CHIHUAHUA, MEXICO, Sep 30, 2008 (MARKET WIRE via COMTEX) -- Paramount Gold and Silver Corp. (PZG ) reports assay results from three drill holes at Clavo 99. The higher good grades in the deeper, northwestern extension of Clavo 99 have been confirmed by diamond drill holes SM-54, 60 and 61.
As seen in previously reported holes SM-46, 50 and 52 close by to the northwest, hole SM-60 had both modest grades over a modest thickness, suggesting that it is near the margin of Clavo 99. Hole SM-54 was an excellent hole (4.33m @ 3.27 g/t Au, 215.9 g/t Ag), fairly typical of the Clavo as a whole. However, SM-61 was further into the clavo and deeper. It had similarly good grades, but a greater thickness of 13.2 m of 1.57 g/t Au and 107.2 g/t Ag.
For assays and maps visit www.paramountgold.com
--------------------------------------------------------------------------
Grade
Thickness
Hole From To Interval True Gold Silver Gold Gold
Width Equiv.(i) Equiv.(i)
--------------------------------------------------------------------------
Number (Meters)(Meters) (Meters)(Meters)(grams/ (grams/ (grams/ (grams
ton) ton) ton) x meters)
--------------------------------------------------------------------------
SM-54 211.70 212.70 1.00 0.57 1.79 338.0 8.55 4.87
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222.80 223.80 1.00 0.57 1.53 120.0 3.93 2.24
--------------------------------------------------------------------------
245.90 262.50 7.60 4.33 3.27 215.9 7.59 32.86
--------------------------------------------------------------------------
--------------------------------------------------------------------------
SM-60 161.20 166.40 5.20 2.98 0.13 17.8 0.49 1.46
--------------------------------------------------------------------------
172.3 178.20 5.90 3.38 0.61 20.60 1.02 3.45
--------------------------------------------------------------------------
204.10 208.50 4.40 2.52 1.29 6.1 1.41 3.55
--------------------------------------------------------------------------
--------------------------------------------------------------------------
SM-61 183.85 192.00 8.15 5.35 1.04 88.9 2.82 15.09
--------------------------------------------------------------------------
incl. 186.00 190.30 4.30 2.82 1.52 156.6 4.65 13.11
--------------------------------------------------------------------------
197.00 205.00 8.00 5.25 2.47 251.2 7.49 39.32
--------------------------------------------------------------------------
205.00 208.50 3.05 2.00 0.32 8.3 0.49 0.98
--------------------------------------------------------------------------
208.50 213.00 4.95 3.25 2.03 21.9 2.47 8.03
--------------------------------------------------------------------------
213.00 217.20 4.20 2.76 0.21 5.4 0.32 0.88
--------------------------------------------------------------------------
--------------------------------------------------------------------------
197.00 217.20 20.20 13.25 1.57 107.2 3.71 49.17
--------------------------------------------------------------------------
(i) Calculated at Ag/Au = 50
Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "Drill holes SM-54, 60 and 61 revealed additional high grade gold and silver intercepts at Clavo 99. These latest results maintain our excitement for the potential of extending this high grade zone along strike and to greater depths."
Quality Control
Paramount takes detailed digital photos of the entire core before it is cut by saw to half core which is assayed at ALS Chemex's Vancouver laboratory. As part of quality assurance, quality control (QA/QC), Paramount has put into place a detailed program of periodically introducing certified standards, blanks and duplicates into the sample stream. Half-core samples are being retained on site for verification and reference purposes.
The qualified person who has reviewed this news release is Dana C. Durgin, M. Sc. Economic Geology. He is a Certified Professional Geologist (CPG #10364) with the American Institute of Professional Geologists, and a Registered Professional Geologist in Wyoming (PG-2886).
Contacts:
Paramount Gold and Silver Corp.
Larry Segerstrom, COO
866-481-2233 / 613-226-9881
Paramount Gold and Silver Corp.
Chris Halkai, Investor Relations
866-481-2233 / 613-226-9881
Paramountgold.com
SOURCE: Paramount Gold and Silver Corp.
