Sabina Gold & Silver Files NI 43-101 Technical Report for Feasibility Study on Back River Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 23, 2015) - Sabina Gold & Silver Corp. (TSX:SBB) ("SBB" or the "Company") announces that, it has filed its National Instrument 43-101 Technical Report entitled "43-101 Feasibility Study Technical Report for the Back River Gold Property, Nunavut" dated June 22, 2015 on SEDAR at http://www.sedar.com. The report has also been posted on the Company's website at www.sabinagoldsilver.com.

On May 20, 2015, the Company announced the positive results of a Feasibility Study ("FS') on the Back River gold project in Nunavut, Canada.

The FS uses a gold price of US$1200/oz Au and an exchange rate of 0.87 (US$:C$).

Highlights include a scenario that could:

• Generate a post-tax internal rate of return ("IRR") of 21.7% and net present value ("NPV") (at a 5% discount rate) of $539 million;
• Generate Life Of Mine ("LOM") post-tax net cash flow of $914 million on gross revenues of $4.5 billion with a post-tax payback period of 2.2 years (from start of operations);
• Process at a rate of 6,000 tonnes per day could produce an average of ~346,000 oz Au per year (post commencement of commercial production);
• Generate average production of 413,000 oz Au in years 1 through 4;
• Provide an initial capital estimate of $695 million and sustaining capital estimate of $529 million (including closure);
• Generate a total LOM cash cost estimate of US$535/oz Au (including third party royalties, refining and transport). LOM all-in sustaining cash cost estimate of US$648/oz Au LOM (including sustaining capital);
• See LOM average metallurgical recoveries of 93%.

"The FS demonstrates the opportunity for Back River to become a significant gold producer using conservative assumptions, generating robust economics in one of the better mining jurisdictions in the world," said Bruce McLeod, President & CEO "The high grade nature of the deposits provide scaleable opportunities that could enable us to develop the project in a manner that works in the current challenging capital markets environment and we are continuing to assess these options. Meanwhile, we are also de-risking Back River by moving the project forward through the environmental assessment process and aim to have our final environmental impact statement filed by the fourth quarter this year. The Back River FS was undertaken by a team with extensive Arctic experience and we believe the study to be a realistic representation of how to build and operate a mine in Nunavut."

The following table simplifies and restates information previously presented in the May 20, 2015 news release.

Project Life of Mine Unit Operating Costs:

Operating Costs			Unit Costs
Mining		$	36.07	/t milled
	Open Pit Mining	$	3.95	/t mined
	Underground Mining	$	48.84	/t mined
Processing		$	26.04	/t milled
Surface Services		$	13.08	/t milled
General & Administration		$	13.61	/t milled
Freight Costs (Ocean/Port/Ice Roads)		$	4.48	/t milled
Ore Hauling (George to Goose)		$	3.00	/t milled
	Ore Hauling (George to Goose)	$	19.35	/t hauled
Total		$	96.28	/t milled

In previous disclosure, All-In Sustaining Cash Costs ("AISC") were stated to include closure costs. In accordance with the World Gold Council's definition, Back River's AISC should be calculated to include:

(Refining Costs + Insurance + Transport Costs + Third Party Royalties + Operating Costs + Sustaining Capital Costs) / Payable Au oz

This brings the Back River AISC to US$648/oz which is different to US$671/oz stated previously.

Closure capital costs are C$89.0M rather than $85.5M reported in the previous press release. The correct value was carried in the FS project cash flow and therefore this typo has no effect on other project economic values stated.

AUTHORS AND QUALIFIED PERSONS STATEMENT

The FS was prepared under the direction of JDS Energy & Mining Inc. by leading independent industry consultants, all Qualified Persons (QP) under National Instrument 43-101. The QPs have reviewed and approved the content of this news release. The following consultants and QPs participated in the FS:

Qualified Person, Designation	Company	QP Responsibility/Role
Gord Doerksen, P.Eng.	JDS Energy & Mining Inc.	Executive Summary, Introduction, Reliance on Other Experts, Mineral Reserves, Infrastructure, Market Studies, Capex, Opex, Economic Analysis, Adjacent Properties, Environmental, Other Relevant Data, Interpretations, Recommendations, References, Abbreviations, Project Execution Plan, Logistics, Airstrips, Ice Roads, Marine Structures, G&A
Dino Pilotto, P.Eng.	JDS Energy & Mining Inc.	Mining Methods
Andrew Fowler, MAusIMM, CP (Geo)	AMC Mining Consultants (Canada) Ltd.	Mineral Resource Estimates for George
Dinara Nussipakynova, P.Geo	AMC Mining Consultants (Canada) Ltd.	Mineral Resource Estimates for Goose
John Morton Shannon, P.Geo	AMC Mining Consultants (Canada) Ltd.	Property Description, Accessibility, History, Geology, Deposits, Exploration, Drilling, Sample Preparation, Data Verification
Maritz Rykaart, P.Eng.	SRK Consulting (Canada) Inc.	Geochemistry, Tailings Management, Water Management
Gerry Schwab, P.Eng	Hatch Ltd	Infrastructure
Gavin Ritson, P.Eng	Hatch Ltd	Metallurgy, Recoveries
Rob Mercer, Ph.D., P.Eng	Knight Piésold Ltd.	Geomechanical

The Qualified Person under NI 43-101 for Sabina Gold & Silver Corp. is Wes Carson, P.Eng Vice-President, Project Development, who has reviewed the content of this news release and approved its dissemination.

SABINA GOLD & SILVER CORP

Sabina Gold & Silver Corp. is an emerging precious metals company with district scale, world class undeveloped assets in one of the world's newest, politically stable mining jurisdictions: Nunavut, Canada.

Sabina has recently released a Feasibility Study on its 100% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~350,000 ounces a year for ~10 years with a rapid payback of 2.2 years. At a US$1,200 gold price and a 0.87 exchange rate, the Study delivers a potential after tax internal rate of return of approximately 22% with an initial CAPEX of $695 million.

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.

The Company expects to end the year with $16 million in cash and equivalents.

This news release has been authorized by the undersigned on behalf of Sabina Gold & Silver Corp.

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws (the "forward-looking statements"), including our belief as to the extent, results and timing of the FEIS, the results of the FS, the Company's potential plans and operating performance, the estimation of the tonnage, grades and content of deposits, and the extent of the resource and reserves estimates, potential production from and viability of the Company's properties, estimates of future production and operating costs and permitting submissions and timing, the timing and receipt of necessary permits and project approvals for future operations and access to project funding. 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 ability of the Company to raise sufficient funds to implement the FS, the effects of general economic conditions, changes in commodity prices including the gold price assumed in the FS, increases in input costs, uncertainty of production and cost estimates for the project, changing foreign exchange rates, 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 licences 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, 2014 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. This news release has been authorized by the undersigned on behalf of Sabina Gold & Silver Corp.