Sabina Gold & Silver Corrects Previous Disclosure, Canadian Business Journal

VANCOUVER, BRITISH COLUMBIA, November 7, 2022 (GLOBE NEWSWIRE) — Sabina Gold & Silver Corporation (“Sabina”) or (the “Company”) (SBB – TSX/ SGSVF – OTCQX) has released a correction to the Project Activity Update. report. A news release was sent out this morning.

In a news release, Sabina defined “MT” as million tons. This is an error and should have been reported as: metric ton.

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 highly committed to Inuit stakeholders, with a focus on Inuit employment and opportunities. The company, Kitty Kumot He signed a 20-year renewable land use agreement with the Inuit Society and is working on various sustainability initiatives under the agreement.

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

All news releases and further information are available on the company’s website at: www.sabinagoldsilver.com or in SEDAR www.sedar.comAll technical reports are 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 construction financing package and the 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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