SOURCE: Sabina Silver Corporation

November 01, 2006 08:00 ET

Sabina Presents 2006 Drilling Summary

Announces Discovery of "Boot Lake Deep" at Hackett River Zinc, Silver Project - NI 43-101 Resource Update Pending

THUNDER BAY, ON -- (MARKET WIRE) -- November 1, 2006 -- SABINA SILVER CORPORATION (TSX-V: SBB) (PINKSHEETS: SBBFF) is pleased to present full assay results including Holes 46-52 from 2006 drilling at its Hackett River Project in Nunavut, Canada. A total of 17,293m in 53 holes were drilled at Hackett River this year. The silver and zinc-rich character of massive sulphide mineralization of the three large, potentially open-pittable massive sulphide deposits at Hackett River confirms what the Company increasingly recognizes as a potential new zinc and silver-rich base metal camp in Canada's far north.

The exploration highlight from the 2006 season was the partial delineation of a new discovery at Hackett River called the "Boot Lake Deep" trough. Drilling has outlined a thick keel of massive sulphides now interpreted to be an extensional fault basin, which commences at 250m vertical and remains open at depth below 600m vertical. The newly identified structure contains true width drill intercepts up to 50m wide grading 12% zinc and 300g/T silver (Hole SHR- 06-08). Sabina's Board of Directors commends its technical team at Hackett River for recognition and delineation of this important new mineralized structure at Hackett River.

Sabina has presently updated the Hackett River geological and grade-tonnage models based on 2006 drilling and will deliver an updated, independent NI 43-101 compliant mineral resource estimate shortly. A recent metallurgical study completed at SGS Lakefield Laboratories in Ontario has also led to appreciable increases in zinc, silver, copper and lead recoveries of the Hackett River sulphide mix. These shall be reported with the 2006 NI 43-101 mineral resource disclosure update.

Sabina has an undivided 100% interest in its polymetallic Hackett River Project, which contains a current NI 43-101-compliant Indicated Mineral Resource based on earlier drilling (Table 1).

Table 1 Current NI 43-101 Cumulative Indicated Mineral Resource - Hackett River deposits

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Cutoff
Ag Eq                   Ag Eq*   Zn Eq*    Ag                         Au
oz/ton       Tons       oz/ton     %     oz/ton   Zinc%  Cu%  Lead%   g/T
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>20       11,046,617    26.57    12.17    5.67    7.69  0.41  1.19    0.52
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>15       20,251,800    22.41    10.26    4.75    6.35  0.40  1.00    0.49
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>10       31,300,755    18.88     8.64    3.92    5.30  0.37  0.84    0.45
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>53        9,347,008    16.65     7.62    3.40    4.63  0.36  0.73    0.41
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Ag Eq = silver equivalent; Zn Eq = zinc equivalent; derived after
normalizing 43-101 indicated mineral resource contained silver, zinc,
lead, copper and gold to silver and zinc respectively using historical
metallurgical recoveries and conservative metal prices.*

* Historical Metal Recoveries (Cominco, 1981) Zinc 81.8%, Silver 66.7%,
Copper 69.6%, Lead 70.0%, Gold 50.0% Metal Price (US$) (Wardrop, 2005)
Zinc $0.53 lb, Copper $1.23 lb, Lead $0.38 lb, Gold $434 oz, Silver
$6.56 oz troy

Dominantly zinc and silver endowments at Hackett River along with appreciable copper, lead and gold byproducts, will factor prominently in the 2006 NI 43-101 mineral resource update to be delivered pending completion of an independent technical report.

Updated 2006 drill core assay highlights from Hackett River are presented at the following link (Table 2).

Table 2: 2006 Hackett River Assay Update

The table "Summary of 2006 Drill hole Composite Assays -- Hackett River Project" associated with this release can be viewed on the Filing Services Canada Inc. website by clicking onto the link below:

http://www.usetdas.com/maps/sabina/sabinacompositeassayoct31.pdf

Sabina has spent a total of over C$19 Million to date since 2004 on the Hackett River Project, which is subject to a 2% NSR royalty held by Cominco Mining Partnership (CMP), an affiliate of Teck Cominco Limited. CMP relinquished all back-in rights to the Hackett River Project in November 2005.

The Hackett River drill program was carried out under the direction of Harvey Klatt, P.Geo., Project Manager and Douglas Kim, P.Geo. Resource Development Manager, Qualified Persons under National Instrument 43-101. Mr. Kim supervised drill hole planning, implementation and application of a quality assurance/quality control (Qa/Qc) sampling system incorporating the regular use of sample standards, blanks and duplicates and has approved the technical content of this news release. Core was one-half split, with half sent to ISO-accredited Accurassay Laboratories, Thunder Bay and Global Discovery Labs, Vancouver for sample preparation and analysis.

Sabina Silver Corporation is debt free and has a strong treasury with approximately C$8 million in cash on hand. Sabina also holds approximately 4.0% of the issued share capital of Wolfden Resources Inc. (TSX: WLF) and Premier Gold Mines Inc. (TSX: PG). In addition to the Hackett River Project, the Company has completed 2006 drilling on the high grade Del Norte Silver-Gold Project in the Stewart-Eskay Creek Mining District, British Columbia from which drill core assays are awaited. The Company is also presently conducting fieldwork on four pure gold projects in the Red Lake Mining District, Ontario.

ON BEHALF OF THE BOARD OF DIRECTORS

"Abraham Drost," P.Geo.
President and Director

For further information, please contact:

Abraham Drost
Suite 401-1113 Jade Court
Thunder Bay, Ontario
Phone: 807-766-1799
Fax:   807-345-0284
Email: info@sabinasilver.com
Visit our web site: http://www.sabinasilver.com

The foregoing securities have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation or sale would be unlawful. Sabina Silver Corporation has a Moody's/Mergent Manual ("Blue Sky") exemption allowing distribution without registration in 39 states for secondary trading transactions only. Always consult a Registered Investment Advisor.

This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may," "will," "plan," "expect," "anticipate," "estimate," "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Sabina does have an ongoing obligation to disclose material information as it becomes available.

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

Contact Information

  • For further information, please contact:

    Abraham Drost
    Suite 401-1113 Jade Court
    Thunder Bay, Ontario
    Phone: 807-766-1799
    Fax: 807-345-0284
    Email: Email Contact
    Visit our web site: http://www.sabinasilver.com