EDITOR: | May 24th, 2013

Sabina Gold & Silver Announces More Significant Assays From Llama Deposit at Back River Project

| May 24, 2013 | No Comments
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May 23, 2013 — Vancouver, British Columbia (Source: Marketwired) — Sabina Gold & Silver Corp (TSX:SBB) (“Sabina” or the “Company”) is pleased to announce more positive results from the 2013 work campaign on its 100% owned Back River project in Nunavut.

“Drilling at Llama continues to return stellar results,” said Rob Pease, President & CEO. “The in pit conversion drilling demonstrates more confidence in the deposit with each set of results. Work is aggressively advancing at Back River project with nine drill rigs working at George and Goose. Work on camp and infrastructure upgrades has also been successful to date in 2013. At Goose, a new all weather airstrip has been completed, providing greater access for larger aircraft improving logistics and cost efficiency for the project.”

The 2013 Back River program is focussed on work to complete the on-going pre-feasibility study (PFS) and to support a potential subsequent feasibility study (FS); the PFS is expected to be completed in the third quarter. Environmental and baseline work also continues with the objective of filing of a draft environmental impact statement (“EIS”) by year end.

Back River – Llama

In the Goose project area, drilling at Llama is currently focussed on converting resources to the measured and indicated category in the proposed pit. Drilling is progressing well and continues to demonstrate confidence in supporting strong zones of shallow high grade gold mineralization amenable to open pit extraction.

All planned 33 holes at Llama are now complete with assays for 4 holes still pending.

The objective at Llama has been to convert a significant portion of the mineralization to the measured category. Highlights supporting this process include holes 13GSE300 returning 15.20 g/t Au over 20.90m, 13GSE292 returning 19.86 g/t Au over 16.65m, 13GSE285B returning 11.56 g/t Au over 32.40m including 49.12 g/t Au over 5.55m, 13GSE305 returning 11.85 g/t Au over 14.35m including 18.33 g/t Au over 7.40m and 13GSE304 returning 8.27 g/t Au over 29.40m including 23.98 g/t Au over 5.00m.

Drilling at the Goose project also continues on brownfields exploration targets. Exploration holes have recently been drilled at the Camp, Wing, and Resurgence Zones, either following up on known mineralization or testing reinterpretation of models. Drilling is currently underway at the Echo, a 2010 discovery that has been reinterpreted and found to have new prospectivity and at Boomerang, a conceptual target west of the Goose Main deposit.

Camp Improvements

At Goose, a quarry and a mobile crushing plant was commissioned in close proximity to the camp to provide crushed rock/gravel for the construction of an all-weather airstrip at Goose Camp. The airstrip is now complete and operational, allowing for larger aircraft to transport personnel, supplies and equipment more cost effectively.

Qualified Persons

The Qualified Person as defined by NI 43-101 as pertains to the Back River Project, is Kaesy Gladwin, P. Geo and Senior District Geologist for the Company.

True widths for the intercepts reported in this news release have not yet been determined.

Diamond drill core was sent to TSL Laboratories in Saskatoon, Sask. Quality control is monitored on a continual basis and utilizes a system of standards, blanks and duplicates to ensure analytical accuracy. The protocols and procedures used in 2013 are the same as those used in earlier campaigns by Sabina Gold & Silver Corp. and have been deemed appropriate in the Company’s 43-101 compliant resource reports.

SABINA GOLD & SILVER CORP.

Sabina Gold & Silver Corp. is an emerging gold developer with district scale, world class assets in one of the world’s newest, most politically stable mining jurisdictions: Nunavut, Canada.

Sabina’s primary assets, all located in Nunavut, consist of: the Back River Gold Project, currently in the pre-feasibility and permitting phase; the Wishbone Claims, a vastly prospective grass roots project; and the Hackett River Silver Royalty, a silver production royalty on Xstrata Zinc’s Hackett River project comprising 22.5% of the first 190 million ounces produced and 12.5% of all the silver produced thereafter. The company ended December 31, 2012 with approximately $116 million in cash.

All news releases and further information can be found on the Company’s website at www.sabinagoldsilver.com or on SEDAR atwww.sedar.com.

Forward Looking Statements

Statements relating to future operations at the Back River Project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” ‘projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company’s properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina’s operations and other risks and uncertainties, including those described in Sabina’s Annual Report for the year ended December 31, 2012.

Forward-looking statements are based on the beliefs, estimates and opinions of Sabina’s management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management’s beliefs, estimates or opinions, or other factors, should change.

This news release has been authorized by the undersigned on behalf of Sabina Gold & Silver Corp

Rob Pease, President & CEO 930 West 1st Street, Suite 202 North Vancouver, BC V7P 3N4

