SOURCE: Sabina Silver Corporation

March 26, 2008 10:46 ET

Hackett River 2007 Final Drilling Results: New High-Grade Jo Zone and 78.45M of Massive Sulphides at 600M Depth at Boot Lake -- (Originally Issued January 8, 2008)

THUNDER BAY, ON--(Marketwire - March 26, 2008) - Sabina Silver Corporation (TSX-V: SBB) (PINKSHEETS: SBBFF) is pleased to announce the final drill results from the 2007 drill program at its Hackett River project located in Nunavut. This announcement reports on the final completion of 17,106 meters of drilling completed in 65 drill holes during the 2007 program, and supplements the release of preliminary results issued on 4 September 2007.

The 2007 drilling campaign was primarily undertaken to complete development infill drilling to increase confidence level of the previously reported NI 43-101 compliant mineral resources, to explore areas where the mineralized envelope used in the previous resource calculation remained open at depth as well as to explore areas of anticipated mineralization within the likely footprint of the Project infrastructure layout.

Highlights encountered in the final stage of the 2007 drilling include:

* Drill intercepts from the Jo Zone, located approximately 4 kms from the proposed Hackett River milling site, suggest the potential for a fourth mineral deposit for the Project. Selected high-grade sub-intervals listed below from depths near surface to 115 meters indicate the exceptionally high silver and zinc grades encountered during the 2007 Jo Zone drilling:

Hole #        Interval    Zn     Ag      Cu        Pb      Au
                (m)       (%)   (g/t)    (%)       (%)    (g/t)
SHR-07-56       3.25     24.40   389     0.44     1.57     0.10
SHR-07-57       3.85     20.72   272     0.45     1.46     0.14
SHR-07-58       3.70     40.28   553     0.06     3.18     0.13
SHR-07-60       3.60     32.13   907     0.04     4.96     0.23

The deepest hole, SHR-07-60, returned 12.25 m grading 0.08% Cu, 1.71% Pb, 9.77% Zn, 537 g/t Ag and 0.30 g/t Au starting from 115.70 m. Locally values exceed 40% Zn and 1 kg/t Ag. The Jo Zone requires additional drilling to outline the extent of mineralization, and planning is underway for additional drilling in early 2008 to delineate this potential deposit, and is included in the $6.5 million budgeted for drilling at Hackett River in 2008.

* Thick drill intercepts from approximately 600 m below surface indicate the large Boot Lake deposit remains open at depth. Hole SHR-07-49 intersected 78.45 m grading 0.24% Cu, 0.86% Pb, 6.98% Zn, 179 g/t Ag and 0.09 g/t Au starting from 627.00 m. True thickness of the massive sulphide lens at this depth is estimated to be approximately 45 m.

Other news highlights include:

* AMEC continues work on a Pre-Feasibility Study for the Hackett River Project, which is currently estimated for completion in mid 2008.

* In November Sabina Silver's Hackett River Camp was awarded the inaugural Clean Environment Award by the Kitikmeot Inuit Association for demonstrating the highest level of environmental stewardship of any exploration camp on Inuit Owned Land within the Kitikmeot region.

2007 Drill Program

The 2007 drill program was completed in early November with a total of 17,106 m drilled in 65 holes. Results for the first 44 holes of the season were announced September 4, 2007. A summary table listing of composite assays from the remaining 21 holes of the season is available at:

Drill Hole Summary Table Final 2007

The 2007 drill program included infill and step-out drilling to increase the confidence levels of a NI 43-101 compliant mineral resource outlined in a Preliminary Economic Assessment (announced 5 March 2007). As well, exploration drilling was undertaken at two of several known mineralized zones within Sabina's Hackett River property which could be affected by infrastructure layout required for the current Project design. Limited geotechnical drilling was also completed to provide preliminary information for civil and mine engineering design.

Jo Zone

The Jo Zone is located approximately 400 m SE of the East Limb of the Main Zone deposit along the same mineral horizon. Five holes (SHR-07-56, 58, 60 and Jo71-03 and 75-01) on one section line indicate mineralization continues from near surface to a depth of 115 m where it is still open. Hole SHR-07-57, located on a section line 50 m north, intersected 24.30 m of mineralization grading 0.64% Cu, 0.60% Pb, 6.46% Zn, 122 g/t Ag and 0.08 g/t Au. This mineralization started from the bedrock surface.

Additional drilling is required to confirm the orientation and extent of the Jo Zone mineralization. Jo Zone has significant potential to add near surface, high-grade tonnes to the existing Hackett River Resource.

Boot Lake Zone

Step-out and infill drilling at Boot Lake has confirmed continuity of mineralization from surface to a depth of 680 m. The deposit dips steeply to the SW and is open to depth. The practical depth limit for surface delineation drilling appears to have been reached.

Main Zone

A thermistor geotechnical hole was completed as was the last of the planned 2007 drill holes.

Patricia Zone

No significant mineralization was intersected in the Patricia target. Narrow mineralized late veins present in two of the holes are interpreted to have formed in the thermal aureole of a large diabase dyke located to the east.

A system of sample standards, blanks and duplicates were inserted as part of the Company's QA/QC analytical procedures for the sample stream processed at the accredited laboratory at ALS Chemex (Vancouver, BC). Mr. Douglas Kim, P.Geo. Project Manager for the Hackett River Project and Qualified Person under the terms of NI43-101 has reviewed the content of this press release and approved its dissemination.

Pre-Feasibility Study

Preparation of the Hackett River Pre-feasibility study by AMEC continues. AMEC has completed its initial assessment of the drill hole spacing for model definition purposes, and it is anticipated that limited additional infill drilling will be required prior to undertaking a Final Feasibility Study. Work has commenced on remodeling of the East Cleaver, Boot Lake and Main Zone deposits, and is expected to be completed in early 2008. A restatement of the resources for the Hackett River Project will be issued after completion of the modeling, and is expected in the first Quarter of 2008.

Engineering review of layout options, including milling site, tailings storage facility and waste dumps, has begun and will likewise continue into 2008. Review of mining options and preliminary designs has commenced. The Pre-feasibility study is expected to be available early Third Quarter 2008.

Environmental baseline investigation studies have been completed during this past field season for the Hackett site as well as the site of the proposed port and concentrate load out facility at Bathurst Inlet. Baseline monitoring will continue through the coming field season in 2008 in support of ongoing permitting activities. Filing of the Project Proposal with the Nunavut Government is planned for early 2008, and it is currently anticipated that the draft Environmental Impact Statement will be completed by late 2008 or very early in 2009.

Sabina's 100% interest in the Hackett River Project is subject to a 2% Net Smelter Royalty to Cominco Mining Partnership. Etruscan Resources Inc. retains a 10% Net Profits Interest capped at C$2 million.

Sabina Silver is debt free, with approximately $45 million in cash and securities of an additional $8 million as of the end of November 2007. In addition to advancing the Hackett River Project, the company is also drilling its Golden Sidewalk Project in the Red Lake Mining District, Ontario and is exploring the silver-zinc Rockstone Project in the Thunder Bay Mining District, Ontario.


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Contact Information

  • For further information, please contact:

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    Phone: 807-766-1799
    Fax: 807-343-0232
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