Sabina Gold & Silver Corp. Reports on Back River Feasibility Study Progress
Oct 7 14
Sabina Gold & Silver Corp. provided a progress report on optimization work currently being undertaken as part of the Feasibility Study being prepared on the company's 100% owned Back River Gold Project, or Nunavut, Canada. The FS, launched in June of this year, is being completed by a team of highly qualified engineering and environmental firms: JDS Energy and Mining Inc., Hatch, SRK Consulting, Knight Piesold Ltd., and AMC Consultants Pty Ltd. All of these firms have extensive recent Arctic experience. After completion of the PFS announced in October 2013, a number of opportunities to enhance Project economics in the FS were identified and work has progressed in these areas: As announced in March of this year, a new Mineral Resource estimate was completed compiling approximately 82,000 meters drilled in 2013 that were not included in the PFS. The current estimate includes a Measured Mineral Resource of 10.4 million tonnes grading 5.2 g/t for 1,761,000 million contained ounces Au, an Indicated Mineral Resource of 17.9 million tonnes grading 6.1 g/t for 3,536,000 contained ounces Au and an Inferred Mineral Resource of 8.2 million tonnes grading 7.3 g/t for a contained 1,927,000 ounces Au. For the FS, a comprehensive review of all the mining areas is being undertaken. This review is focusing primarily on underground areas where conversion of inferred resources into the Measured and Indicated categories has demonstrated increased continuity leading to potentially more efficient development strategies and mining methods. The FS will consider whether this could offer a potential reduction in underground mining costs, increased mining recovery and decreased dilution; The life of mine gold recoveries in the PFS were estimated to average 88.0%. As previously announced, metallurgical testing since the PFS has resulted in increased recoveries to an estimated 93.9% over the LOM. This indicates approximately 5% more metal over the LOM relative to the PFS, and more significantly, a potentially bigger impact in the early years from the first two pits at Llama and Umwelt which had the lowest recoveries in the PFS; The PFS contemplated underground development occurring from the bottom of the open pits and a single tailings storage facility to accommodate tailings waste for the LOM. Current studies for the FS are evaluating the effects of ramp access to the underground external to the open pits. This change allows for other tailings disposal options to be considered in the FS, including the use of open pits for tailings disposal. This may have a positive impact on sustaining capital as well as on the permitting process; and In the PFS the Project envisioned a 5,000 tonne per day operation, producing a LOM average of approximately 287,000 ounces Au per year. Analysis is underway for the FS on a scenario which would increase the throughput of the process plant by up to 20% for the majority of the LOM. This could alleviate some of the planned open pit stockpiling and increase the overall production profile. Detailed engineering on these concepts is ongoing and Project economics are not yet available. Readers are cautioned that until the FS is completed, the implications of these concepts on the Project, including on Project economics, will not be fully understood. Results will be used to support the FS which is expected to be completed in the first half of 2015. It is anticipated that the Company will end 2014 with approximately $30 million in cash. Sabina remains well funded to take the Project through completion of the FS and the environmental assessment process. The company forecasts that its cash balance after completion of the FS and the FEIS would be approximately $23 million.
Sabina Gold & Silver Corp. Presents at Denver Gold Forum, Sep-16-2014 05:10 PM
Sep 9 14
Sabina Gold & Silver Corp. Presents at Denver Gold Forum, Sep-16-2014 05:10 PM. Venue: Hyatt Regency, 650 15th Street, Denver, CO 80202, United States. Speakers: Robert Bruce R. Pease, Chief Executive Officer, President and Director.
Sabina Gold & Silver Corp. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2014
Aug 7 14
Sabina Gold & Silver Corp. reported financial results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net loss of $0.8 million compared to net loss of $1.6 million in the same period in 2013. The difference between the periods was mainly the result of a favorable variance on deferred income tax; in first quarter of 2014, the company recorded a deferred income tax recovery of $0.9 million compared to deferred income tax expense of $1.0 million in second quarter of 2013. This favorable variance of $1.9 million was partially offset by a loss of $0.8 million on the disposition of its Newman-Madsen mineral property and lower net finance income.
For the six months, the company reported net loss of $2.4 million compared to a net loss of $5.3 million in the same period in 2013. The difference between the periods was as noted above and due to lower stock-based payments in 2014.