VANCOUVER, British Columbia, Feb. 09, 2018 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp (TSX:SBB.T), (“Sabina” or the “Company”) is pleased to announce the appointment of Mr. Leo Zhao to the Company’s Board of Directors. Mr. Zhao joins the Board as Zhaojin International Mining Co.’s nominee in relation to their investment in the Company.
“We are pleased to welcome Mr. Zhao to the Board of Directors,” said Bruce McLeod, President & CEO. “Mr. Zhao brings significant experience to the Board as we advance Back River towards production. We are very pleased with our new shareholder, Zhaojin and with Mr. Zhao and look forward to his contributions both technical and as a Director as we begin an exciting year for the Company.”
Mr. Zhao has more than 17 years of experience in global mining investment and EPC project management in China, Canada, Australia, Kazakhstan, Vietnam, Indonesia and the Middle East. He is currently the Managing Director of Zhaojin International Mining Co., Ltd, wholly owned by Zhaojin Mining Industry Co., the fourth largest gold mining company listed on Hong Kong Stock Exchange. He is also the executive director for Zhaojin-Gravitas Mining Funds which was established in Canada. Prior to joining Zhaojin, he served as a Project Manager for the China National Nonferrous Industry Foreign Engineering & Construction Company (NFC) working in various countries and was nominated as alternate director in Terramin Australia Ltd from 2010 to 2014. Mr. Zhao received his Bachelor Degree in International Project Management from Tianjin University in 2000 and MBA diploma in Tsinghua University, China, in 2007. He holds a PMP certificate issued by PMI.
Sabina Gold & Silver Corp.
Sabina Gold & Silver Corp. is well-financed with approximately C$94million in cash and equivalents, post financing and an emerging precious metals company with district scale, advanced, high grade gold assets in one of the world’s newest, politically stable mining jurisdictions: Nunavut, Canada.
Sabina released a Feasibility Study on its 100% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~200,000 ounces a year for ~11 years with a rapid payback of 2.9 years (see “Technical Report for the Initial Project Feasibility Study on the Back River Gold Property, Nunavut, Canada” dated October 28, 2015) (the “Study”). At a US$1,150 gold price and a 0.80 (US$:C$) exchange rate, the Study delivers a potential after tax internal rate of return of approximately 24.2% with an initial CAPEX of $415 million.
The Project received its final Project Certificate on December 19, 2017. The Project is now in the final regulatory and licensing phase.
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 is comprised of 22.5% of the first 190 million ounces produced and 12.5% of all silver produced thereafter.
For further information please contact:
Nicole Hoeller, Vice-President, Communications: 1 888 648-4218
This news release has been authorized by the undersigned on behalf of Sabina Gold & Silver Corp.
Bruce McLeod, President & CEO
1800-555 Burrard Street, Two Bentall Centre
Vancouver, BC V7X 1M7
Tel 604 998-4175
Fax 604 998-1051
Source: Sabina Gold & Silver Corp.