Paramountgold.com
Copyright 2008 Market Wire, All rights reserved
Tuesday, September 30, 2008
Friday, September 26, 2008
High Desert Gold's Update on Bluebird Copper-Silver Project Drill Program
VANCOUVER, BRITISH COLUMBIA, Sep 26, 2008 (MARKET WIRE via COMTEX) -- High Desert Gold Corporation ("HDG" or the "Company") is pleased to announce that it is drilling the sixth diamond drill hole at the Bluebird copper-silver property in western Montana. The initial plan is to drill 850 metres in order to test the continuity of copper and silver mineralization which was previously identified by drilling conducted by Anaconda Copper Company ("Anaconda") as reported in HDG PR08-12, August 11, 2008.
The Bluebird copper-silver project is located in Granite County, Montana approximately 25 miles south of Phillipsburg and 30 miles west of Anaconda. The property is a Spar Lake type target with the HDG property position covering a stratabound, primary copper-silver occurrence within the Bonner Formation of the Belt Supergroup. HDG controls 98 federal lode claims through staking and a lease agreement covering over 7,500 metres of strike length of the host stratigraphy. The initial drilling program at Bluebird will consist of a total of 7 diamond drill holes which will determine if the copper-silver mineralization has continuity along strike.
All holes drilled to date include intervals of observable copper mineralization. The longest visual interval of copper mineralization is seen in hole 1 which includes a 27.5 metre interval from 128 to 155.5 metres. This copper mineralization includes visible chrysocolla, malachite and chalcocite. The prior drill hole in this area drilled by Anaconda averaged 0.88% copper and 9.3 gpt silver over 29 metres including 10.4 metres averaging 1.68% copper and 22.7 gpt silver. (HDG PR08-12, August 11, 2008). The Anaconda drill results were released prior to the establishment of the National Instrument 43-101 reporting standards and may not be in compliance with current standards, therefore may not be reliable and HDG is not relying on these results.
Five holes have been drilled in the area of previous drilling and are testing approximately 1,100 metres of strike. A second new area will also be tested with two drill holes which is located 3 kilometres to the north along the strike of the mineralized horizon. The second area has similar surface geochemistry to the area of past drilling.
The Company is a mineral exploration company that acquires and explores mineral properties, primarily gold, copper and silver, in North America. The two major properties held by HDG are the flagship Canasta Dorada gold property in Sonora, Mexico, and the Gold Lake porphyry copper-gold-molybdenum property in New Mexico.
The Qualified Person on the Bluebird property is Randall Moore, Executive Vice President of Exploration, High Desert Gold Corporation and he has reviewed the content of this press release.
Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "intends," "anticipates," "should," "estimates," "expects," "believes," "indicates," "targeting," "suggests," "potential," "interpretation" and similar expressions. Information concerning the interpretation of soil samples and drill results also may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. In particular, the Anaconda drilling results contained herein predate National Instrument 43-101 and may not be in compliance with the current reporting standards, therefore these results may not be reliable and HDG is not relying on these results. Except as required by law, HDG assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
Contacts:
High Desert Gold Corporation
Richard Doran
Executive Vice President, Investor Relations
(303) 584-0606
(303) 758-2063 (FAX)
Email: rdoran@highdesertgoldcorp.com
The Bluebird copper-silver project is located in Granite County, Montana approximately 25 miles south of Phillipsburg and 30 miles west of Anaconda. The property is a Spar Lake type target with the HDG property position covering a stratabound, primary copper-silver occurrence within the Bonner Formation of the Belt Supergroup. HDG controls 98 federal lode claims through staking and a lease agreement covering over 7,500 metres of strike length of the host stratigraphy. The initial drilling program at Bluebird will consist of a total of 7 diamond drill holes which will determine if the copper-silver mineralization has continuity along strike.
All holes drilled to date include intervals of observable copper mineralization. The longest visual interval of copper mineralization is seen in hole 1 which includes a 27.5 metre interval from 128 to 155.5 metres. This copper mineralization includes visible chrysocolla, malachite and chalcocite. The prior drill hole in this area drilled by Anaconda averaged 0.88% copper and 9.3 gpt silver over 29 metres including 10.4 metres averaging 1.68% copper and 22.7 gpt silver. (HDG PR08-12, August 11, 2008). The Anaconda drill results were released prior to the establishment of the National Instrument 43-101 reporting standards and may not be in compliance with current standards, therefore may not be reliable and HDG is not relying on these results.
