Mr. Bruce McLeod reports

SABINA GOLD & SILVER ANNOUNCES INTERIM FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2018

Sabina Gold & Silver Corp. has released the interim financial results for the quarter ended Sept. 30, 2018.

"During the third quarter, the company continued advancing the Back River project," said Bruce McLeod, the company's president and chief executive officer. "A significant milestone during the quarter was the receipt of a positive Type A water licence recommendation, a key licence in authorizing construction and operations activities. We anticipate the receipt of this licence shortly. Also during the quarter, the construction of our port in Bathurst Inlet was completed and two major sealifts were received. This is not only a major derisking component of the project, but also was completed in line with feasibility study estimates and ahead of schedule. We also were successful on the exploration front with the new discovery at Nuvuyak. The Nuvuyak zone continues to demonstrate the significant gold endowment of the Back River district and the ability to extend mine life with new discoveries. We look forward to more exploration results and other news through the remainder of the year."

Q2 2018 highlights:

• During the quarter, the company continued to advance predevelopment activities for the Back River project, including the selection of the single major vendor that will supply the gold plant equipment, completion of the construction of the marine laydown area (the port), and shipment of equipment and supplies by sealift to the port.
• A new discovery at the Nuvuyak zone at the Goose project was made where discovery hole 18GSE 545 intersected 11.58 grams per tonne gold over 39.50 metres with abundant visible gold. This zone sits approximately one kilometre to the west of the Goose main deposit.
• On Sept. 24, 2018, the company announced that the Nunavut Water Board (NWB) had provided a positive recommendation to the Minister of Intergovernmental Affairs, Northern Affairs and International Trade that the Type A Water licence for the Back River project should be issued to the company with proposed terms and conditions. The Type A water licence represents a key step in the environmental permitting process, enabling activities at the site, including both mine construction and operations.
• On Sept. 28 and Oct. 1, 2018, the company completed a non-brokered private placement for 1,048,702 flow-through common shares at a price of $1.56 per share for gross proceeds of approximately $1.6-million. The proceeds must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by Dec. 31, 2019.
• For the three and nine months ended Sept. 30, 2018, the company reported net losses of $1.5-million, or one cent per share, and $1.5-million, or two cents per share, respectively.

Financial results

For the nine months ended Sept. 30, 2018, the company reported a net loss of $4.7-million compared with $2.5-million in the comparative period in 2017. The difference was largely the result of higher operating expenses (share-based payments, professional fees, and listing and transfer fees), a smaller gain on marketable securities and higher income tax expense, all partially offset by an increase in net finance income. For the full Sept. 30, 2018, interim financial statements and management discussion and analysis, please see the company's website or SEDAR.

About Sabina Gold & Silver Corp.

Sabina Gold & Silver is well financed with approximately $39.4-million (Sept. 30, 2018) and is an emerging precious metal company with district-scale, advanced, high-grade gold assets in one of the world's newest, politically stable mining jurisdictions: Nunavut, Canada.

In addition to Back River, Sabina also owns a significant silver royalty on Glencore's Hackett River project. The silver royalty on Hackett River's silver production comprises 22.5 per cent of the first 190 million ounces produced and 12.5 per cent of all silver produced thereafter.

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