VANCOUVER, British Columbia, Sept. 28, 2022 (GLOBE NEWSWIRE) — Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB – TSX/SGSVF – OTCQX) is pleased to announce that it has raised $31.25 million from its $125 million Gold Stream investment Wheaton Precious Metals. Proceeds from the stream will be used to further develop and build the Company’s Goose Mine in its 100% owned Back River Gold District in Nunavut, Canada.
SABINA GOLD & SILVER CORP
Sabina Gold & Silver Corp. is an emerging gold mining company that owns 100% of the district-wide, advanced, high-grade Back River Gold District in Nunavut, Canada.
Sabina has submitted an updated feasibility study (the “UFS”) for its first mine in the District, the Goose Mine, presenting a project that will produce ~223,000 ounces of gold per year (averaging 287,000 ounces per year over the first five years with peak value). Production of 312,000 ounces in Year 3) for approximately 15 years with a fast payback of 2.3 years, with an after tax IRR of approximately 28% and a NPV of 5% at $1.1 billion at a gold price of $1,600. See National Instrument (NI) 43-101 Technical Report – 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada, March 3, 2021.
The project has received all major permits and permits for construction and operation.
The Company has put together a comprehensive project financing package that includes:
- A $425 million senior secured credit facility, gold prepayment and stream package with Orion Mine Finance and Wheaton Precious Metals Corp.; and
- $221 million in equity, including Zhaojin’s stake.
The company is also deeply committed to its Inuit stakeholders, with a focus on Inuit employment and opportunity. The company has signed a 20-year renewable land agreement with the Kitikmeot Inuit Association and has committed to various sustainability initiatives as part of the agreement.
The Company continues to advance exploration and project optimization, including advancing the…
