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Sabina Gold & Silver Report on Project Activities, Canadian Business Journal

VANCOUVER, BRITISH COLUMBIA, November 7, 2022 (GLOBE NEWSWIRE) — Sabina Gold & Silver Corporation (“Sabina”) or (the “Company”) (SBB – TSX/ SGSVF – OTCQX) is pleased to announce an update on the progress of Goose provide. Mining development in our 100% owned Back River Gold District in Nunavut, Canada. Goose Mine is the company’s first mine in the 80 km long Back River Gold District, a multi-generational mining district with a proven endowment of high-grade, world-class gold.

Bruce MacLeod, President and CEO, said: “Now that the Sealift is complete, we are gearing up for 2023, including the construction of the Winter Ice Road to transport equipment and supplies to Goose Site early next spring. and the foundation is ready for concrete and steel construction next summer.Pre-stripping continues at Echo Pit, where the first ore was encountered.The first mine in the Back River Gold District We are excited to proceed with the full construction of

Procurement and Sea Freight

A key component of our de-risking strategy for projects has been a focus on early procurement to alleviate cost pressures and supply chain backlogs. By July 2022, we have committed approximately 75% of the total project funding. Its focus is on priority construction items to be delivered at Sealift this year. These items include equipment and supplies for on-site concrete work and the construction of plant and ancillary building shells and building skins. The 2022 Sealift program included vessels from both east and west delivery hubs at Becancourt and Hay River respectively.

For the 2022 Sealift, Sabina shipped and received approximately 12,500 million tons (“MT”) of dry matter via two cargo vessels and eight offshore barges.

  • Balance of Phase 1 permanent accommodation/kitchen dining/administrative facilities (280 people).
  • construction offices and equipment;
  • Bulk construction materials (cement, rebar, and all building skin structural steel);
  • Select construction materials for the field (piping, electrical cables and trays, tanks, chutes, conveyors, etc.).
  • Construction of OH crane, emulsion plant and main generator.
  • Auxiliary buildings, additional fuel storage capacity, mining fleet spares.When
  • Additional WIR equipment and mining equipment.

In addition, Sabina successfully completed the delivery and offloading of 9.2 million liters of bulk diesel fuel into the port facility’s storage tanks.

As previously reported, Sabina has also procured a permanent 500-bed accommodation facility, and the first phase of 280 beds, which exceeds the 2023 camp personnel requirements, has already been delivered to the port facility. His remaining 220 beds needed to operate were due to be delivered this month. However, the rest of the camp was not provided due to delays in the start of sea transport from the west, in part due to flooding on the Hay River this spring. Should an overflow be required in 2023, Sabina will be able to utilize the existing 100-bed exploration camp at Goose.

Of the 3,400 tonnes of cargo marshalled for delivery from the West, approximately 2,301 tonnes were considered schedule critical. Sabina received approximately 2,283 tonnes of critical cargo at the port facility in 2022, also due to the delayed start of Sealift. The remaining 18 tonnes of priority cargo required consists of structural steel and welding consumables for the port facilities and an additional 15 million liter fuel tanks to be built at Goose. These remaining items can be delivered to your site by airmail.

Committed purchase orders have been issued for all long lead time packages (10+ weeks delivery time), project is now ~90% procured and 95% committed for all packages by the end of November 2022 The goal is to .

Winter Ice Road (“WIR”)

Sabina has signed a contract with Nuna Logistics for the construction and maintenance of the Ice Road for the winter of 2022/2023. Nuna is Canada’s largest Inuit-owned heavy earthworks, earthworks and winter ice contractor. Since 1993, Nuna has built most of the ice access roads for exploration and mining sites in Nunavut and the Northwest Territories. Our in-depth knowledge of Northern operations enables us to mobilize, build and maintain the reliable infrastructure required for continuous, cost-effective operations in isolated areas of Northern Canada.

Preparations for Sabina’s WIR are underway, with dual construction of the road (from the Port Facility and the Goose Site) beginning in December 2022. Transportation operations will begin in his February 2023 with an expected 1500 shipments to be moved from his MLA to Goose. .

underground development

Underground development continues to progress, with approximately 1,200 meters completed and the first lateral access to the Umwelt zone to begin. Preparations have begun for the development of the first ventilation raises, as well as underground exploration drilling in the Umwelt zone.

Ready for construction in 2023

Construction activities planned for 2023 are primarily focused on the building envelope/frame and surrounding concrete. However, with procurement nearly complete, Sabina plans to evaluate detailed construction schedules and identify potential improvements to delivery timing for certain scopes of work.

