Sabina Gold & Silver Corp.

TSX : SBB


Sabina Gold & Silver Corp.

January 23, 2014 11:08 ET

Sabina Gold & Silver Submits Draft Back River Environmental Impact Statement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 23, 2014) - Sabina Gold & Silver Corp. ("Sabina" or the "Company") (TSX:SBB) is pleased to announce the submission of the Draft Environmental Impact Statement ("DEIS") and associated Water License Applications for the Back River Gold Project (the "Project") to the Nunavut Impact Review Board ("NIRB") and the Nunavut Water Board ("NWB") respectively.

"Submission of the Draft Environmental Impact Statement is a major milestone in the permitting process and environmental assessment of the Back River Gold Project," said Rob Pease, President & CEO. "The DEIS demonstrates how the Project could bring responsible sustainable development to the region, including training, jobs, creation of business opportunities as well as associated royalty payments. We are committed to developing Back River in an environmentally responsible manner that will ultimately create a win/win for all stakeholders. We look forward to continuing to engage with our Inuit partners, various levels of government and other stakeholders as we move through the environmental assessment process, and look forward to receiving feedback on the proposed project."

The DEIS represents the culmination of over five years of scientific studies Inuit traditional knowledge contributions from community members of the West Kitikmeot Region and has been prepared in concordance with the NIRB Guidelines for the Preparation of a DEIS for the Back River Gold Project.

The Back River DEIS presents scientific and community based knowledge that determined key aspects of the natural and socio-economic environments in the region. Project interactions were identified; residual effects assessed and proposed mitigation and monitoring plans developed for the construction, operation and closure of the Project.

The Project currently envisions a 5,000 tonne per day operation producing approximately 300,000 ounces of gold per year for approximately 10 years. Operations would include mines at the Goose and George properties, a central processing facility and mill at Goose, a marine laydown area to receive supplies and fuel by ocean transport in southern Bathurst Inlet and winter roads connecting the three sites.

The Goose property consists of several mineral deposits. The Goose Main and Llama deposits are planned as open pit operations with Umwelt being mined initially as open pit and transitioning into underground. The George property, approximately 60 kilometers to the north of Goose, hosts other open pit and underground deposits envisioned as satellite ore bodies with mined ore trucked to the central processing facility at the Goose property.

Copies of the DEIS will be filed with relevant regulatory authorities, Inuit groups, communities and other interested parties over the next month. The NIRB and NWB will review the DEIS for conformity with the results to be completed mid-February. Following a successful conformity decision, reviewers may participate in the information request and technical review phases of the process which will take up much of 2014. The date of a Final Environmental Impact Statement will be determined at the end of the technical review phase.

SABINA GOLD & SILVER CORP.

Sabina is an emerging gold developer with district scale, world class assets in one of the world's newest, most politically stable mining jurisdictions: Nunavut, Canada.

Sabina's primary assets, all located in Nunavut, consist of: the Back River Gold Project, currently in the pre-feasibility and permitting phase; the Wishbone Claims, a vastly prospective grass roots project; and the Hackett River Silver Royalty, a silver production royalty on Glencore's Hackett River project comprising 22.5% of the first 190 million ounces produced and 12.5% of all the silver produced thereafter.

Forward-Looking Information

Statements relating to mineral resources and future operations at the Hackett River Project, and the expected results of work being carried out on such projects are forward-looking information within the meaning of securities legislation of certain Provinces in Canada. Forward looking information are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", 'projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results, including mineral resource estimates, may also be deemed to be forward looking information, as they constitute a prediction of what might be found to be present when and if a project is actually developed. This forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking information, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Information Form for the year ended December 31, 2012.

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

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

Rob Pease, President & CEO

Contact Information