Five holes have been drilled in the area of previous drilling and are testing approximately 1,100 metres of strike. A second new area will also be tested with two drill holes which is located 3 kilometres to the north along the strike of the mineralized horizon. The second area has similar surface geochemistry to the area of past drilling.
The Company is a mineral exploration company that acquires and explores mineral properties, primarily gold, copper and silver, in North America. The two major properties held by HDG are the flagship Canasta Dorada gold property in Sonora, Mexico, and the Gold Lake porphyry copper-gold-molybdenum property in New Mexico.
The Qualified Person on the Bluebird property is Randall Moore, Executive Vice President of Exploration, High Desert Gold Corporation and he has reviewed the content of this press release.
Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "intends," "anticipates," "should," "estimates," "expects," "believes," "indicates," "targeting," "suggests," "potential," "interpretation" and similar expressions. Information concerning the interpretation of soil samples and drill results also may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. In particular, the Anaconda drilling results contained herein predate National Instrument 43-101 and may not be in compliance with the current reporting standards, therefore these results may not be reliable and HDG is not relying on these results. Except as required by law, HDG assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
Contacts:
High Desert Gold Corporation
Richard Doran
Executive Vice President, Investor Relations
(303) 584-0606
(303) 758-2063 (FAX)
Email: rdoran@highdesertgoldcorp.com
Thursday, September 25, 2008
US Gold's Drilling in the Magistral District Returns 23.7 Opt Silver Over 5.9 ft., Within 9.2 Opt Silver Over 31.0 ft.
Results Continue to Extend Main Zone
US Gold's Drilling in the Magistral District Returns 23.7 Opt Silver Over 5.9 ft., Within 9.2 Opt Silver Over 31.0 ft.
Results Continue to Extend Main Zone
Last update: 10:16 a.m. EDT Sept. 25, 2008
TORONTO, ONTARIO, Sep 25, 2008 (MARKET WIRE via COMTEX) -- US GOLD CORPORATION announces that drilling within the Magistral District, Sinaloa State, Mexico, continues to expand the mineralization and intersect richer silver grades at the Palmarito Project. Drilling has successfully extended the Main Zone by 310.0 feet (ft.) (95.0 meters) to the northeast and 105.0 ft. (32.0 meters) vertically. The furthest hole drilled to the northeast returned 23.7 ounces per ton (opt) silver over 5.9 ft., (814.0 gpt (grams per tonne) silver over 1.8 m), within an intercept of 9.2 opt silver over 31.0 ft. (313.8 gpt silver over 9.5 m). The zone remains open and shows good potential for expansion.
PALMARITO - MAIN ZONE
Richer Silver Mineralization at Depth
Core drilling continues to successfully extend the silver-gold mineralization down-dip of the Main Zone (Figure 1 & 2). RC results released earlier this year included 15.7 opt silver eq. over 30 ft. (538.6 gpt silver eq. over 9.1 m) and 13.6 opt silver eq. over 15 ft. (464.7 gpt silver eq. over 4.6 meters). US Gold's exploration is discovering higher silver grades at depth, which suggests drilling may be nearing a possible feeder system.
Metallurgical Recoveries and Net Smelter Returns are assumed to be 100%
Numbers may not add due to rounding.
The results above successfully expanded the Main Zone by 310.0 ft. (95.0 meters) to the northeast. The vertical extent of the mineralization was expanded by 105.0 ft. (32.0 meters) to a total of 863.0 ft (263.0 meters) below surface. The furthest hole drilled to the northeast returned our highest assay values to date, 23.7 opt silver over 5.9 ft., (814.0 gpt silver over 1.8 m), within 9.2 opt silver over 31.0 ft. (313.8 gpt silver over 9.5 m). Two additional holes, stepping out 325.0 ft (100.0 meters) further to the northeast, are in progress and are targeting the possible feeder system. The zone remains open and shows good potential for expansion.
"The higher-grades at Palmarito are great to see! Although additional drilling is required, we believe the potential to discover more high-grade is excellent. Overall, our exploration in Mexico is starting to hit its stride and I look forward to watching it unfold," stated Rob McEwen, Chairman and CEO of US Gold.
