Vice-President, Corporate Development: John Wakeford, P. Geo.

Vice-President, Exploration: Peter Manojlovic, P.Geo.

Sabina Gold & Silver is focused on exploration and development of flagship projects in Nunavut.

These Nunavut assets, which are geographically proximal to each other, consist of the 3,000-square-kilometer, or 1,158-square-mile, Wishbone Greenstone Belt, which includes the world-class Hackett River volcanic massive sulphide project and is adjacent to the company's advanced-staged Back River Gold Project.

Hackett River hosts "open-pit-able" silver deposits (260 million-plus ounces and significant amounts of zinc, copper, lead and gold) and the George and Goose Lake Gold deposits, as well as many other base and precious metals targets.

The Back River gold project has a resource of 2.3 million ounces of 10-plus grams per metric ton gold near the Hackett River project and needs another 500,000 ounces for economic recovery.

It was acquired from Dundee Precious Metals Ltd. in 2009, along with the Wishbone gold project, which offers additional upside potential.

Sabina also has exploration properties in Ontario and the Del Norte silver-gold project in the Stewart-Eskay Creek mining district of northern British Columbia.

For Back River, Sabina budgeted about C$10 million for 20,000 meters of drill in 2010 exploration that resulted in the discovery of Llama Lake in May and the Unwelt zone in June. This followed the discovery of the Echo sone in August 2009. Success at Llama Lake led to additional spending of C$2.5 million for another 10,000 meters of drilling

At Hackett River, 2010 exploration objectives included finding high-grade copper-gold-silver stringer mineralization and identifying new deposits with a goal of improving the project's economics by increasing the resource at least 10 percent. Sabina earmarked about C$10 million to drill 20,000 meters in 84 holes, roughly double its 2009 exploration program. In late August, the explorer reported the discovery of new mineralized lenses and copper stringer zones at Hackett River. Drilling was to continue to mid-September.

At the Wishbone Project, C$3 million was budgeted for follow-up exploration, including drilling the new May zone to resource by year's end 2010 and doing significant surface sampling at nearby Watson Lake.

Cash and short-term deposits: C$42 million (at June 30, 2010)

Working capital: C$39.6 million (proceeds from recent financial offerings)

Market capitalization: C$462.0 million (Sept. 1, 2010)

930 West 1st St., Suite 202, North • Vancouver, BC Canada V7P 3N4

Tel: (604) 998-4175 • Fax: (604) 998-1051

 

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