VANCOUVER, British Columbia and CAMBRIDGE BAY, Nunavut, April 23, 2018 (GLOBE NEWSWIRE) — Sabina Gold & Silver Corp. (TSX:SBB) (“Sabina”) and the Kitikmeot Inuit Association (“KIA”) announced today that they have finalized agreements relating to the Binding Term sheet announced on October 18, 2017. The parties have entered into 20 year benefit and land tenure agreements under a Framework Agreement (“FA”) setting out rights and obligations with respect to surface land access on Inuit owned land on the Back River Project (“Back River” or the “Project”).
Additionally, these agreements provide Inuit of the Kitikmeot Region with financial and socio-economic benefits including, training, jobs, initiatives to create additional opportunities outside of the mining industry, share ownership in Sabina and a 1% net smelter royalty on future production from the proposed mine on the Goose property.
These are comprehensive milestone agreements that provide the long-term certainty of tenure required to de-risk, finance, develop and ultimately mine at Back River. These agreements enhance KIA and Sabina’s existing relationship of mutual respect and demonstrate that Nunavut is a pro-responsible development/mining region and underscore its “open for business” strategy.
“We are very pleased to have completed these agreements and to welcome the KIA as Sabina shareholders,” said Bruce McLeod, President & CEO “These agreements have been negotiated in good faith with a result that benefits both Sabina shareholders and our Nunavut stakeholders. For our shareholders we have created more value in the Company by securing tenure and further de-risking the project.
Inuit of the Kitikmeot Region have the opportunity to benefit from gold production on their lands both financially and through initiatives to create long term economic sustainability in jobs and training in and outside of the mining industry.
We appreciate the significant efforts of the KIA as we worked to finalize these agreements and look forward to working with them to implement the various initiatives contemplated under these agreements. We are pleased to be working in one of the world’s safest mining jurisdictions.”
For the rest of this news release: https://globenewswire.com/news-release/2018/04/23/1485289/0/en/Sabina-Kitikmeot-Inuit-Association-Finalize-Inuit-Impact-Benefit-Agreement-and-Long-Term-Land-Tenure-Agreements-for-Back-River-Project.html