Sabina Gold & Silver Announces Q3, 2016 Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/10/16 -- Sabina Gold & Silver Corp. ("Sabina") or (the "Company") (TSX: SBB) reported today the financial results for the third quarter of 2016. All figures in C$ unless otherwise specified.
"Since receiving the recommendation from the Nunavut Impact Review Board ("NIRB") in mid-June we have been working diligently to prepare for the next step of the environmental assessment process," said Bruce McLeod, Sabina's President and CEO. "We have continued to work with the communities, the Kitikmeot Inuit Association, the Governments of Nunavut and Northwest Territories as well as the various regulatory agencies to finalize and strengthen commitments that we believe will address issues outlined in the NIRB recommendation report. We are well positioned to proceed on any of the three possible decisions from the Minister of Indigenous and Northern Affairs Canada, which we expect before the end of the year."
Q3 Highlights
Financial Results
For the three-month period ended September 30, 2016, the Company reported a net loss of $3.7 million, unfavourable by $2.8 million compared to the same period of 2015. The difference quarter over quarter was largely the result of a $5.2 million write-down of the Wishbone properties partially offset by a $1.4 million deferred income tax recovery. In Q3, 2016, the Company completed an assessment of long-term strategic exploration opportunities on its Wishbone property which resulted in a write-down for certain non-core mineral claims which the Company determined had lower exploration potential. In Q3, 2016, the Company realized a gain of $0.5 million on the sale of a portion of its equity investment in in Pure Gold Mining Inc. In Q3, 2015, the Company recorded an impairment loss of $0.2 million on its equity investment in Pure Gold.
For the nine-month period ended September 30, 2016, the Company recorded a net loss of $4.1 million, favourable by $0.8 million compared to the same period of 2015.
For the nine-month period in 2016, operating expenses, excluding write downs, were $2.3 million compared to $3.6 million in the same period in 2015.
The Company expects to end the year with approximately $38 million in cash.
For the full September 30, 2016 interim financial statements and Management's Discussion and Analysis, please see the Company website at or retrieve them from .
SABINA GOLD & SILVER CORP.
Sabina Gold & Silver Corp. is an emerging precious metals company with district scale, world class undeveloped assets in one of the world's newest, politically stable mining jurisdictions: Nunavut, Canada.
Sabina recently 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 approx. 200,000 ounces a year for approx. 11 years with a rapid payback of 2.9 years. At a US$1,150 gold price and a 0.80 exchange rate, the Study delivers a potential after tax internal rate of return of approximately 24.2% with an initial CAPEX of $415 million.
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.
All news releases and further information can be found on the Company's website at or on SEDAR at . All technical reports have been filed on .
Contacts:
Sabina Gold & Silver Corp.
Nicole Hoeller
Vice-President, Communications
1 888 648-4218
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Datum: 10.11.2016 - 19:31 Uhr
Sprache: Deutsch
News-ID 506327
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VANCOUVER, BRITISH COLUMBIA
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Mining & Metals
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