Sabina Gold & Silver Corp (SBB.T/SGSVF.OTCQX), (“Sabina” or the
“Company”) is pleased to report on progress on pre-construction
activities for its proposed Goose Mine on the 100%-owned Back River
Gold Project (“Back River” or the “Project”) in Nunavut, Canada.
“Tremendous work has been completed during the
first nine months of 2021 as we propel the Project towards a
production decision,” said Bruce McLeod, President & CEO. “We
have been advancing the underground exploration ramp at Umwelt,
have completed critical civil works at the Goose site, and have
prepared the Sabina Port facility to receive the largest sealift
planned to date, which is now offloading the first ship. We have
also completed detailed engineering and received issued for
construction drawings for the process plant. In parallel we
continue to work towards Project financing in order to make a
production decision.”
Our Back River camps are working safely under
Sabina’s COVID-19 Protocol Operational Framework. Sabina continues
to engage with relevant authorities to modify protocols based on
new information to ensure our measures are protective. Testing
remains in place for all upon deployment and once on site. To date
there have been zero cases of COVID-19 or any variants at camp.
Over the last 17 months, as a result of
Territorial regulation, Sabina has been unable to utilize any of
our Inuit employees. For those long-term employees, we have
maintained a food support program during this time. The Company is
now in discussions with the Government of Nunavut and the
Government of Northwest Territories on a back to work program that
will safely see our Inuit employees back at work at Back River in
the near future.
Project Development Update
Engineering and Procurement
Sabina has continued to advance engineering
activities for the plant process component and has now finalized
these issued for construction (“IFC”) packages with Sacre Davey.
The Company has also progressed detailed engineering on the balance
of the plant and ancillary facilities.
Additionally, detailed engineering design for
the Goose fuel farm is complete. Detailed design of site-wide water
management structures such as the plant site pond, emergency
discharge pond and creek crossings are anticipated by the end of
2021.
Sabina has also advanced vendor certified
engineering drawings (“CE”) packages with FLSmidth for all process
plant equipment, Toromont for the main power generation and
Industrial Equipment Manufacturing for conveyor and tower packages.
A contract to provide drawings for the recently purchased permanent
accommodation complex is also underway. Armtec Inc. has been
contracted to design and supply a multiplate tunnel feature below
the fine ore stockpile. In addition to the CE drawings FLSmidth is
providing, Sabina has procured several long lead items for the
crushing plant, all enroute to the Port Facility via the current
sealift program.
The Company has submitted all IFC packages to
CGT Industrial, a prominent Arctic constructor, who are completing
their scope and constructability review which will culminate in a
fixed price lump sum bid with price certainty on all direct &
indirect manhours with a commodity rise & fall mechanism. The
rise and fall mechanism is required at this time due to current
market volatility, remaining vendor pricing validity and timing of
project financing. Tentative submission of this proposal is
expected at the end of Q3 2021.
Sabina has purchased the design packages for the
process plant and truck shop structures along with associated
cranes and materials, which are enroute to the Port facility via
the sealift program.
Sabina has also procured the phase 1 open pit
mining equipment required for early stripping which has the first
pieces have now arrived at our Port facility.
Sabina’s procurement strategy in 2021 has focused on supporting
the following critical path activities, which are targeted to be
completed in 2022:
- Have sufficient civil works completed such that concrete
foundations can be commenced for the process plant and truck shop,
and that the permanent camp laydown area is of sufficient size to
install the permanent camp complex;
- Have all equipment in place by YE 2021, in preparation for a
decision to commence construction of a winter ice road, working
from both the Goose and Port sites; and
- Ensure the open pit mining fleet is available to begin work in
Q2 2022.
Figure 1: Goose Site
Layouthttps://www.globenewswire.com/NewsRoom/AttachmentNg/fcb14cac-3993-4389-b5a0-6bfbbbea3867
Figure 2: IFC Plant site
layouthttps://www.globenewswire.com/NewsRoom/AttachmentNg/e737fd9c-2d9b-4bb4-9137-88687a60a65f
Umwelt Exploration Ramp
After the successful completion of the box cut
for establishing a portal face, Sabina’s underground (“UG”)
exploration decline team focused on establishing services and
commissioning of the mining equipment utilizing the newly erected
portal area workshop. Sabina’s first UG portal blast occurred on
May 31st and underground development is well underway with the
portal entrance and 130 meters of development completed by Sabina’s
development crews.
Figure 3: Umwelt UG Exploration
Portalhttps://www.globenewswire.com/NewsRoom/AttachmentNg/b1ec94cd-0559-493e-b146-b2ad3bf9a313
Figure 4: Inside Umwelt UG Exploration
Portalhttps://www.globenewswire.com/NewsRoom/AttachmentNg/895a8bd7-bea8-462f-8710-41d5142c55a5
Figure 5: Umwelt UG Portal and Decline and
supporting shop structures built this
yearhttps://www.globenewswire.com/NewsRoom/AttachmentNg/b53ef41f-755f-4408-98c9-1de926f6c163
Sabina has completed the UG workshop and dry
storage areas. The heated workshop is equipped with a dedicated
generator system and mine load centers used to power the
underground development, a compressed air system, offices, tool
crib, hose fabrication room and a worker’s dry.
Pre-development Construction
Activities
Sabina’s site crew and earthworks contractor
have focused on upgrading roads, infrastructure, building laydown
pads and crushing and screening activities. To date, 10,000m3 of
esker material has been harvested from a nearby site location which
will be used for the preparation of concrete aggregates and pond
liner underlay.
