Sabina Gold & Silver Provides Update on Corporate Office and Back River Site Operations
VANCOUVER, British Columbia, March 17, 2020 (GLOBE NEWSWIRE) — Sabina Gold & Silver Corp (SBB.T/SGSVF.OTCQX) (“Sabina” or the “Company”) is providing an update in response to the ongoing concerns around COVID-19 related to planned activities at its corporate office and at its Goose site on its 100%-owned Back River Gold Project (“Back River” or the “Project”) in Nunavut, Canada.No positive COVID-19 cases have been reported from amongst the Company’s employee base. However, out of concern for the well being of our employees, contractors, their families, and their communities, the Company has elected to implement a work from home policy for its corporate office employees in Vancouver (for which the Company has the appropriate IT support) and defer the spring drilling program at Goose until later this year. We believe that this decision is aligned with and in the best interests of all our stakeholders and reflects Sabina’s commitment to operational safety and the safety of our employees.The Goose site at Back River is currently accessible by air only. We have determined that if an employee or contractor onsite presented with symptoms, it would be difficult in a camp environment to properly isolate individuals or provide the best health care possible given the current situation. Out of an abundance of caution, we have decided to defer our drilling program and de-mobilize the camp staff prior to the commencement of drilling.Additionally, given recent market disruptions largely driven by global impacts of the evolving COVID-19 crisis, the Company has elected to decelerate its project development activities until the environment becomes more stable and better information becomes available.“We believe that this is the responsible course of action for Sabina and aligns with our responsibility to our Northern stakeholders,” said Bruce McLeod, President & CEO. “We are simply following advice from federal, provincial and territorial health authorities to do our part to flatten the curve of this virus. In addition, in times like these, people need to be with their families. Sabina is extremely fortunate in that the Back River Project remains well funded and continues to be a stand out development project that demonstrates exceptional economics and opportunity for growth. This is a fluid situation, and we will provide updates as appropriate. Delaying project development activities will not create any issues with existing permits or agreements, as we have a great deal of flexibility on the timeline of future development of the Back River gold project.”The Company had cash and cash equivalents of $26.2 million at Dec 31/19.
For further information please contact: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 and various studies relating to engineering studies, infrastructure improvement activities, exploration results 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
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