Sabina Gold receives INAC OK to advance Back River
SABINA GOLD & Silver Corp. has received a positive decision from the Minister of Indigenous and Northern Affairs Canada (INAC) that the Back River project may move forward to the regulatory and licensing phase, which would include completion of all necessary permits to commence mine construction.
In July, 2017, the Nunavut Impact Review Board (NIRB) completed its review of the environmental assessment of the project and recommended to the minister that the project should be given approval to obtain the required permits and licences for mine construction and operation. In a letter dated Dec. 5, 2017, the minister, on behalf of the five responsible federal ministers, accepted NIRB’s recommendation. The NIRB will now work toward issuing a project certificate for Back River, which will attach the terms and conditions for mine development, construction, operation and eventual closure.
“This letter is a significant milestone event for the Back River project and for Sabina as it is the most important decision in the permitting process,” said Bruce McLeod, president and chief executive officer. “After a multiyear environmental assessment, we are extremely pleased that Back River now has the green light to move ahead to the final phase. The issuance of a project certificate for Back River enables us to start preparing in earnest towards our goal of becoming a mid-tier gold producer in one of the world’s best mining jurisdictions and now enables us to formalize our budget and work plans for 2018. In addition, the recent execution of a binding term sheet with the Kitikmeot Inuit Association has strengthened our relationship with our stakeholders, and we look forward to creating a long-lasting legacy of environmental stewardship and sustainable economic development for the people of the Kitikmeot region and Nunavut.”
Carolyn Bennett, Minister of INAC, stated: “Sabina can now proceed to the regulatory phase of project development. The mining industry plays a key role in the development of Canada’s North: helping with the transition to a wage economy, strengthening the capacity of northern people to participate in the mining sector, and contributing to community and infrastructure development. The growing prosperity of Northern Canada is reliant upon vibrant and sustainable resource development, and Sabina is now poised to play a significant contributing role in the Kitikmeot. The other responsible ministers and I look forward to working closely with Sabina while ensuring that environmental protections are implemented and that the socio-economic benefits of the project are fully realized.” Next steps
The file is now with the NIRB, which will be holding a workshop in the coming weeks to review terms and conditions for the project certificate, following which a project certificate would be issued in approximately 30 to 45 days. In the interim, Sabina has submitted Type A and Type B water licence applications to the Nunavut Water Board. The Type B water licence will enable Sabina to commence initial activities to further derisk the project and is expected in Q1 2018. The Type A water licence will enable full construction and operation and is expected by Q4 2018. The company anticipates review of these applications to commence in the coming weeks.
About Sabina Gold & Silver Corp.
Sabina Gold & Silver is a well-financed, emerging precious metal company with district-scale, world-class undeveloped assets in one of the world’s newest, politically stable mining jurisdictions — Nunavut, Canada.
In September, 2015, Sabina released a feasibility study on its 100-per-cent-owned Back River gold project which presents a project that has been designed on a fit-for-purpose basis, with the potential to produce approximately 200,000 ounces a year for approximately 11 years with a rapid payback of 2.9 years.
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 comprises 22.5 per cent of the first 190 million ounces produced and 12.5 per cent of all the silver produced thereafter.
The company had cash and equivalents of $38.5-million at Sept. 30, 2017.
We seek Safe Harbor.
David Allen Fennell, Jonathan Carter Goodman, Donald Bruce McLeod, James Nicholson Morton, Walter Thomas Segsworth, Anna Stylianides, Anthony Peter Walsh, LeRoy Ellsworth Wilkes
(SBB) Shares: 226,653,652