Sabina Silver’s Reports Permitting Process for Hackett River Moves Forward
Sabina Silver Corporation (TSX VENTURE: SBB) announced today that the Minister of Indian and Northern Affairs Canada (“INAC”) has concurred with the Nunavut Impact Review Board’s (“NIRB”) screening decision dated April 3, 2008 suggesting that the Hackett River Project in Nunavut, Canada move forward to a public review.
As reported previously, Sabina filed a Type A water license application with the Nunavut Water Board (“NWB”) for the Hackett River project in January of this year. The application and its accompanying Preliminary Project Proposal (“PP”) was the first formal step in the permitting process for Hackett River. The water licence application triggered a screening of the project by the NIRB, which, after receiving comments from various participating agencies and organizations, recommended to the Minister of INAC that the project move ahead to a public review under Article 12 of the Nunavut Land Claims Act. In a letter to the NIRB received earlier this month, the Minister agrees and refers the project to a Part 5 public review under the Article.
“The Minister’s letter is a formal step ahead in the permitting process that indicates that the Inuit of the Kitikmeot Region, the territory of Nunavut, and the Federal Government see the potential for Hackett River to become a major contributor to the territory’s economic development. A Part 5 review is typical of projects the size and scope of Hackett River and was anticipated. It means that the project has officially entered the environmental assessment phase,” said Tony Walsh, President & CEO, “As we continue to move towards completion of a pre-feasibility study, we are aggressively evaluating opportunities to enhance the project economics. We look forward to working with the various interveners in Nunavut as the project proceeds through the review.”
Hackett River is a major silver-zinc deposit located approximately 75 kilometres from tide water in the Canadian arctic. Not only is it one of the largest undeveloped silver deposits in the world, but it is located in one of the world’s most appealing mining jurisdictions. Nunavut Territory, Canada, is a jurisdiction with an achievable, albeit rigorous permitting process. The Territory is eager to create infrastructure and economic sustainability through the responsible development of mineral projects in the region.
The Company is committed to the Hackett River project and to the relationships and partnerships it has created in Nunavut to date. Sabina supports the territory’s plans for infrastructure, in particular the Bathurst Inlet Port and Road project as Hackett River operations will rely on a port and road. Nunavut remains one of the most prospective mining jurisdictions in the world.
Hackett River is currently in the pre-feasibility phase however, work to date has been plagued by delays common in the mining industry these days. As announced, the on-site pre-feasibility work required at Hackett for this year has been completed. The Company and its consultants are now waiting for the results of this work, along with other test and metallurgical studies to be able to compile the data into the pre-feasibility study which is anticipated to be complete during the first quarter of 2009.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in Nunavut, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp.
Forward Looking Statements
Statements relating to exploration, pre-feasibility work and permitting at the Hackett 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, 2007.
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 Silver Corporation.
Tony Walsh, President & CEO
Contacts: Sabina Silver Corporation Nicole Hoeller Director, IR 1-888-648-4218 1-807-343-0232 (FAX) Email: firstname.lastname@example.org Website: www.sabinasilver.com
SOURCE: Sabina Silver Corporation