ABOUT US GOLD
US Gold Corporation is a United States based gold exploration company exploring throughout northeastern Nevada and Mexico. The Company has large land holdings and a strong treasury. US Gold's shares trade on the American and Toronto Stock Exchanges under the symbol UXG.
QUALIFIED PERSON
This news release has been viewed and approved by Steve Brown, Senior Geologist and Project Manager, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company at its Mexican exploration properties. All samples were analyzed by ALS Chemex utilizing a 4 acid digestion with ICP finish.
Holes were drilled with HQ and NQ core. Samples were taken every 6.6 ft (2 meters) for areas that were believed to be non-mineralized and selectively chosen for mineralized areas based on geological characteristics.
Certain statements contained herein and subsequent oral statements made by and on behalf of the Company may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and include, without limitation, statements regarding the Company's results of exploration, plan of business operations, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors". Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.
To view the associated figures with this press release, please visit the following links:
http://media3.marketwire.com/docs/UXG925fig1.pdf
http://media3.marketwire.com/docs/UXG925fig2.pdf
Contacts:
US Gold Corporation
Ana Aguirre
Manager, Investor Relations
(647) 258-0395 or Toll Free: 1-866-441-0690
(647) 258-0408 (FAX)
Email: info@usgold.com
SOURCE: US Gold Corporation
mailto:info@usgold.com
Copyright 2008 Market Wire, All rights reserved.
US Gold's Drilling in the Magistral District Returns 23.7 Opt Silver Over 5.9 ft., Within 9.2 Opt Silver Over 31.0 ft.
Results Continue to Extend Main Zone
Last update: 10:16 a.m. EDT Sept. 25, 2008
TORONTO, ONTARIO, Sep 25, 2008 (MARKET WIRE via COMTEX) -- US GOLD CORPORATION announces that drilling within the Magistral District, Sinaloa State, Mexico, continues to expand the mineralization and intersect richer silver grades at the Palmarito Project. Drilling has successfully extended the Main Zone by 310.0 feet (ft.) (95.0 meters) to the northeast and 105.0 ft. (32.0 meters) vertically. The furthest hole drilled to the northeast returned 23.7 ounces per ton (opt) silver over 5.9 ft., (814.0 gpt (grams per tonne) silver over 1.8 m), within an intercept of 9.2 opt silver over 31.0 ft. (313.8 gpt silver over 9.5 m). The zone remains open and shows good potential for expansion.
PALMARITO - MAIN ZONE
Richer Silver Mineralization at Depth
Core drilling continues to successfully extend the silver-gold mineralization down-dip of the Main Zone (Figure 1 & 2). RC results released earlier this year included 15.7 opt silver eq. over 30 ft. (538.6 gpt silver eq. over 9.1 m) and 13.6 opt silver eq. over 15 ft. (464.7 gpt silver eq. over 4.6 meters). US Gold's exploration is discovering higher silver grades at depth, which suggests drilling may be nearing a possible feeder system.
Metallurgical Recoveries and Net Smelter Returns are assumed to be 100%
Numbers may not add due to rounding.
The results above successfully expanded the Main Zone by 310.0 ft. (95.0 meters) to the northeast. The vertical extent of the mineralization was expanded by 105.0 ft. (32.0 meters) to a total of 863.0 ft (263.0 meters) below surface. The furthest hole drilled to the northeast returned our highest assay values to date, 23.7 opt silver over 5.9 ft., (814.0 gpt silver over 1.8 m), within 9.2 opt silver over 31.0 ft. (313.8 gpt silver over 9.5 m). Two additional holes, stepping out 325.0 ft (100.0 meters) further to the northeast, are in progress and are targeting the possible feeder system. The zone remains open and shows good potential for expansion.
"The higher-grades at Palmarito are great to see! Although additional drilling is required, we believe the potential to discover more high-grade is excellent. Overall, our exploration in Mexico is starting to hit its stride and I look forward to watching it unfold," stated Rob McEwen, Chairman and CEO of US Gold.
ABOUT US GOLD
US Gold Corporation is a United States based gold exploration company exploring throughout northeastern Nevada and Mexico. The Company has large land holdings and a strong treasury. US Gold's shares trade on the American and Toronto Stock Exchanges under the symbol UXG.
