Mining Explorers 2011: Sabina Gold & Silver Corp.
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Last updated 11/6/2011 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 is an emerging precious metals company with the objective of becoming a mid-tier gold producer. The company is focused on the acquisition, exploration and development of mineral resource properties primarily in Nunavut with its flagship Back River gold project and the prospective 3,000-square-kilometer, (1,158 square miles) Wishbone grassroots exploration project. The company also has interests in exploration properties in the Red Lake gold camp in Ontario and has negotiated an option on Xstrata's Cook Lake property in northern Manitoba.
In June, Sabina agreed to sell the Hackett River silver-rich volcanogenic massive sulphide project in Nunavut and part of the Wishbone project to the zinc division of Xstrata Canada Corp. for $50 million cash and a retained silver production royalty equal to 22.5 percent of the first 190 million ounces of silver product and 12.5 percent of silver output, thereafter. Sabina is currently exploring several targets at both Back River and the Wishbone Gold Project.
The junior reported two new gold discoveries Aug. 25 in early assay results from 2011 exploration of the properties.
Nine drills were operating at the end of August, including seven rigs exploring untested targets within the 5-kilometer (3 miles) corridor containing Back River's Goose, Llama and Umwelt deposits on the Goose property, and two rigs turning on the Wishbone property.
At Aug. 25, a total of 160 holes and 51,000 meters of core had been drilled in 2011 at Back River (Goose and George deposits), and 6,830 meters in 26 holes had been drilled at the Wishbone Gold project.
Many assays from both projects were still pending.
Sabina planned to drill 68,000 meters at Back River in 2011 at a cost of about C$37 million.
At June 30, Back River's four known deposits - Goose, George, Umwelt and Llama - had indicated resources totaling 9.88 million metric tons grading 8.33 grams per metric ton (2.66 million ounces) gold and inferred resources of 5.6 million metric tons grading 8.65 g/t (1.56 million ounces) gold.
At Wishbone, Sabina budgeted about C$7 million for 2011 exploration, including drilling about 10,000 meters.
Cash and short-term deposits: C$141.9 million (at June 30, 2011)
Working capital: C$93.5 million (proceeds from March 2011 financing)
Market capitalization: C$780.6 million (Aug. 26, 2011)
930 West 1st St., Suite 202, North
Vancouver, B.C., Canada V7P 3N4
Tel: (604) 998-4175 Fax: (604) 998-1051
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