2023 will be a busy year. Sabina is already planning construction activities such as:

  • Continued pre-development stripping of echo pits by waste/ore stockpiles.
  • expansion of the road network;
  • construction of emulsion plants;
  • Construction of Phase 1 main pond water management facilities.
  • Composite of permanent accommodation facilities.
  • Completion of construction office facilities.
  • batch plant assembly;
  • construction of concrete works;
  • construction of the building envelope;
  • Construction of the walls of the MSE;
  • placement of conveyor galleries; and
  • Arrangement of the Arctic Corridor.

Sabina Gold & Silver Corp

Sabina Gold & Silver Corp. is a start-up gold mining company owning 100% of the advanced, high-grade Back River Gold District in Nunavut, Canada.

Sabina has submitted an updated feasibility study (“UFS”) for Goose Mine, the district’s first mine. In year 3 she has a production capacity of 312,000 oz) for about 15 years with a quick payback in 2.3 years. The after-tax IRR is around 28% and the NPV5% is C$1.1 billion at the gold price of US$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.

We arranged a comprehensive project financing package consisting of:

  • US$425 million senior secured debt facility, gold advance and stream package with Orion Mine Finance and Wheaton Precious Metals Corp.;When
  • US$221 million in capital, including Zhaojin’s participation.

The company is also very committed to Inuit employment and to Inuit stakeholders.
Focus on opportunities. We signed a 20-year renewable land use contract.
We have worked on various sustainability initiatives under the Kitikmeot Inuit Association.
agreement.

The company continues to explore and optimize the project, including advancing the planned plant expansion to 4,000 tpd from year two to first start-up.

All news releases and further information can be found on the company’s website at www.sabinagoldsilver.com or SEDAR at www.sedar.com. All technical reports are filed at www.sedar.com.

For more information, please contact:

Nicole Hoeller Vice President, Communications: 1 888 648-4218
[email protected]

Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws (“Forward-Looking Statements”), including, but not limited to, statements relating to the anticipated use of the proceeds of the offering and projections and assumptions of UFS’ results. 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. There can be no assurance that future conditions, results or results anticipated or implied by the forward-looking statements will occur, or any assurances regarding plans, intentions or expectations based on the forward-looking statements. Forward-looking statements are based on what happens. Although these forward-looking statements are based on our expectations of future events at the time such statements are made, we do not guarantee that such future events will occur. It is not intended to be an estimate and is subject to risks, uncertainties, assumptions and other factors. It is possible that events or results may differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, uncertainties in production, development plans and cost estimates for the Buck River Gold Project. discrepancies between actual and estimated mineral reserves and mineral resources; discrepancies between actual and estimated development and operating costs; interpretation of drilling, metallurgical testing, and other exploration results; the company’s ability to retain key management and skilled and experienced personnel; Exploration, development and mining risks and the inherently hazardous nature of mining and the risks of inadequate or unobtainable insurance to cover these and other risks and uncertainties. Property and mineral title risks, including mineral claims or incomplete title to property. changes in general economic conditions, commodity prices, foreign exchange rates and the impact of governmental and regulatory actions; mistakes made in making forward-looking statements; In addition, there are known and unknown risk factors that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by forward-looking statements. Known risk factors include risks associated with exploration and project development. additional financing needs; calculation of mineral resources and reserves; operational risks associated with mining and mineral processing; fluctuations in metal prices; title issues; government regulations; obtaining and renewing necessary licenses and permits; environmental liability and insurance; reliance on key personnel; Potential conflicts of interest among certain officers or directors. currency fluctuations; labor disputes; competition; dilution; price and volume volatility of our common stock; future sale of shares by existing shareholders; Other Risks and Uncertainties. This includes the annual information forms, financial statements and financial statements for the period ended December 31, 2021 filed with the Canadian Securities Company and related to the Back River Project and the mineral exploration and development industry as set forth in the MD&A. Includes general risks. Available in Admin and www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those set forth in the forward-looking statements, we do not anticipate, estimate or Or there may be other factors that cause it to differ from what was intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results or future events could differ materially from those anticipated by such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.

Bruce McLeod, President and CEO
1800-555 Burrard Street, Two Bentall Center
Vancouver, BC V7X 1M9
Phone 604 998-4175 Fax 604 998-1051
http://www.sabinagoldsilver.com


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Sabina Gold & Silver Report on Project Activities, Canadian Business Journal

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