Vancouver, BC – Sabina Gold & Silver Corp (SBB.T), (“Sabina” or the “Company”) is pleased to announce that it has received a copy of the Second Final Hearing Report (the “Report”) from the Nunavut Impact Review Board (the “NIRB”). In the report, the NIRB has recommended to the Minister of Indigenous and Northern Affairs Canada (“INAC”) that development of the Company’s 100%-owned Back River Gold Project (“Back River” or the “Project”) in Nunavut, Canada, should proceed to the licensing phase.
This positive recommendation by NIRB concludes a five year comprehensive NIRB review and public hearing processes involving Inuit, the Kitikmeot Inuit Association (“KIA”), Federal and Territorial governments, and community and other Northern representatives. This recommendation follows a direction of the Minister to the NIRB in January 2017 to reconsider the project after an initial negative recommendation from the NIRB in July 2016.
In February this year, a Final Environmental Impact Statement Addendum was submitted to the NIRB focusing on the areas that were identified as outstanding concerns in the First Final Hearing Report. The review of this addendum by all parties culminated in a second final technical and public hearing that took place in Cambridge Bay during May 27th to June 3, 2017.
“After a multi-year environmental assessment, we are extremely pleased with the NIRB giving Back River the green light to move ahead to the licensing phase,” stated Bruce McLeod, President and CEO. “NIRB’s recommendation is a 400 page document that also includes recommended terms and conditions for the project which we are currently reviewing. We are moving ever closer to our goal of becoming a mid-tier gold producer in one of the world’s best mining jurisdictions.
We would like to thank the community participants from the Kitikmeot region, the KIA, and the numerous regulatory agencies for their ongoing contribution to the review and their support to advance the Project. In particular, we would like to thank the NIRB for a very well run, rigorous yet collaborative process that enabled valuable discussion and idea sharing between all parties. Back River is aiming to be one of the next gold mines in Nunavut providing much desired jobs, training, infrastructure and opportunities to the Inuit of the Kitikmeot Region.”
Next Steps
The positive NIRB recommendation and associated Report is now before the Minister of INAC in accordance with Article 12 of the Nunavut Agreement. The Minister’s responsibility now is to accept or reject the NIRB’s recommendation. Should the Minister accept the NIRB’s recommendation, a Project Certificate could be issued in Q4, 2017.
With the positive recommendation in hand, Sabina will commence the submission of applications for the various authorizations required for full-scale construction and operation. Sabina intends to submit Type A and Type B Water License Applications to the Nunavut Water Board within the next 60 days.
Sabina Gold & Silver Corp
Sabina Gold & Silver Corp. is a well-financed, emerging precious metals 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% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~200,000 ounces a year for ~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.
The Project is advancing through the environmental assessment process with final public hearings with the Nunavut Impact Review Board completed during May 31 – June 3, 2017 in Cambridge Bay.
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 the silver produced thereafter.
The Company had cash and equivalents of C$43m at March 31, 2017.
For further information please contact:
Nicole Hoeller, Vice-President, Communications:
1 888 648-4218
nhoeller@sabinagoldsilver.com
For the original source of this news release: http://www.sabinagoldsilver.com/news/sabina-gold-and-silver-receives-positive-recommendation-from-the-nunavut-impact-review-board-for-continued-development-of-back-river-gold-project-canada