Sabina Gold & Silver Announces Interim Financial Results

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VANCOUVER, British Columbia, Nov. 10, 2021 (GLOBE NEWSWIRE) – Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB – TSX / SGSVF – OTCQX) publishes interim financial results for the three and nine months ended September 30, 2021.

“Sabina continues to advance pre-development activities at Back River during the quarter,” said Bruce McLeod, President and CEO. “Work on the Umwelt underground exploration ramp continues along with other civil engineering work on the site to better prepare the project for a production decision once funding is secured. At the port facility, the Company received five vessels during the navigation season delivering the equipment necessary for the 2022 activities. Work is now focused on preparing the equipment for the construction of an ice road in the sea. winter in the first quarter of 2022 so that all purchased items can be delivered from the port facility to the Goose site next spring. In addition, during the quarter, the Company completed a field program on the George property, the next line of exploration for the Back River belt. The team also completed the detailed engineering of the processing plant and moved the project financing process forward.

Q3 Highlights of 2021:

  • The Company has cash and cash equivalents of $ 42.4 million as of September 30, 2021.
  • In August, Sabina entered into a US $ 20 million senior secured credit facility to fund Critical Path activities as management continues to advance full project financing.
  • Several sea transports have been successfully received at the port facility containing critical path supply items, including the first phase of the permanent camp accommodation complex, the factory building, bulk construction supplies and a variety of mobile equipment. Additionally, the company received its first shipment of bulk diesel with two million liters transferred from the coastal platform to the new 10 million liter bulk storage tank.
  • The Company has acquired a variety of mobile equipment through equipment finance loans with two vendors, including the Phase One surface mine fleet and some underground equipment for the exploration ramp.
  • During the quarter, the Company completed the detailed engineering of the processing plant and the design of the Goose fuel farm.
  • For the three and nine months ended September 30, 2021, the Company reported net losses of $ 2.4 million or $ 0.01 per share and $ 5.4 million or $ 0.02 per share, respectively .

For the September 30, 2021 interim financial statements and related MD&A, please visit the Company’s website at www.sabinagoldsilver.com or on SEDAR.

SABINA GOLD & SILVER CORP

Sabina Gold & Silver Corp. is well-funded and is an emerging precious metals company with advanced, high-grade district-scale gold assets in Nunavut, Canada.

Sabina recently submitted an updated feasibility study (the “UFS”) On its 100% owned Back River Gold project which features a project that will produce approximately 223,000 ounces of gold per year (first five year average of 287,000 ounces per year with peak production of 312,000 ounces in the third year ) for around 15 years with a quick payback of 2.3 years, with an after-tax IRR of around 28% and a NPV5% of CA $ 1.1 billion. See “National Instrument (NI) 43-101 Technical Report – 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada” dated March 3, 2021.

The project received its final major authorization on June 25, 2020 and is now receiving all major permits and authorizations for construction and operation.

In addition to Back River, Sabina also owns a large silver royalty on Glencore’s Hackett River project. The silver royalty on Hackett River silver production comprises 22.5% of the first 190 million ounces produced and 12.5% ​​of all silver produced thereafter.

All press releases and further information can be found on the Company’s website at www.sabinagoldsilver.com or on SEDAR at www.sedar.com. All technical reports were filed on www.sedar.com

For more information, please contact:

Forward-looking information
This press release contains “forward-looking information” within the meaning of applicable securities laws (the “”forward-looking statements“), including, but not limited to, statements relating to the intended use of proceeds from the offering and UFS earnings projections and assumptions. These forward-looking statements are made as of the date of this press release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the circumstances, results or future results anticipated or implied by such forward-looking statements will occur or that the plans, intentions or expectations on which the forward-looking statements are based will occur. Although we have based these forward-looking statements on our expectations regarding future events on the date such statements were made, statements do not constitute a guarantee that such future events will occur. and are subject to risks, uncertainties, assumptions and other factors that could lead to significant events or results. nt different from those expressed or implied by these forward-looking statements. These factors and assumptions include, among others, the uncertainty of production, development plans and cost estimates for the Back River gold project; differences between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs; interpretation of drilling, metallurgical test and other exploration results; the Company’s ability to retain its key management employees and qualified and experienced personnel; exploration, development and mining risks and the inherently hazardous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these and other risks and uncertainties ; risks associated with mining properties and titles, including defective titles to claims or mining properties; the effects of general economic conditions, commodity prices, changes in exchange rates and actions taken by government and regulatory authorities; and errors in judgment in the preparation of forward-looking statements. In addition, there are known and unknown risk factors that could cause our actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by forward-looking statements. Known risk factors include risks associated with exploration and development of the project; 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 regulations; obtain and renew the necessary licenses and permits; environmental liability and insurance; the use of key personnel; the potential for conflicts of interest between some of our officers or directors; the absence of dividends; currency fluctuations; labor disputes; competetion; dilution; the volatility of the price and volume of our common shares; 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 year ended December 31, 2020 filed with the Canadian Securities Corporation. administrators and available at www.sedar.com. Although we have attempted to identify material 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 may cause the actions to differ materially from those described in forward-looking statements. , events or results are not those anticipated, estimated or foreseen. . 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. Therefore, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or change any forward-looking statements, except as required by applicable securities laws.

Bruce McLeod, President and CEO
1800-555 Burrard Street, Two Bentall Center
Vancouver, BC V7X 1M9
Phone. 604 998-4175 Fax. 604 998-1051
http://www.sabinagoldsilver.com

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