Sabina Silver Corporation

Sabina Silver Corporation

November 21, 2005 09:12 ET

Sabina Completes Sale Of A 60% Interest In Its Follansbee Red Lake Property To Wolfden Resources

LONDON, ONTARIO--(CCNMatthews - Nov. 21, 2005) - SABINA SILVER CORPORATION (TSX VENTURE:SBB) is pleased to announce that it has completed the transfer of a 60% interest (the "Sabina Interest") in six patented mining claims known as the Follansbee Property located in the Red Lake Mining Division in the Province of Ontario to Wolfden Resources Inc.(TSX:WLF). The consideration paid to the Company by Wolfden consisted of a cash payment of $2,000,000 and the issuance of 4,000,000 common shares of Wolfden. As further consideration, Wolfden assigned its right pursuant to an agreement dated November 3, 2004 with Interquest Incorporated ("Interquest") to acquire one-half of the 2% net smelter return royalty (the "Follansbee Royalty") retained by Interquest in respect of the Follansbee Property by making a cash payment to Interquest equal to $500,000 for each 1/2% net smelter return royalty purchased. By acquiring the Sabina Interest, Wolfden now owns 100% of the Follansbee Property, subject to the Follansbee Royalty.

Sabina now has C$6,000,000 cash and 4,000,000 shares of Wolfden with a current market value of $11,400,000. The company is in an excellent position to continue with the development of its two silver projects (Hackett River and Del Norte) and its remaining four Red Lake gold properties, all of which are progressing favorably and several of which have fieldwork planned.

Sabina wishes Wolfden continued success with their now 100% owned Follansbee and Bonanza properties and believe that the development of the Bonanza Deposit will move ahead more expediently with one owner and no boundary complications. Sabina will do well with its royalty interest, its 4,000,000 shares of Wolfden and its full attention free for its other projects.

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 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.

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 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.

Shares Issued: 36,524,244

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

Contact Information