Sabina Silver Corporation: Sabina Silver Commences Permitting Process On Its Substantial 100%-Owned Hackett River Silver-Zinc Project, Nunavut
Thunder Bay, Ontario CANADA/FSC/, Jan 28, 2008 (M2 PRESSWIRE via COMTEX News Network) --
Sabina Silver Corporation (SBB - TSX Venture, SBBFF - OTCBB_Pink_Sheets), announced today that it has filed a Type A water license application with the Nunavut Water Board ("NWB") for the Hackett River silver-zinc project in Nunavut, Canada. The application and its accompanying Preliminary Project Proposal ("PP") is the first formal step in the permitting process for Hackett River.
"The filing of the water license application and the PP at this early stage puts Hackett River in the Nunavut permitting line," said Albert Brantley, Sabina's President and CEO. "This enables us to concurrently progress the project through both feasibility work and the permitting process. We believe the Hackett River Project will generate direct benefits to the Inuit of the West Kitikmeot region and to Nunavut as a whole. We look forward to working with the various agencies and organizations through the process."
The NWB will review the Type A license application and then request that the Nunavut Impact Review Board ("NIRB") carry out a screening of the Project. As part of the screening process, NIRB will distribute the PP to government agencies, Inuit organizations, and other interested parties. After receiving comments from the various parties, NIRB will make a screening determination and recommendation as to the next stage of review for the project to the Minister of Indian and Northern Affairs Canada ("INAC"). The Minister of INAC will ultimately decide what review process the Project will undergo.
Hackett River
As announced in March 2007 a positive Preliminary Economic Assessment (PEA) completed by Wardrop Engineering Inc. in accordance with National Instrument 43-101 guidelines envisions Hackett River as being capable of achieving average annual production of 324.7 million pounds of zinc, 12.4 million ounces of silver, 20.7 million pounds of copper, 37.0 million pounds of lead and 17.2 thousand ounces of gold over a mine life of 13.6 years.
According to the PEA, a discounted cash flow analysis of the Hackett River Project achieves a pre-tax net present value of C$345 million at an 8% discount rate with a pre-tax internal rate of return of 20.6% and a payback period of approximately 3 years. For further information on the Preliminary Economic Assessment, please see the News release dated March 5, 2007 at www.sabinasilver.com.
The Hackett River Project is currently in pre-feasibility assessment with a revised resource estimate expected to be completed by the end of the first quarter of 2008. The pre-feasibility study is anticipated to be completed during the third quarter of 2008.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in the Canadian Arctic, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp.
Sabina Silver Corporation is well financed with approximately C$44 million in cash and approximately C$6.7 million in marketable securities.
For further information please contact:
Albert Brantley, President & CEO: 807-766-1799 Nicole Hoeller, Director, IR: 807-766-1799 nhoeller@sabinasilver.com
Forward Looking Statements
Statements relating to permitting and feasibility work at the Hackett River project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," 'projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the estimation of metal reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Report for the year ended December 31, 2006.
Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, should change.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation
Source: Sabina Silver Corporation (TSX-V: SBB) http://www.sabinasilver.com
CONTACT: Albert Brantley, President and CEO, Sabina Silver Corporation Tel: +1 807 766 1799 Fax: +1 807 343 0232 e-mail: info@sabinasilver.com WWW: http://www.sabinasilver.com Filing Services Canada Inc. Tel: +1 403 717 3898 Fax: +1 403 717 3896 WWW: http://www.usetdas.com
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
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