Sabina Gold & Silver Corp. reported earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss of $3.7 million compared to a loss of $4.2 million in 2012. The decrease of $0.5 million was the net result of lower income tax expense and lower share based payment expense partially offset by increased salaries, decreased amortization of flow-through premium and decreased interest income. The company reported Glencore Xstrata has disclosed a new mineral resource estimate for the Hackett River project. The company also reported approval from the Nunavut Impact Review Board to continue through the environmental assessment process on the port and road. The Company also announced its financial results for the interim period ended March 31, 2013. Hackett River Project: Hackett River, located 45 km west of the company's Back River gold project in Nunavut, is a silver rich volcanogenic massive sulphide project and is one of the undeveloped projects of its type. In 2011, the company sold the project to Xstrata Zinc Canada Ltd. which is now part of the newly formed Glencore Xstrata Plc. Since its acquisition of the project and its initial resource estimate on Hackett in 2011, Xstrata has been moving the project forward including drilling over 50,000 meters in 2012. On May 3, 2013 in its annual report of mineral resources and ore reserves as at December 31, 2012, Xstrata provided a summary of the mineral resources and mineral reserves on its projects, including a new mineral resource estimate for Hackett River. Xstrata now reports measured and indicated resources of 25 million tonnes grading 4.2% Zn and 130 g/t Ag and an additional inferred resource of 57 million tonnes grading 3% Zn and 100 g/t Ag. The project also contains appreciable copper, lead and gold. The company does not expect Xstrata will prepare a technical report in respect of the new Hackett River mineral resource estimate. Consequently, the company has not had an opportunity to fully review or assess the assumptions, parameters or methods used by Xstrata to make such estimate, although it has no reason to believe that such estimate is not reliable.

Sabina Gold & Silver Corp. announced initial drilling results from its 2013 exploration program on its 100% owned Back River project in Nunavut and announced the adoption of an advance notice policy. A total of 30 out of 33 holes are now complete with the intention of converting a significant portion of the mineralization to the measured category. Highlights supporting this process includes holes 13GSE263 returning 19.65g/t over 5.13m, 13GSE269 returning 1572g/t over 0.90m and 8.29g/t over 24.40m, and hole 13GSE271 returning 9.66g/t over 25.00m. Two priority exploration targets at the Goose project area include; Boomerang, a shallower target located southwest of the Goose Main deposit where indications of favorable structure and alteration indicate potential for mineralization, and the Wing zone, located close to the Llama deposit, where drilling from 2012 intersected encouraging gold values from a number of drill holes including drill hole 12GSE226 which returned 12.68 g/t over 15.45 m. Drilling on the Wing zone is underway and Boomerang target drilling will commence once infill drilling is complete. Drilling at George is currently focused on better defining mineralized extensions at the Local 2 deposit and is testing high potential extension gold targets close to the existing resources. Initial success in extensional drilling is now confirmed with the return of positive gold results at both the Locale 2 Gap and the Locale 2 Hinge targets. Highlights from this portion of the program include the first hole at the Locale 2 Hinge target, 13GRL095, returning 7.43g/t over 9.00m and an additional 9.35g/t over 7.75m further down hole. Success at the Locale 2 Gap target includes holes 13GRL097 returning 5.53g/t over 5.10m and 13GRL098 returning 9.00g/t over 3.80m. Drilling continues with three diamond drill rigs at the George property on priority targets with further preparations being made for a near term transition to brown fields exploration target follow up from significant successes in 2012.

Sabina Gold & Silver Corp. announced initial drilling results from its 2013 exploration program on its 100% owned Back River project in Nunavut and announces the adoption of an Advance Notice Policy. After an early seasonal start up in mid-February drilling at Back River is proceeding as planned with five drill rigs running at the Goose project area and three at George. In the Goose project area, drilling at Llama is currently focussed on converting resources to the measured and indicated category in the proposed pit. Drilling at Llama is progressing well and continues to demonstrate confidence in supporting strong zones of shallow high grade gold mineralization amenable to open pit extraction. A total of 30 out of 33 holes are now complete with the intention of converting a significant portion of the mineralization to the measured category. Highlights supporting this process includes holes 13GSE263 returning 19.65g/t over 5.13m, 13GSE269 returning 1572g/t over 0.90m and 8.29g/t over 24.40m, and hole 13GSE271 returning 9.66g/t over 25.00m. Two priority exploration targets at the Goose project area include; Boomerang, a shallower target located southwest of the Goose Main deposit where indications of favorable structure and alteration indicate potential for mineralization, and the Wing zone, located close to the Llama deposit, where drilling from 2012 intersected encouraging gold values from a number of drill holes including drill hole 12GSE226 which returned 12.68 g/t over 15.45 m. Drilling on the Wing zone is underway and Boomerang target drilling will commence once infill drilling is complete. At the George project area, seven drill holes have been completed. Drilling is planned to focus on exploration of new mineral zones, extensions to existing mineralized zones and completion of a geo-mechanical drill program at the Locale 1, 2 and LCP deposit areas. Drilling at George is currently focused on better defining mineralized extensions at the Local 2 deposit and is testing high potential extension gold targets close to the existing resources. Initial success in extensional drilling is now confirmed with the return of positive gold results at both the Locale 2 Gap and the Locale 2 Hinge targets. Highlights from this portion of the program include the first hole at the Locale 2 Hinge target, 13GRL095, returning 7.43g/t over 9.00m and an additional 9.35g/t over 7.75m further down hole. Success at the Locale 2 Gap target includes holes 13GRL097 returning 5.53g/t over 5.10m and 13GRL098 returning 9.00g/t over 3.80m. Drilling continues with three diamond drill rigs at the George property on priority targets with further preparations being made for a near term transition to brownfields exploration target follow up from significant successes in 2012. Exploration drilling later in the year is planned at the Fold Forest target area where previous drilling results, for example 2.29 g/t over 13.0 m in hole 12GRL047 and 5.92 g/t over 5.0 m in hole 12GRL046, indicate the potential in the target area for expanding open pit mineralization over a broader area.