Sabina Silver Corporation

Sabina Silver Corporation

November 02, 2005 09:23 ET

Sabina Silver Corporation: 2005 Hackett River Drilling-Assays From 41 New Holes Includes 172 Feet of 9.09 Oz/Ton Silver and 7.22% Zinc

THUNDER BAY, ONTARIO--(CCNMatthews - Nov. 2, 2005) - SABINA SILVER CORPORATION (TSX VENTURE:SBB) is pleased to present final assay results of 2005 drilling at Hackett River. A total of 30,690 feet (9357m) in 44 infill and stepout holes were drilled in 2005. Highlights include: 172 feet (52.4m) of 9.09 oz/ton silver and 7.22% zinc at East Cleaver, 152 feet (46.6m) of 6.79 oz/ton silver and 6.32% zinc at Boot Lake, and 72 feet (29.52m) of 9.12 oz/ton silver and 5.91% zinc at the Main Zone, East Limb Deposit. Previously unreleased results from 41 holes confirms the robust nature of the Hackett River mineralization and most importantly, suggests that all three known deposits, East Cleaver, Boot Lake and Main Zone, remain open for expansion. Wardrop Engineering Inc is presently preparing a revised geological model and updated NI 43-101 compliant resource estimate incorporating the 2005 drill results.

Sabina has a 100% interest in the polymetallic Hackett River Project that contains a pre-existing NI 43-101-compliant Indicated Resource based on 2004 drilling of in excess of 154 million ounces of silver, 1.8 million tons zinc, 137,000 tons copper, 256,000 tons lead and 448,000 ounces gold. The magnitude of the silver resource alone at Hackett River ranks Sabina Silver Corporation among the top 12 silver-focused companies operating in the Western Hemisphere. As a result of Hackett River, Sabina's silver resource endowment (oz) per $US dollar of fully diluted market capitalization is presently over five times the silver sector average.

Complete 2005 drill core assay highlights from Hackett River are presented at the following link:

Sabina spent a total of $12 Million in 2004 and 2005 to earn a 100% interest in the Hackett River Project subject to Earn-Back rights or a 2% NSR royalty held by Cominco Mining Partnership (CMP), an affiliate of Teck Cominco Limited. CMP is presently in its final 90-day Alternate Earn-Back right to acquire an interest in the Hackett River Project. CMP may earn back 60% only after paying Sabina CAD$1 Million cash with its election notice, funding all expenditures to the completion of a feasibility study and paying to Sabina an additional sum of CAD$1 Million cash upon completion of the feasibility study. Should CMP terminate its right to earn back an interest in the Hackett River Project, it shall retain a 2% NSR in the project.

The Hackett River drill program was carried out under the supervision of Harvey Klatt, P.Geo. Project Manager and a Qualified Person under National Instrument 43-101. Mr. Klatt supervised drill hole planning, implementation and quality control programs and has approved the technical content of this news release. Core was one-half split, with half sent to accredited Global Discovery Labs, Vancouver for preparation and analysis.

Sabina Silver Corporation is debt free and has a strong treasury with over C$15 Million in working capital. In addition to the Hackett River Project, the Company has cemented its new corporate direction in the silver sector by advancing the Del Norte Silver-Gold Project in the Stewart-Eskay Creek Mining District. The Company also retains and is presently conducting fieldwork on four pure gold projects in the Red Lake Mining District, Ontario.


Abraham Drost, President

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 news 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.

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

Contact Information

    Abraham Drost
    (807) 766-1799
    (807) 345-0284 (FAX)
    Visit our web site at
    309 Court Street South
    Thunder Bay, Ontario