Sabina Gold & Silver Corp.

Sabina Gold & Silver Corp.

December 03, 2009 08:30 ET

Sabina Releases Additional Results from New Discovery at Echo Zone and Regional Exploration on Del Lake Claims

Results from new Echo Zone at Back River include 5.54 g/t gold over 3.6 meters and remains open along strike and at depth

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2009) - Sabina Gold & Silver Corp. (TSX:SBB) is pleased to report the remaining drillhole assay results from the newly discovered Echo Zone and also to report new surface grab sample results from the Del Lake claim group. Preliminary assays from the Echo Zone were released on October 7, 2009.

The Back River Project is comprised of the high grade George and Goose Lake gold deposits which contain measured & indicated gold resources of 3.4 million tonnes grading 10.9 g/t Au for 1.19 million ounces of gold and inferred resources of 3.6 million tonnes grading 10.2 g/t Au for 1.16 million ounces of gold. The George Lake and Goose Lake deposits are located 40 and 90 kilometres respectively to the south east of Sabina's world class Hackett River Silver Project.

The Back River acquisition completed June, 2009. Once completed, the Company immediately deployed crews in order to complete a limited, focused exploration program given the short remaining drill season. The summer campaign focused on drilling around Goose Lake and some of this work has resulted in the discovery of the new Echo Zone.

"We continue to be excited about the progress we made at Back River this year," said John Wakeford, Sr. VP Corporate Development of Sabina Gold & Silver Corp. "In addition to our new Echo Zone discovery we have identified high priority targets on the Del claim block, both of which are near our existing high-grade Goose Lake deposit."

Echo Zone

The newly identified Echo Zone is located approximately 2000 meters west of the Goose deposit in a broad zone of thick folded iron formation units that have been strongly altered to the extent that the magnetic signature of the iron formation has been washed out. The large 2 by 3 km target area has had no prior drilling.

It was immediately apparent that the Echo Zone displayed the same geological, structural and mineralization style as the Goose Lake deposit. Six holes were completed in 2009 at the Echo Zone and all holes encountered similar mineralization and veining. Assay results for the first three holes previously reported on October 7, 2009 included hole 09GSE26 which assayed 8.17 g/t over 15.15m.

The results of the remaining three holes include hole 09GSE25, drilled approximately 75 meters below hole 09GSE23, returned 5.54 g/t Au over 3.60 meters, 09GSE23 which returned 1.23 g/t Au over 4.60 meters. and hole 09GSE24, located 50 meters to the east of the Echo Zone discovery hole (09GSE08) which returned 2.62 g/t Au over 3.95 meters (figures 1 and 2). A complete list of significant assay results from 2009 drilling on the Echo Zone is reported below in Table 1.

Table 1: 2009 Echo Zone Significant Drill Results
Hole IDEasting NorthingDepth (m)From (m)To    (m)Length (m)Au (g/t)
09GSE044327937268974239.0 No significant values  
09GSE064326357268991281.0 No significant values  
including   93.8094.901.1027.10
09GSE144324237268858233.0 No significant values  
09GSE184331987269145320.0 No significant values  
09GSE204324447269351245.0 No significant values  
including   158.95162.903.952.62
including   197.30210.5013.209.00
* Reported previously (Sabina release October 07, 2009)
**Minor adjustment following QA/QC review in grade for this interval only reported in the
October 7, 2009 press release.

The Echo Zone remains open in all directions with all holes targeting mineralization less than 150 meters from surface, offering open pit opportunities.

The results of this work are currently being compiled and are expected to form the core of the 2010 drill program to expand this mineralized zone and test for similar targets on the Goose project.

Del Lake Property

The Del Lake property is located 10 kilometers to the southwest of the Goose Lake camp (figure 3) and has had limited exploration during the 1985-86 period. Previous operators identified gold mineralization within at least two generations of sulphide-bearing quartz veins that cut the argillite country rock. Historical drilling limited to 610 meters program which intersected local gold values up to 5.5 g/t Au over 1 meter.

In 2009 Sabina mapping and prospecting crews collected 84 surface samples from the Del Lake area. Anomalous gold assays were largely confined to a 3,500 meter by 750 meter area where 22 of 84 samples returned assays greater than 1 g/t Au and 9 of which returned assays greater than 10 g/t Au and up to 43.3 g/t Au (figure 4). A small geochemical soil survey was also completed by Sabina over the mineralized trend at Del Lake with samples being submitted for multi-element analysis which helped to define the anomalous gold trend.

In 2010, Sabina plans to follow-up on both the preliminary assay and the historical trench results by conducting a ground geophysical survey over the area and diamond drill follow-up will be conducted on selected targets.

Quality Assurance

Mr. Douglas Cater, P. Geo and Back River Project Manager for Sabina Gold & Silver Corp. is a Qualified Person under the terms of NI43-101 and has reviewed the technical content of this press release and approved its dissemination.

Mineral resources for Goose Lake and George Lake were generated by RSG Global Consulting Pty Ltd (Coffey Mining) in September 2007, and are posted on

Diamond drill core was sent to ALS-Chemex laboratories in Thunder Bay, Ontario or North Vancouver, British Columbia for preparation and analysis using fire assay. Quality control is monitored on a continual basis and utilizes a system of standards, blanks and duplicates to ensure analytical accuracy. The protocols and procedures used in 2009 are the same as those used in earlier campaigns by Sabina Gold & Silver Corp. and Dundee Precious Metals (previous operator at Back River) and have been deemed appropriate in the above noted 43-101 compliant resource reports.

SABINA GOLD & SILVER CORP. is a Canadian public mineral exploration and development company with key assets at the Hackett River silver-zinc project, Wishbone project and Back River project all in Nunavut and several projects in the Red Lake gold camp. The Company is well capitalized with approximately $40 million in cash at November 30, 2009.

Forward Looking Statements

Statements relating to future operations at the Hackett River Project, the Back River Project and the Wishbone project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements 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 may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are 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 statements, 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 Report for the year ended December 31, 2008.

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

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

John Wakeford, Senior VP Corporate Development

Table 2: Additional Back River Significant 2009 Drill Results

Llama Lake Area
Hole IDEasting NorthingDepth (m)From (m)To    (m)Length (m)Au (g/t)
09GSE014288127272864269.0 No significant values  
and   47.6048.200.601.29
and   200.90201.951.051.09
09GSE104283387273103300.1 No significant values  
09GSE224285187273279215.7 No significant values  
Other Goose Property Targets
Hole IDEasting NorthingDepth (m)From (m)To    (m)Length (m)Au (g/t)
09GSE024326817270484212.0 No significant values  
09GSE114351147269080224.0 No significant values  
09GSE164345537269543269.8 No significant values  
09GSE274328007269400299.0 No significant values  

To view accompanying Figures 1 to 4, please click on the following link:

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