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November 13, 2013
-$69 million in cash and equivalents at September 30, 2013-
-Back River Technical Report Filed-
VANCOUVER – Sabina Gold & Silver Corp. (the “Company”) (SBB – TSX) announced today its financial results for the interim period ended September 30, 2013. The Company has also filed the National Instrument 43-101 compliant Technical Report and Prefeasibility Study for the Back River Gold Property, Nunavut, Canada, onwww.sedar.com.
“We had a very busy field season in 2013 as we continued to de-risk the Back River project. Our camps opened in late February and closed just after the quarter end in early October,” said Rob Pease, President & CEO. “drilling results continue to be returned and once all are received will be used to remodel our deposits for compilation into an updated resource estimate for Back River expected in early 2014. The Company remains well funded and expects to end the year with approximately $57 million in cash.”
For the three and nine months periods ended September 30, 2013, the Company reported a net loss of $4.1 million and $9.3 million respectively compared to a loss of $4.6 million and $9.1 million in the same periods of 2012.
Additionally, the Company’s exploration and evaluation expenditures totaled $25.8 million and $66.1 million in the periods compared to $26.0 million and $58.8 million in 2012.million in the same period of 2012. The increased expenditures on the Back River Project were primarily associated with environmental and economic evaluation studies, and increased drilling including a significant component of geo-technical and geo-mechanical drilling. The Company’s accounting policy is to defer exploration and evaluation costs until the properties are placed into production, sold or abandoned.
The company had cash and cash equivalents and short term investments of $69.0 million at September 30, 2013 compared to $116.4 million at December 31, 2012.
For the full Q3, 2013 interim financial statements and Management’s Discussion and Analysis, please see the Company website at www.sabinagoldsilver.com.
Appointment of Vice-President
The Company is pleased to announce the appointment of Matthew Pickard as the Company’s Vice-President, Environment & Sustainability. During his career Matthew has spent time with Falconbridge, De Beers Canada, Baffinland Iron Mines until he joined Sabina in 2011 as the Company’s Director, Environment & Community Relations.
Matthew Pickard is a Professional Geoscientist with significant experience in sustainability and mine development within the Canadian mining industry. Matthew holds an Honours Bachelor of Science and Masters of Business Administration, both from Laurentian University. He also retains the designation of Professional Geoscientist, Canadian Registered Safety Professional and Certified Environmental Practitioner. He has worked throughout Canada including projects in Ontario, Alberta, Saskatchewan, Manitoba, Quebec, and the Northwest Territories, but recently has been focused on Nunavut. He also currently sits on the Board of Directors of the Prospectors and Developers Association of Canada and as a Committee Chair of the Association for Mineral Exploration British Columbia.
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