Welcome!

Microsoft Cloud Authors: Pat Romanski, Liz McMillan, Lori MacVittie, Elizabeth White, Yeshim Deniz

News Feed Item

CORRECTION FROM SOURCE: Sabina Gold & Silver Announces Q3 2012 Financial Results

Cash and Short-Term Investments of $129.1 Million at September 30, 2012

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/09/12 -- A correction from source has been issued for the news release disseminated on November 9, 2012 at 5:00pm ET for Sabina Gold & Silver Corp. (TSX:SBB). There was a typo in the sixth bullet point, the figure should read $129.1 million rather than $29.1 million. The complete and corrected release follows:

Sabina Gold & Silver Corp. (the "Company") (TSX:SBB) reported today the financial results for the interim period ended September 30, 2012.

Highlights of the quarter include:

--  The Company submitted a Preliminary Project Description on the Back
    River Gold Project to the Nunavut Water Board, triggering the
    environmental assessment and permitting process on the project. 

--  In August, the Company initiated a Prefeasibility Study ("PFS") on Back
    River. Tetra Tech WEI Inc has been engaged as the lead on the project.
    Other consultants contributing to the PFS are AMC Consultants Ltd.
    (geological modeling and mining), Knight Piesold Consultants Ltd.,
    (tailings design, geotechnical and hydrogeology) and Rescan (hydrology
    and baseline environmental). 

--  On September 17th, the Company announced the discovery of the shallow
    Wing Zone between the proposed Llama and Umwelt pits. Further work needs
    to be done on this prospective discovery. 

--  The Company announced significant results from its ongoing 2012
    exploration programs at Back River in the quarter. Significant assays
    continued to be returned from Llama and Umwelt and new zones of gold
    mineralization were reported from drilling at the Boulder Property
    (located in the corridor between George and Goose) and Fold Forest zones
    (on the George property). More work is planned on both of these targets.

--  One of the best holes of the year was drilled at the Umwelt G2 Zone.
    Hole 12GSE217 returned 51.93 g/t Au over 16m from the G2 Zone; hole
    12GSE191. 

--  The Company ended the quarter with cash and short-term investments of
    $129.1 million. 

"In the quarter, we continued to have drilling success, including discovery of the Wing Zone near Llama as well has significant good grade, good width incepts from the G2 zone at Umwelt," said Rob Pease, President & CEO. "At the same time we completed baseline and other site work to support the upcoming PFS. Camps closed for the season on October 19, and the team is busy reviewing work and proposing plans and budgets for next year. We look forward to reporting on this to the market in due course."

Financial Results

For the three months ended September 30, 2012, the Company reported a net loss of $4.6 million compared to a loss of $2.6 million in 2011. The loss in Q3 2012 is higher primarily as a result of lower flow-through premium income and higher operating expenses.

The Company had cash and cash equivalents and short-term investments of $129.1 million at September 30, 2012 compared to cash and cash equivalents of $159.9 million at December 31, 2011. It is anticipated that the Company will end the year with approximately $118 million in cash at December 31, 2012.

For the full Q3, 2012 interim financial statements and Management's Discussion and Analysis, please see the Company website at www.sabinagoldsilver.com or visit www.sedar.com.

SABINA GOLD & SILVER CORP.

Sabina Gold & Silver Corp. is an emerging precious metals 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 Xstrata Zinc's Hackett River project comprised of 22.5% of the first 190 million ounces produced and 12.5% of all the silver produced thereafter.

Forward Looking Statements

Statements relating to future operations at the Hackett River Project, the Back River Project and the Wishbone Greenstone belt 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, 2011.

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.

Rob Pease, President & CEO

Contacts:
Sabina Gold & Silver Corp.
Nicole Hoeller
Vice-President, IR
1 888 648-4218
[email protected]

Sabina Gold & Silver Corp.
930 West 1st Street, Suite 202
North Vancouver, BC V7P 3N4
(604) 998-4175 or Toll Free: (888) 648-4218
(604) 998-1051 (FAX)
www.sabinagoldsilver.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
If a machine can invent, does this mean the end of the patent system as we know it? The patent system, both in the US and Europe, allows companies to protect their inventions and helps foster innovation. However, Artificial Intelligence (AI) could be set to disrupt the patent system as we know it. This talk will examine how AI may change the patent landscape in the years to come. Furthermore, ways in which companies can best protect their AI related inventions will be examined from both a US and...
The challenges of aggregating data from consumer-oriented devices, such as wearable technologies and smart thermostats, are fairly well-understood. However, there are a new set of challenges for IoT devices that generate megabytes or gigabytes of data per second. Certainly, the infrastructure will have to change, as those volumes of data will likely overwhelm the available bandwidth for aggregating the data into a central repository. Ochandarena discusses a whole new way to think about your next...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Bill Schmarzo, Tech Chair of "Big Data | Analytics" of upcoming CloudEXPO | DXWorldEXPO New York (November 12-13, 2018, New York City) today announced the outline and schedule of the track. "The track has been designed in experience/degree order," said Schmarzo. "So, that folks who attend the entire track can leave the conference with some of the skills necessary to get their work done when they get back to their offices. It actually ties back to some work that I'm doing at the University of ...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.