Sabina Gold & Silver Announces Sale of Newman-Madsen, Ontario Assets
13 Maio 2014 - 4:01PM
Marketwired
Sabina Gold & Silver Announces Sale of Newman-Madsen, Ontario
Assets
Laurentian Goldfields to Consolidate Newman Madsen Region in Red
Lake District
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 13, 2014) -
Sabina Gold & Silver Corp. (the "Company" or "Sabina")
(TSX:SBB) reported today that it has signed a definitive agreement
for the sale of the Company's 100% owned Newman-Madsen property to
Laurentian Goldfields Ltd. ("Laurentian").
The Newman Madsen property is an early stage exploration project
comprised of 38 patented mining claims located in the Red Lake
Mining Division of Ontario, 3.5 km southwest of the town of Red
Lake and 4.5 km northeast the Madsen Mine.
"Sabina views the Newman-Madsen property as a good opportunity
for future discoveries in this prolific mining district," said Rob
Pease, President and CEO of Sabina "however, given the volatile
markets and decreasing accessibility to capital, Sabina decided to
sell this non-core asset to Laurentian to remain levered to future
discoveries in the region. Additionally, the Laurentian land
package offers other high quality opportunities for discoveries and
potential near term production outside of Sabina's existing Red
Lake properties. We view this transaction as a win/win for both
Sabina and Laurentian shareholders."
In consideration for the asset, Sabina will receive 6.5 million
shares in Laurentian, representing approximately 6.3% of the total
issued and outstanding shares of Laurentian. Sabina will also
receive a participation right to maintain its holdings in
Laurentian in future financings (until the earlier of 24 months or
Sabina ceases to hold at least 3.5% of the shares of
Laurentian).
The shares are subject to a four month hold and the closing of
the transaction is subject to receipt of all required regulatory,
exchange and third party approvals and consents.
Laurentian Gold Fields
Laurentian is a junior resource company that has recently
consolidated a large strategic land position (5,000 hectares) in
the historically high grade and high margin Madsen trend in Red
Lake, Ontario.
The consolidation of the Newman-Madsen Property and the Madsen
Gold Project, that was also recently acquired by Laurentian, into
one contiguous land package expands the Laurentian's access to
prospective horizons along the Madsen Mine Trend by more than two
kilometres, and provides exposure to prospective structural
horizons associated with the Buffalo and Laverty deposits.
The Madsen Mine Trend lies along the Balmer and Confederation
unconformity, and is the key structural break that hosts the past
producing Madsen and Starratt-Olsen gold deposits. Mineralization
has been previously identified at Newman-Madsen along the
structural break, with wide spaced drilling in 2010.
Laurentian is run by a proven management team (with the
intention of appointing Rob Pease to its Board of Directors) with
technical and practical expertise in Red Lake and has the singular
focus to explore the prospective trend. To facilitate this
exploration, Laurentian recently completed a financing and will
have cash and working capital of approximately $11.5 million; all
to be spent on progressing this highly prospective trend.
Qualified Person
Mr. Angus Campbell, P. Geo. and Vice-President, Exploration for
Sabina Gold & Silver Corp. is a Qualified Person under the
terms of NI 43-101 and has reviewed the technical content of this
press release for the Back River Project and has approved its
dissemination.
SABINA GOLD & SILVER CORP
Sabina Gold & Silver Corp. is an emerging gold developer
with district scale, world class assets in one of the world's
newest, most politically stable mining jurisdictions: Nunavut,
Canada.
Sabina's primary assets, all located in Nunavut, consist of: the
Back River Gold Project, currently in the pre-feasibility and
permitting phase; the Wishbone Claims, a vastly prospective grass
roots project; and the Hackett River Silver Royalty, a silver
production royalty on Glencore's Zinc's Hackett River project
comprising 22.5% of the first 190 million ounces produced and 12.5%
of all the silver produced thereafter. The Company ended 2013 with
approximately $58 million in cash.
All news releases and further information can be found on the
Company's website at www.sabinagoldsilver.com or on SEDAR at
www.sedar.com.
All technical reports have been filed on www.sedar.com.
Forward Looking Statements
This news release contains "forward-looking information" within
the meaning of applicable securities laws (the "forward-looking
statements"), including our belief as to the extent, results and
timing of exploration programs and various studies and exploration
results, the potential tonnage, grades and content of deposits,
timing, establishment and extent of resources and reserves
estimates, potential production from and viability of the mineral
properties, production and operating costs and permitting
submission, timing and receipt of necessary permits and project
approvals for future operations and access to project funding.
These forward-looking statements are made as of the date of this
news release. Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
future circumstances, outcomes or results anticipated in or implied
by such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur. While we have based these
forward-looking statements on our expectations about future events
as at the date that such statements were prepared, the statements
are not a guarantee that such future events will occur and are
subject to risks, uncertainties, assumptions and other factors
which could cause events or outcomes to differ materially from
those expressed or implied by such forward-looking statements. Such
factors and assumptions include, among others, the effects of
general economic conditions, commodity prices, changing foreign
exchange rates and actions by government and regulatory authorities
and misjudgments in the course of preparing forward-looking
statements. In addition, there are known and unknown risk factors
which could cause our actual results, performance or achievements
to differ materially from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Known risk factors include risks associated with
exploration and project development; the need for additional
financing; the calculation of mineral resources and reserves;
operational risks associated with mining and mineral processing;
fluctuations in metal prices; title matters; government regulation;
obtaining and renewing necessary licences and permits;
environmental liability and insurance; reliance on key personnel;
the potential for conflicts of interest among certain of our
officers or directors; the absence of dividends; currency
fluctuations; labour disputes; competition; dilution; the
volatility of the our common share price and volume; future sales
of shares by existing shareholders; and other risks and
uncertainties, including those relating to the Back River Project
and general risks associated with the mineral exploration and
development industry described in our Annual Information Form,
financial statements and MD&A for the fiscal period ended
December 31, 2013 filed with the Canadian Securities Administrators
and available at www.sedar.com. Although we have attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. We are under no obligation to update or
alter any forward-looking statements except as required under
applicable securities laws. This news release has been authorized
by the undersigned on behalf of Sabina Gold & Silver Corp.
Rob
Pease, President & CEO |
930 West
1st Street, Suite 202 |
North
Vancouver, BC V7P 3N4 |
Tel 604
998-4175 Fax 604 998-1051 |
http://www.sabinagoldsilver.com |
Sabina Gold & Silver Corp.Nicole HoellerVice-President,
Communications1 888
648-4218nhoeller@sabinagoldsilver.comwww.sabinagoldsilver.com
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