Sabina Silver Corporation

Sabina Silver Corporation

November 26, 2008 19:16 ET

Sabina Completes $4.2 Million Flow-Through Private Placement

Exploration Programs for 2009 at Hackett River and Red Lake being defined

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2008) -


Sabina Silver Corporation (TSX VENTURE:SBB) today announced completion of the previously announced non-brokered private placement flow-through financing. The private placement was comprised of 6,512,308 flow-through common shares at $0.65 per share to raise gross proceeds of $4,233,000. A cash finder's fee of $201,500 will be paid in relation to this financing. The gross proceeds of the financing will be used by Sabina to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by December 31, 2009.

Since Sabina's acquisition of Hackett River in 2003, most of the work completed has focussed on resource delineation and engineering studies on the known deposits with less emphasis on the exploration potential of the property. Even so, this narrowly focussed exploration strategy resulted in significant increases in resource size and demonstrated that multiple large base metal deposits are present in a relatively small area. In September 2008, a review was completed by an independent volcanic massive sulphide (VMS) specialist on existing data who made the following observations and recommendations regarding the exploration potential of Hackett River:

- 45,000 meters of drilling resulted in the discovery of 45 million tonnes of mineralized material. Sustained rapid resource growth reflects a highly prolific geological setting found in world class VMS environments.

- There are considerable near surface showings and targets that represent opportunities to increase the resource base by extending existing deposits or by new discoveries.

- Previous exploration and resource drilling has encountered a number of higher value intercepts which are generally copper with high grade silver and occasionally gold. Higher value mineralization would have a positive impact on project economics.

Sabina is developing an exploration program for 2009 at Hackett River which will focus on new near surface targets as well as test priority targets in an effort to identify higher value mineralization containing copper and precious metals. The proceeds from this financing, along with Sabina's existing treasury, will provide Sabina with substantial resources to follow up on any exploration success resulting from its 2009 program and its ongoing development of the Hackett River project.

The proceeds will also fund a small drill program on the Company's Red Lake projects.

All the Shares issued pursuant to the private placement are subject to a four month hold period expiring March 26, 2009.

SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in Nunavut, the Del Norte gold project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements.

Forward Looking Statements

Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, change.

This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.

Anthony P. Walsh, President & CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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