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Message: Sabina Silver Announces Skinner Program Under Way
| February 17, 2009 |
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Sabina Silver Announces Skinner Program Under Way
Option on East My-Ritt Property granted to Skybridge Development Corp. |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2009) - Sabina Silver Corporation ("Sabina") (TSX VENTURE:SBB) announced today the exploration program on the 100% owned Skinner property in the Red Lake district of Ontario has begun. Also, the Company has entered into a Letter Of Intent granting an option (the "Option") to Skybridge Development Corp. to acquire Sabina's 50% interest in the East My-Ritt property in Red Lake, Ontario. 2009 SKINNER GOLD PROGRAM - ONTARIO The Company's 100% owned Skinner property covers a structurally deformed contact between ultramafic and mafic lithologies, which may represent a favourable geological setting similar to that found in the Red Lake district and other greenstone belts in Ontario and Quebec. A modest nine hole 2,200 m diamond drill program began on February 9, 2009 on the primary target which is a steeply northward dipping, east-west trending sheared contact of an ultramafic horizon. In 2008 drilling west of the Dunkin showings on the property resulted in the discovery of the Blind Zone, returning 0.62 g/t Au over 11.90 m (including 4.97 g/t Au over 0.75 m). The Blind Zone is located at a sheared contact between gabbro and ultramafics. The Dunkin showings are quartz veins hosted by gabbro. Four holes are planned to test for extensions to the Blind Zone and test beneath the Dunkin showings. Three of these holes, one in progress, will be drilled from the surface of Narrow Lake during this winter to take advantage of ice conditions on the lake. Three of the nine drill holes are planned to test the sheared ultramafic horizon 1 to 2 km west of the Blind Zone. These proposed holes are either located up-ice of gold-in-till anomalies or located to test inferred flexures in the shear zone. One final drill hole is planned to test beneath a cluster of 5 anomalous gold-in-soil samples containing values of up to 900 ppb located approximately 1 kilometre south of the Dunkin showing. Option to Skybridge Development Corp. on East My-Ritt property On February 10, 2009, Sabina and Premier Gold Mines Ltd, the Company's 50% partner on the East My-Ritt property (the "Vendors") entered into a Letter of Intent with Skybridge Development Corporation ("Skybridge") which would provide Skybridge an option to acquire 100% of the East My-Ritt property. Under the terms of the LOI, the Vendors would receive $250,000 in cash and 1.5 million Skybridge shares. The payment of cash and shares would occur in 5 equal distributions over a 4-year period, with the first payment due upon signing a definitive agreement. Additionally, the Vendors would retain a 0.5% Net Smelter Royalty (NSR) with Skybridge on the property as well as the right to jointly buy out the existing underlying royalty provisions on the property. The existing underlying royalty provisions are comprised of a 3% NSR on all eight claims and a 10% Net Profits Interest on six of the claims. "This is a win/win opportunity for all parties," said Tony Walsh, Sabina's President & CEO "Sabina's mandate for 2009 is to conserve cash to progress the Company's core assets and growth strategy. Granting the Option to Skybridge enables work to continue on the property without depleting Sabina's treasury. The Option also allows Sabina to monetize a non-core asset while providing exposure to the property's successes through the royalty." Terms and share issuance remain subject to TSX Venture Exchange and all regulatory approvals. The East My-Ritt property is located 1.5km west of the town site of Red Lake, Ontario and consists of eight (8) patented mining claims totaling approximately 320 acres. Skybridge will initiate geological and geophysical compilation work on the East My-Ritt Property in preparation for an upcoming drill program to be conducted under NI 43-101 quality assurance and quality control reporting standards. Terms and share issuance remain subject to TSX Venture Exchange and all regulatory approvals. Quality Assurance - Skinner Drilling A system of sample standards, blanks and duplicates were inserted as part of the Company's QA/QC analytical stream processed at Accurassay Laboratories (Thunder Bay, ON) an accredited laboratory. Further details on quality assurance can be referenced in Sabina Silver press release dated July 7, 2008. 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. The Company is well capitalized with $37 million in cash and marketable securities at September 30, 2008. |
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