Viagra Malaysia treat erectile dysfunction with the original ED treatment that has helped men feel confident in bed for decades. We’ll connect you with a licensed healthcare provider to evaluate if viagra malaysia our prescription ED treatments could be right for you, including super-affordable generic Viagra viagramalaysiaofficial Viagra is an oral ED medication that works by suppressing an enzyme in the body called PDE5.

Follow Us! Like Our Page!

Sabina Gold & Silver Announces Q2 2014 Financial Results

August 7, 2014

$45.6 million at June 30, 2014 in cash and equivalents All Directors Re-Elected during the Quarter

VANCOUVER — Sabina Gold & Silver Corp. (the “Company”) (SBB — TSX) reported today the financial results for the quarter ended June 30, 2014.

Q2 2014 Highlights:

  • The Company had cash and short-term investments of $45.6 million at June 30, 2014.
  • On April 22, 2014, the Company reported the results of ongoing metallurgical testing at Back River. The improved recoveries (88% in the pre-feasibility study to an indicated 94%) in combination with the increased mineral resource estimate announced earlier this year will be incorporated into the Feasibility Study (“FS”).
  • On April 28, 2014, the Company and the Kitikmeot Inuit Association jointly announced that they have finalized the agreements for the Development Trust and Capacity Funding. These two important agreements will continue to foster and build a relationship of cooperation between the two organizations as we work together towards the responsible development of the Back River Gold Project.
  • On June 12, 2014, the Company held its annual general meeting of shareholders; all nominated directors to the board were re-elected.
  • During the quarter, the Company completed 11,392 meters of drilling, including 7,523 meters of exploration drilling focused on near deposit and extension to existing resources and 3,869 meters of geo-mechanical drilling targeting additional data for the FS.
  • On June 25, 2014, the Company completed the sale of the Company’s 100% owned Newman-Madsen property to Pure Gold Mining Inc. (“Pure Gold”, formerly Laurentian Goldfields Ltd.). As consideration, Sabina received 6.5 million shares of Pure Gold; the shares received had a fair value of $0.42 per share or $2.73 million on the closing date.
  • Subsequent to the quarter end, the Company formally launched its FS by engaging a team comprised of JDS Energy & Mining Inc. (lead), Hatch Ltd., SRK Consulting, Knight Piésold Ltd. and AMC Consultants Pty Ltd. The FS is anticipated to be completed during the first half of 2015.

“Q2 has been a productive quarter for the Company,” said Rob Pease, President & CEO, “We were successful on a number of fronts, demonstrating the continuity and expansion potential at Echo, finalizing some very important agreements with the KIA and completing metallurgical testing that has the opportunity to enhance project economics. We look forward to a busy Q3 as we launch into our FS. We are very pleased with our team of consultants, all of which have substantial Arctic experience. Work completed to-date continues to demonstrate the potential for Back River to become a meaningful gold producer.”

Financial Results

For the quarter ended June 30, 2014, the Company reported a net loss of $0.8 million compared to a net loss of $1.6 million in the same period in 2013. The difference between the periods was mainly the result of a favourable variance on deferred income tax; in Q1 2014, the Company recorded a deferred income tax recovery of $0.9 million compared to deferred income tax expense of $1.0 million in Q2 2013. This favourable variance of $1.9 million was partially offset by a loss of $0.8 million on the disposition of its Newman-Madsen mineral property and lower net finance income.

For the six months ended June 30, 2014, the Company had a net loss of $2.4 million compared to a net loss of $5.3 million in the same period in 2013. The difference between the periods was as noted above and due to lower stock-based payments in 2014.

For the three and six month periods in 2014, operating expenses were $1.1 million and $3.2 million respectively (excluding the loss on disposition of mineral property), compared to $1.3 million and $5.1 million in the same periods of 2013. Lower operating expenses in 2014 relative to the comparative periods, ($0.2 million in Q2 and $1.9 million for the year-to-date) resulted primarily from reductions in manpower which reduced salary expenses and lower stock-based payments.

For the three and six month periods in 2014, net finance income was $0.2 million and $0.4 million respectively, compared to $0.7 million and $1.5 million in the same periods in 2013. The decrease was the result of lower interest income and amortization of flow-through premium. Interest income was lower due to the reduced average cash and short term investment balances. Amortization of flow-through share premium was nil in 2014 compared to $0.6 million in 2013. The Company has not completed any flow-through share financings in 2014.

In Q2 2014, total deferred exploration and evaluation expenditures were $10.0 million compared to $26.1 million in Q2 2013 (note 7 of 2014 Q2 financial statements). For the six month period in 2014, total deferred exploration and evaluation expenditures were $13.7 million compared to $40.2 million in in the same period of 2013. The decrease in 2014 was primarily the result of significantly reduced drilling activity at Back River and decreased environmental and economic assessment expenditures compared to 2013.

The Company has re-forecast its budget for 2014 and now expects to end the year with approximately $30 million in cash. This is lower than previously forecast, however is primarily a timing difference related to FS and environmental assessment efforts in 2015. The Company’s guidance for cash at the end of 2015 is approximately $23 million, including costs to complete the FS and the environmental review process; excluding any additional exploration activities that may be planned for 2015.

For the full June 30, 2014 interim financial statements and Management’s Discussion and Analysis, please see the Company website at

Read more:


 446 total views,  2 views today

NationTalk Partners & Sponsors Learn More