QUALIFIED PERSON
This news release has been viewed and approved by Steve Brown, Senior Geologist and Project Manager, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company at its Mexican exploration properties. All samples were analyzed by ALS Chemex utilizing a 4 acid digestion with ICP finish.
Holes were drilled with HQ and NQ core. Samples were taken every 6.6 ft (2 meters) for areas that were believed to be non-mineralized and selectively chosen for mineralized areas based on geological characteristics.
Certain statements contained herein and subsequent oral statements made by and on behalf of the Company may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and include, without limitation, statements regarding the Company's results of exploration, plan of business operations, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors". Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.
To view the associated figures with this press release, please visit the following links:
http://media3.marketwire.com/docs/UXG925fig1.pdf
http://media3.marketwire.com/docs/UXG925fig2.pdf
Contacts:
US Gold Corporation
Ana Aguirre
Manager, Investor Relations
(647) 258-0395 or Toll Free: 1-866-441-0690
(647) 258-0408 (FAX)
Email: info@usgold.com
SOURCE: US Gold Corporation
mailto:info@usgold.com
Copyright 2008 Market Wire, All rights reserved.
Wednesday, September 17, 2008
Silver in Largest One-day Increase Since 1979
With equities taking a beating, and investors concerned about the safety of banks and financial institutions, they are abandoning stocks, and in some cases even money-market funds, for commodities.
Silver rose by $1.158 for December delivery today, the largest one-day increase since December 31, 1979. It reached $11.675 an ounce. Spot silver grew by 15 percent to end at $12.
To add to the jitters of the equity market, the oldest money-market fund in the U.S. - Reserve Primary Fund - has exposed investors to potential losses for the first time in 14 years. Much of that was the result of having to write off losses of $785 million in debt they had issued to Lehman.
The three-month rate for U.S. Treasury bills also dropped to the lowest level in 54 years, plunging as low as 0.0304 percent. That's the worst since 1954.
Silver rose by $1.158 for December delivery today, the largest one-day increase since December 31, 1979. It reached $11.675 an ounce. Spot silver grew by 15 percent to end at $12.
To add to the jitters of the equity market, the oldest money-market fund in the U.S. - Reserve Primary Fund - has exposed investors to potential losses for the first time in 14 years. Much of that was the result of having to write off losses of $785 million in debt they had issued to Lehman.
The three-month rate for U.S. Treasury bills also dropped to the lowest level in 54 years, plunging as low as 0.0304 percent. That's the worst since 1954.
Wednesday, September 3, 2008
2Q Results for Sabina Silver
VANCOUVER, BRITISH COLUMBIA, Sep 03, 2008 (MARKET WIRE via COMTEX) -- Sabina Silver Corporation (the "Company") announced today the financial results for the period ended June 30, 2008. The Company ended the first half of 2008 with cash and security investment resources of $44,598,201.
"Although the first half of 2008 was a challenging one for Sabina," said Tony Walsh, President and CEO, "the Company is now poised to deliver on its commitments to create further shareholder wealth. A strategic plan has been created that both pushes the large Hackett River Project forward, while at the same time looking for opportunities to provide solid share performance and create further value during the interim."
Hackett River is the Company's flag ship project in Nunavut Canada. Not only is it one of the largest undeveloped silver projects around, but it is in one of the world's most appealing mining jurisdictions. As announced earlier this month, the Company has added some key team members; is focusing on preserving cash; has completed this year's required work to push Hackett River forward; and is evaluating other projects and companies for merger and acquisition opportunities.
"We believe all these things are adding value to the Company, and put us in a great position with a great message when we start our major marketing campaign this month," said Mr. Walsh, "I have no doubt that Sabina has the elements of an attractive investment and that we will be able to communicate that to the investment community."
Financial Results
For the three months ended June 30, 2008, the Company reported a net loss of $6,778 as compared to net earnings of $4,543,187 for the same period in 2007. The earnings in fiscal 2007 were a result of sales of securities during that period. The Company's earnings are primarily derived from the interest, sales and changes in fair value on investments held for trading and sale. Expenses in the period were nearly offset by earnings in the same period.