Significant Assay Results – Llama Deposit
Hole Id Area Section Easting Northing Depth From (m) To (m) Length (m) Au (g/t) Zone Name
13GSE273 LL 5125 428675 7272265 176.0 64.20 64.70 0.50 5.83 Undefined
68.80 69.80 1.00 1.01 Undefined
144.00 149.00 5.00 1.05 Main West
13GSE275 LL 5075L 428796 7272273 92.0 63.25 67.80 4.55 1.59 Main East
13GSE278 LL 5075 428782 7272265 101.0 18.55 19.20 0.65 1.03 Undefined
83.70 84.50 0.80 1.20 Main East
13GSE280 LL 5075 428756 7272250 152.0 62.40 63.30 0.90 1.39 Main West
71.95 72.50 0.55 262.10 Main West
75.50 80.90 5.40 3.36 Main West
111.00 119.00 8.00 8.87 Undefined
including 111.00 114.05 3.05 20.97 Undefined
120.05 121.10 1.05 2.13 Main East
128.45 128.95 0.50 1.22 Main East
134.00 134.85 0.85 2.37 Main East
13GSE281 LL 5075 428720 7272228 149.0 99.80 101.00 1.20 1.95 Undefined
116.70 130.05 13.35 7.64 Main West
including 127.35 129.30 1.95 43.66 Main West
13GSE282 LL 5050 428904 7272308 65.0 39.35 41.40 2.05 1.66 Main East
47.80 53.80 6.00 5.69 Main East
including 48.50 49.00 0.50 27.81 Main East
59.85 62.00 2.15 1.19 Main East
13GSE282B LL 5050 428906 7272309 281.0 42.45 43.10 0.65 2.74 Main East
53.00 59.90 6.90 1.46 Main East
114.00 118.00 4.00 1.25 Main East
125.85 126.95 1.10 1.10 Main East
134.00 134.75 0.75 1.65 Main East
176.75 186.00 9.25 35.82 Main West
189.90 198.80 8.90 2.52 Main West
205.10 206.00 0.90 1.25 Main West
209.00 232.15 23.15 13.25 Main West
including 220.20 228.70 8.50 31.75 Main West
13GSE283 LL 5075 428719 7272228 176.0 113.00 113.80 0.80 1.13 Main West
143.25 144.50 1.25 1.23 Main West
150.60 153.35 2.75 1.74 Main West
13GSE285 LL 5100 428869 7272344 25.0 NSV
13GSE285B LL 5100 428869 7272344 260.0 45.05 46.90 1.85 5.62 Main East
81.80 82.75 0.95 1.65 Main East
88.00 93.25 5.25 1.69 Main East
98.30 104.10 5.80 49.98 Main East
140.00 141.10 1.10 1.49 Undefined
145.50 146.70 1.20 1.44 Main West
154.50 155.50 1.00 4.13 Main West
160.95 193.35 32.40 11.56 Main West
including 168.90 174.45 5.55 49.12 Main West
218.00 219.05 1.05 1.63 Main West
237.25 238.25 1.00 2.37 Main West
13GSE287 LL 5050 428820 7272257 77.0 28.90 29.60 0.70 5.16 Undefined
48.55 49.90 1.35 1.06 Main East
51.60 52.60 1.00 1.51 Main East
54.90 56.00 1.10 1.53 Main East
13GSE290 LL 5050 428756 7272219 155.0 33.00 34.30 1.30 2.79 Undefined
84.10 97.00 12.90 4.77 Main West
including 91.80 95.73 3.93 8.98 Main West
100.00 100.95 0.95 1.10 Main West
13GSE291 LL 5100 428813 7272311 41.0 NSV Main East
13GSE292 LL 5050 428718 7272198 302.0 147.40 164.00 16.65 19.86 Main West
including 150.50 160.00 9.50 35.39 Main West
177.70 178.70 1.00 1.82 Main West
13GSE293 LL 5100 428742 7272269 152.0 76.00 77.00 1.00 2.16 Main West
13GSE295 LL 5050 428740 7272211 155.0 76.60 77.70 1.10 1.63 Undefined
95.00 95.50 0.50 498.20 Undefined
96.45 97.60 1.15 1.05 Main West
109.20 110.15 0.95 2.40 Main West
118.25 140.20 21.95 1.36 Main West
including 132.10 133.10 1.00 6.28 Main West
13GSE296 LL 5100 428708 7272250 185.0 Additional Assays Pending
13GSE297 LL 5025 428828 7272234 95.0 33.65 36.90 3.25 20.55 Undefined
43.75 45.40 1.65 2.31 Main East
57.30 61.55 4.25 1.11 Main East
73.20 74.35 1.15 1.18 Main East
13GSE299 LL 5150 428781 7272350 38.0 15.95 16.50 0.55 1.01 Main East
17.50 18.50 1.00 2.07 Main East
13GSE300 LL 5025 428769 7272199 131.0 94.50 115.40 20.90 15.20 Main West
including 94.50 108.00 13.50 22.70 Main West
13GSE301 LL 5150 428724 7272317 128.0 86.50 89.00 2.50 3.22 Main East
95.20 96.20 1.00 3.29 Main East
97.30 97.80 0.50 2.33 Main East
113.00 114.00 1.00 1.42 Main East
13GSE303 LL 5200 428722 7272373 71.0 50.00 51.50 1.50 6.76 Main West
13GSE304 LL 5025 428745 7272185 164.0 110.00 111.30 1.30 2.18 Main West
120.60 122.00 1.40 1.23 Main West
129.10 158.50 29.40 8.27 Main West
including 130.00 135.00 5.00 23.98 Main West
and 148.00 151.00 3.00 21.32 Main West
13GSE305 LL 4900L 429026 7272202 353.0 129.80 130.50 0.70 1.03 Main East
131.50 132.25 0.75 3.00 Main East
150.40 151.75 1.35 2.46 Main West
170.70 171.70 1.00 2.59 Main West
173.50 177.95 4.45 4.40 Main West
including 176.00 177.00 1.00 14.73 Main West
253.00 257.30 4.30 2.92 Main West
264.10 278.45 14.35 11.85 Main West
including 270.40 277.80 7.40 18.33 Main West
290.50 291.50 1.00 1.30 Main West
292.70 293.40 0.70 5.32 Main West
13GSE307 LL 5025 428745 7272185 203.0 141.00 142.40 1.40 2.31 Main West
144.00 165.43 21.43 5.63 Main West
including 147.00 150.00 3.00 14.80 Main West
192.50 194.00 1.50 2.33 Main West
Additional Assays Pending

To view the maps accompanying this press release please click on the following link: http://media3.marketwire.com/docs/SBB0523.pdf


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


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