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Enter Symbol
or Name
USA
CA



Sabina Gold & Silver Corp
Symbol SBB
Shares Issued 223,616,417
Close 2017-08-09 C$ 2.18
Market Cap C$ 487,483,789
Recent Sedar Documents

Sabina's June 30 cash, equivalents at $36.6-million

2017-08-10 14:28 ET - News Release

Mr. Bruce McLeod reports

SABINA GOLD & SILVER ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2017

Sabina Gold & Silver Corp. has released the financial results for the quarter ended June 30, 2017.

"Much was accomplished during the second quarter as we continued to advance the Back River project through basic engineering, optimization studies and our environmental assessment efforts. We are pleased that our final public hearings in Cambridge Bay in late May resulted in a positive recommendation for the project from the Nunavut Impact Review Board on July 18. This is a milestone derisking event for the company and the project. We are now awaiting a decision from the Minister of Indigenous and Northern Affairs Canada," said Bruce McLeod, president and chief executive officer. "In addition, the exploration success we had at the Goose project this spring has provided opportunities to extend the mine life of the project. In particular, grades at the Vault zone are more than double the average grade of the Back River resource and could offer opportunities to positively impact project economics. We have commenced our summer drilling campaign with a focus on the Vault zone and look forward to the results."

Q2 2017 highlights

  • The company had cash and cash equivalents and short-term investments of $36.6-million at June 30, 2017.
  • Subsequent to the quarter, on July 18, 2017, the Nunavut Impact Review Board recommended to the Minister of Indigenous and Northern Affairs Canada that development of the company's Back River gold project should proceed to the licensing phase.
  • During the quarter, the company completed its first phase exploration drilling program at the Goose property. Positive results from this program included the expansion of mineralization on both the Umwelt and Llama deposits. Drill hole 17GSE511B at the Umwelt Vault zone returned 16.86 g/t (grams per tonne) gold over 13.5 metres from 734 metres to 747.5 metres, including 27.11 g/t gold over 7.95 metres from 736.75 to 744.7 metres. Drill hole 17GSE513 at Llama returned 6.52 g/t gold over 8.3 metres.
  • Subsequent to the quarter, following the positive results from the first phase of the exploration program, the company announced an expanded summer drilling program with a focus on the Unwelt Vault zone.
  • On June 29, 2017, the company engaged Cutfield Freeman & Co. as its financial adviser for project financing of the construction of the Back River project.
  • Subsequent to the quarter, on July 28, 2017, the Company announced a non-brokered private placement flow-through financing of 2,105,265 flow-through common shares at a price of $2.85 per share for total gross proceeds of approximately $6-million. The financing is scheduled to close in two tranches, one on Aug. 15, 2017, and the second on or about Sept. 10, 2017, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange. The total gross proceeds from the financing must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by Dec. 31, 2018.
  • For the quarter ended June 30, 2017, the company reported net loss of $600,000 or zero per share.

Financial results

For the three months ended June 30, 2017, the company reported a net loss of $600,000 or zero per share, in comparison with a net income of $200,000 or zero per share in the corresponding period of 2016. The difference quarter over quarter was primarily the result of lower sales of Pure Gold Mining Inc. shares in 2017 compared with 2016.

For the six months ended June 30, 2017, the company reported a net loss of $2-million, unfavourable by $1.6-million compared with the same period of 2016. The increase in loss period over period was mainly due to a timing difference in the granting of stock options and a higher net gain realized on the sale of Pure Gold shares in the six-month period ended June 30, 2016.

For the full June 30, 2017, interim financial statements and management's discussion and analysis, please visit the company website or SEDAR.

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