VANCOUVER, British Columbia, March 15, 2018 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp (TSX:SBB), (“Sabina” or the “Company”) is pleased to announce that Mr. Lello Galassi has been appointed Vice-President, Project Development and Construction for Sabina’s 100% owned Back River Project in Nunavut, Canada.
“We are pleased to welcome Lello Galassi to the team,” said Bruce McLeod, President and CEO “Construction and logistics in remote locations around the world is Lello’s specialty and exactly what we need to ensure smooth development and construction of the Back River Project. We all welcome Lello to the Company and look forward to the next three years as we move towards becoming a gold producer. ”
Peter “Lello” Galassi
Mr. Galassi is a retired US Air Force Officer and Engineer with extensive experience in systems development, acquisition and project management and construction in leading greenfield mining projects in remote areas of the world. His breadth of knowledge and capacity ranges from multi-million to multi-billion-dollar projects.
Between 2004-2008, Lello was the project manager of the Tenke Fungurume Project, a Phelps Dodge greenfield copper and cobalt mine development in the Democratic Republic of Congo. This US$2 billion project was developed from concept studies to first copper cathode production in January 2009.
In 2009, Mr. Galassi worked for Rio Tinto Iron Ore Expansion Projects, a group of Rio Tinto focused on developing new greenfield mines and plants in NW Australia. He led the project studies teams and engineering contractors in developing a new mine, new bulk material port loading facility and new heavy haul rail systems for the Turee Syncline Project and for expansions at the Dampier Port facilities.
In late 2010, Lello was asked by Rio Tinto to lead the very-large African Guinea Simandou Iron Ore Project as a Project Director – General Manager. This US$18 billion greenfield project scope included a new mine, new processing plant, over 750 km of new heavy haul rail and machinery, a new deep water port facility, and all supporting systems including camps, warehouses, power generation, airfields and construction support port facilities.
In 2013, Mr. Galassi took a position as COO and Project Director of the Aurora Gold Mine Project for Guyana Goldfields. This greenfield project had a capital value of approximately US$300 million and was a joint effort of Guyana Goldfields, financial institutions, and the International Finance Corporation. The project commenced in Q2 2013 with successful completion and first-gold pour in Sep 2015.
Following the Aurora Project, from 2015-2018, he assumed a position as project director for the Phoenix Projects, a combination of brownfield and greenfield mining projects in Barcelona, Spain. The projects included a new 5 km long underground access ramp to the mine, new processing plants for potash and salt derivatives, new rail systems and a new greenfield bulk material handling/ storage port facility in the Barcelona Port. These projects had a combined value of US$500 million.
Sabina Gold & Silver Corp.
Sabina Gold & Silver Corp. is well-financed with approximately C$94.5million in cash and equivalents, and is 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
Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws (the “forward-looking statements”), including our belief as to the extent, results and timing of and various studies relating to engineering studies, infrastructure improvement activities, exploration results and permitting and licensing outcomes. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, commodity prices, changing foreign exchange rates and actions by government and regulatory authorities and misjudgments in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with exploration and project development; the need for additional financing; the calculation of mineral resources and reserves; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; government regulation; obtaining and renewing necessary licenses and permits; environmental liability and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers or directors; the absence of dividends; currency fluctuations; labour disputes; competition; dilution; the volatility of the our common share price and volume; future sales of shares by existing shareholders; and other risks and uncertainties, including those relating to the Back River Project and general risks associated with the mineral exploration and development industry described in our Annual Information Form, financial statements and MD&A for the fiscal period ended December 31, 2017 filed with the Canadian Securities Administrators and available at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. This news release has been authorized by the undersigned on behalf of Sabina Gold & Silver Corp.
Bruce McLeod, President & CEO
Suite 1800 – Two Bentall Centre
555 Burrard Street
Vancouver, BC V7X 1M9
Tel 604 998-4175 Fax 604 998-1051
Source: Sabina Gold & Silver Corp.