The Company had cash and security investment resources of $44,598,201 at June 30, 2008 as compared with $50,632,747 at December 31, 2007. All security investment resources are held in guaranteed investment certificates at Canadian banks and in marketable Canadian securities. The decrease in cash and investment resources is primarily due to exploration expenditures of $8,936,422 in the six month period which was partially offset by an increase in fair market value of marketable Canadian securities held for resale. The Company is fully financed to reach its feasibility and permitting objectives on the Hackett River Project.
Subsequent to the end of the quarter, Mr. John Wakeford and Ms. Elaine Bennett were appointed Senior Vice-President, Corporate Development and Vice-President, Finance & Chief Financial Officer respectively (see News release dated August 20, 2008 on the Company's website).
Mr. Wakeford has been granted 700,000 stock options exercisable at a price of $0.99 per share for a period of five years; Ms. Bennett has been granted 500,000 stock options exercisable at a price of $0.90 per share for a period of five years.
For the full June 30, 2008 financial statements and Management's Discussion and Analysis, please see the Company website at www.sabinasilver.com.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in the Canadian Arctic, 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 permitting, feasibility and exploration work 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 and information concerning mineral resource estimates 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 gold 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; uncertainties involved in the estimation of metal reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; 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 and CEO
Contacts:
Sabina Silver Corporation
Nicole Hoeller
Director, IR
1-888-648-4218
Email: nhoeller@sabinasilver.com
Website: www.sabinasilver.com
SOURCE: Sabina Silver Corporation
mailto:nhoeller@sabinasilver.com
http://www.sabinasilver.com
"Although the first half of 2008 was a challenging one for Sabina," said Tony Walsh, President and CEO, "the Company is now poised to deliver on its commitments to create further shareholder wealth. A strategic plan has been created that both pushes the large Hackett River Project forward, while at the same time looking for opportunities to provide solid share performance and create further value during the interim."
Hackett River is the Company's flag ship project in Nunavut Canada. Not only is it one of the largest undeveloped silver projects around, but it is in one of the world's most appealing mining jurisdictions. As announced earlier this month, the Company has added some key team members; is focusing on preserving cash; has completed this year's required work to push Hackett River forward; and is evaluating other projects and companies for merger and acquisition opportunities.
"We believe all these things are adding value to the Company, and put us in a great position with a great message when we start our major marketing campaign this month," said Mr. Walsh, "I have no doubt that Sabina has the elements of an attractive investment and that we will be able to communicate that to the investment community."
Financial Results
For the three months ended June 30, 2008, the Company reported a net loss of $6,778 as compared to net earnings of $4,543,187 for the same period in 2007. The earnings in fiscal 2007 were a result of sales of securities during that period. The Company's earnings are primarily derived from the interest, sales and changes in fair value on investments held for trading and sale. Expenses in the period were nearly offset by earnings in the same period.
The Company had cash and security investment resources of $44,598,201 at June 30, 2008 as compared with $50,632,747 at December 31, 2007. All security investment resources are held in guaranteed investment certificates at Canadian banks and in marketable Canadian securities. The decrease in cash and investment resources is primarily due to exploration expenditures of $8,936,422 in the six month period which was partially offset by an increase in fair market value of marketable Canadian securities held for resale. The Company is fully financed to reach its feasibility and permitting objectives on the Hackett River Project.
Subsequent to the end of the quarter, Mr. John Wakeford and Ms. Elaine Bennett were appointed Senior Vice-President, Corporate Development and Vice-President, Finance & Chief Financial Officer respectively (see News release dated August 20, 2008 on the Company's website).
Mr. Wakeford has been granted 700,000 stock options exercisable at a price of $0.99 per share for a period of five years; Ms. Bennett has been granted 500,000 stock options exercisable at a price of $0.90 per share for a period of five years.
For the full June 30, 2008 financial statements and Management's Discussion and Analysis, please see the Company website at www.sabinasilver.com.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in the Canadian Arctic, 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 permitting, feasibility and exploration work 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 and information concerning mineral resource estimates 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 gold 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; uncertainties involved in the estimation of metal reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; 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 and CEO
Contacts:
Sabina Silver Corporation
Nicole Hoeller
Director, IR
1-888-648-4218
Email: nhoeller@sabinasilver.com
Website: www.sabinasilver.com
SOURCE: Sabina Silver Corporation
mailto:nhoeller@sabinasilver.com
http://www.sabinasilver.com
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