The earthworks contractor is a Kitikmeot
qualified business and has been engaged to complete the drill/blast
rough grading program at the plant site area. The team is currently
moving ahead with the rough grading of the plant site area, and pad
area for permanent fuel storage tanks which will eventually be used
to store fuel for the entire site.
Figure 6: Road Work Construction and Plant
Laydown
Areahttps://www.globenewswire.com/NewsRoom/AttachmentNg/1e8b443f-da43-4383-96b2-d018fc68f98e
Sealift
Sabina’s sealift this season is in excess of
25,000 revenue tons, including two vessels from Becancour, Quebec
and six barges from Hay River, NWT. At the consolidation points,
the team successfully completed the collection and seaworthy
packaging of all equipment to ensure safe transport. The vessels
and barges are in motion and the first ship has reached the Port
facility and has commenced offloading operations. To facilitate the
sealift, Sabina has prepared laydown storage areas at and fuel tank
containment at the Port site with all sealift activities
anticipated to be completed by the end of September.
The cargo is comprised of cement, ammonium
nitrate, mining equipment, tires, spares and lubes, winter ice road
construction and transport equipment, multiplate tunnels, creek
crossing culvert, building foundation and erection construction
equipment steel and plates and the permanent accommodation
facilities.
Figure 7: MV Nunalik loading at Becancour,
Quebec departed August 11, 2021 to Port
Facilityhttps://www.globenewswire.com/NewsRoom/AttachmentNg/6f4c270c-9250-4a8c-b36d-a368073df3ab
Figure 8: Accommodation Complex units being
loadedhttps://www.globenewswire.com/NewsRoom/AttachmentNg/333d6af9-f274-41a5-8bf7-618d7a836a39
Figure 9: Fuel Containment Liner for 10 million
litre tank at Port
facilityhttps://www.globenewswire.com/NewsRoom/AttachmentNg/1e8c98da-8850-4ff3-8970-e860cf6f2c12
Figure 10: Equipment off
loadedhttps://www.globenewswire.com/NewsRoom/AttachmentNg/b5cf4ca7-f91b-437e-b889-2b82b1aebbc1
Click here for photo gallery of site activities and procured
equipment.
https://www.sabinagoldsilver.com/assets/docs/Picture%20Gallery%20August%202021.pdf
Alternative Energy
Opportunity
Since 2019, Sabina has been working on alternate
energy opportunities including wind, solar and battery
configurations that would reduce the reliance on diesel for power
generation. Sodar (wind condition testing units) have been in
place at site for 2 years with results showing that the Goose
Project shows excellent potential for the installation of wind
turbines for power generation. Sabina is working with a large-scale
alternative energy provider and is commencing advanced studies
which if successful may ultimately see Back River utilize a
wind-battery-generator power combination.
Qualified Persons
Mr. Vincy Benjamin, P. Eng., and Director of
Engineering for Sabina, is a Qualified Person pursuant to National
Instrument 43-101 and has reviewed and approved of the technical
content of this press release as it relates to the Back River
Project.
Sabina Gold & Silver Corp.
Sabina Gold & Silver Corp. is well-financed
and is an emerging precious metals company with district scale,
advanced, high grade gold assets in Nunavut, Canada.
Sabina recently filed an Updated Feasibility
Study (the “UFS”) on its 100% owned Back River
Gold Project which presents a project that will produce ~223,000
ounces of gold a year (first five years average of 287,000 ounces a
year with peak production of 312,000 ounces in year three) for ~15
years with a rapid payback of 2.3 years, with a post-tax IRR of
~28% and NPV5% of C$1.1B. See “National Instrument (NI) 43-101
Technical Report – 2021 Updated Feasibility Study for the Goose
Project at the Back River Gold District, Nunavut, Canada” dated
March 3, 2021.
The Project received its final major
authorization on June 25, 2020 and is now in receipt of all major
permits and authorizations for construction and operations.
In addition to Back River, Sabina also owns a
significant silver royalty on Glencore’s Hackett River Project. The
silver royalty on Hackett River’s silver production is comprised of
22.5% of the first 190 million ounces produced and 12.5% of all
silver produced thereafter.
For further information please contact:
Nicole Hoeller,
Vice-President, Communications: 1 888
648-4218
nhoeller@sabinagoldsilver.com
Forward Looking InformationThis
news release contains “forward-looking information” within the
meaning of applicable securities laws (the “forward-looking
statements”), including, but not limited to, statements
related to the expected use of proceeds of the Offering and the
projections and assumptions of the results of the UFS. 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 uncertainty of
production, development plans and costs estimates for the Back
River Gold Project; discrepancies between actual and estimated
mineral reserves and mineral resources, between actual and
estimated development and operating costs; the interpretation of
drill, metallurgical testing and other exploration results; the
ability of the Company to retain its key management employees and
skilled and experienced personnel; exploration, development and
mining risks and the inherently dangerous nature of the mining
industry, and the risk of inadequate insurance or inability to
obtain insurance to cover these risks and other risks and
uncertainties; property and mineral title risks including defective
title to mineral claims or property; 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
licenses 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, 2020 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.
Bruce McLeod, President & CEOSuite 1800 – Two
Bentall Centre555 Burrard StreetVancouver, BC V7X 1M7Tel 604
998-4175 Fax 604
998-1051http://www.sabinagoldsilver.com
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