VANCOUVER, British Columbia, May 06, 2019 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp (SBB.T, SGSVF/OTCQX), (“Sabina” or the “Company”) is pleased to announce that construction of the first ever Winter Ice Road (“WIR”) from the Port Facility at Bathurst Inlet to the Goose Property at the 100%-owned Back River Gold Project (“Back River” or the “Project”) in Nunavut, Canada, has been completed and the majority of the critical items have now been transported to the Goose Property.
Winter Ice Road (“WIR”)
The WIR is the final critical infrastructure component to facilitate transportation of equipment and supplies to the Back River Project. The initial component, building the Port facility and receiving equipment via sea lift, was completed last year. Construction of the WIR commenced in mid-February and was completed in late April. Transportation of equipment staged at the Port facility to the Goose Property is currently underway. The heavy and critical loads are now completed with additional loads continuing until the WIR is closed on or about May 15th.
The successful construction of the WIR was the final step in de-risking the transportation of goods and equipment to the Back River Project. As this route has never been operated using wheeled vehicles, it was of paramount importance to demonstrate that the WIR could be built and operated through the chosen corridor between the Port Facility and project site.
“We are pleased to have this initial WIR successfully constructed,” said Bruce McLeod, President & CEO. “While this first time constructing was challenging, we have learned valuable lessons in how to better construct and improve the WIR for future years. It was important to have built this road prior to making a production decision as it enables us to evaluate execution plans, optimize the process and provide additional certainty that it can be built and operated once a construction decision has been made.”
2019 WIR Timeline
In December 2018, preparations started for the construction of a 170km long winter ice road from the Port Facility at Bathurst Inlet to the Goose Property. An ice airstrip was completed in late January 2018 and 11 aircraft loads of specialty equipment and supplies were received, enabling the WIR contractor to commence construction on February 14.
Although a route was engineered and selected before work commenced, there were numerous enhancements made to the final route based on the field conditions encountered during the construction of the WIR.
The feasibility study envisioned starting the WIR with two headings from both the Goose and Port camps. Due to the limited number of loads to be transported this season, the road was constructed on one heading only from the Port to the Goose project site which more than doubled the construction timeline. Adjustments, including equipment selection, logistics support, and final route alignment will ultimately improve our ability to construct and operate of the WIR in future years.
Haulage of equipment and supplies commenced on April 18th and is expected to continue until the WIR is shut down on or about May 15, 2019. Materials transported to the Goose site included construction equipment, steel and supplies for bulk fuel tanks and supplies for earthworks activities.
Photos of the construction and haulage are available on our website at this link: http://www.sabinagoldsilver.com/assets/docs/Photo%20Gallery%20May%202019%20WIR%20Final.pdf
Sabina Gold & Silver Corp.
Sabina Gold & Silver Corp. is well-financed and is an emerging precious metals company with district scale, advanced, high grade gold assets in one of the world’s newest, politically stable mining jurisdictions: Nunavut, Canada.
Sabina 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 ~200,000 ounces a year for ~11 years with a rapid payback of 2.9 years (see “Technical Report for the Initial Project Feasibility Study on the Back River Gold Property, Nunavut, Canada” dated October 28, 2015).
The Project received its final Project Certificate on December 19, 2017. The Project received its Type A Water License on November 14, 2018 and is now in receipt of all major authorizations for construction and operations.
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.
For further information please contact:
| Nicole Hoeller, Vice-President, Communications: | 1 888 648-4218 |
| nhoeller@sabinagoldsilver.com | |
Forward Looking Information
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 construction and development activities sealift and overland transportation and permitting and licensing outcomes. 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 effects of general economic conditions, commodity prices, changing foreign exchange rates and 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 licenses 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, 2018 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.
Bruce McLeod, President & CEO
Suite 1800 – Two Bentall Centre
555 Burrard Street
Vancouver, BC V7X 1M7
Tel 604 998-4175 Fax 604 998-1051
http://www.sabinagoldsilver.com