Sabina Silver President and CEO Resigns Due to Family Circumstances: Hackett
River Project Manager Appointed
SABINA SILVER CORP SBB
4/4/2008 5:00:32
PM
VANCOUVER, BC, Apr 04, 2008 (MARKET WIRE via COMTEX News Network)
--
Sabina Silver Corporation (TSX-V: SBB) announced today that the Board
of Directors has accepted the resignation of Albert Brantley as President and
CEO of the Company. In addition, Mr. Don Parker has been appointed Project
Manager of the Hackett River Project.
"Regretfully, due to family
considerations, I must resign as President and CEO of Sabina Silver
Corporation," said Albert Brantley. "Although I am very disappointed I will not
be involved in its development, I believe that the Hackett River Project has the
makings of a world-class asset. I plan to continue in my capacity as President
and CEO, moving the company and the Hackett River Project forward, until the
Board of Directors engages my replacement."
Mr. Brantley was appointed as
President and CEO of Sabina Silver Corporation in August 2007 and has steadily
worked to advance technical and permitting activities at the Company's Hackett
River Project in Nunavut, Canada. The Board of Directors of Sabina has accepted
Mr. Brantley's resignation as President and CEO of the Company effective May 26,
2008. However, Mr. Brantley will continue as a Director of the Company moving
forward and is contributing to the search for his replacement. He has also
undertaken to continue to assist in the advancement of activities at Hackett
River.
"The Board of Directors and the management team understands and
sympathizes with Mr. Brantley's family concerns," remarked William Cummins,
Chairman of the Board. "Although we are disappointed that he has resigned, the
Board and management remain committed to the evolution of Sabina into a
development company. The search for Mr. Brantley's replacement is in full swing,
and the Company has entered into discussions with qualified candidates. During
the interim, we have every confidence in Mr. Brantley's commitment to a smooth
transition."
Effective immediately, Mr. Don Parker, P. Eng, has joined
Sabina as the Project Manager of the Hackett River Project. Mr. Parker has
forty-five years of experience in senior management, consulting, mine operations
and engineering with such companies as Esso Minerals Canada, Cominco Ltd and
Washington Group International. Mr. Parker will be responsible for overseeing
the feasibility and permitting activities for the Hackett River Project being
undertaken at present by AMEC Americas and Rescan Environmental Services Ltd,
respectively, and for moving development forward.
"We are very excited to
have someone with Don's experience join our team," said Albert Brantley,
President and Chief Executive of Sabina Silver Corp. "Not only will he provide
invaluable input moving the Company and the project forward, Mr. Parker's
addition will also ensure a smooth transition while we continue the search for
my replacement."
Hackett River
As announced in March 2007 a
positive Preliminary Economic Assessment (PEA) was completed by Wardrop
Engineering Inc. in accordance with National Instrument 43-101 guidelines. The
PEA envisions Hackett River as being capable of achieving average annual
production of 324.7 million pounds of zinc, 12.4 million ounces of silver, 20.7
million pounds of copper, 37.0 million pounds of lead and 17.2 thousand ounces
of gold over a mine life of 13.6 years.
According to the PEA, a
discounted cash flow analysis of the Hackett River Project achieves a pre-tax
net present value of C$345 million at an 8% discount rate with a pre-tax
internal rate of return of 20.6% and a payback period of approximately 3 years.
For further information on the Preliminary Economic Assessment, please see the
News release dated March 5, 2007 at http://www.sabinasilver.com.
The Hackett
River Project is currently in pre-feasibility assessment with a revised resource
estimate expected to be completed during the second quarter of 2008. The
pre-feasibility study is anticipated to be announced during the fourth quarter
of 2008.
The Preliminary Economic Assessment is based on a NI 43-101
compliant mineral resource estimate completed by Wardrop Engineering in November
2006.
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.
Sabina Silver
Corporation is well financed with approximately C$44 million in cash and
approximately C$6.7 million in marketable securities at December 31,
2007.
Forward-Looking Statements
Statements relating to permitting
and feasibility work at the Hackett River project and the expected results of
this work and Mr. Albert Brantley's replacement 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, 2006.
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, change.
This news release has been authorized by the
undersigned on behalf of Sabina Silver
Corporation.
SBBNR-08-04
Distributed by Filing Services Canada and
retransmitted by Marketwire
For further information please
contact:
Albert Brantley, President and CEO: 807-766-1799
Nicole
Hoeller, Director, IR: 807-766-1799
Email Contact
Sabina Silver
Corporation
1200-750 West Pender Street
Vancouver, BC
V6C 2T8
Tel:
807-766-1799
Fax: 807-343-0232
Website:
http://www.sabinasilver.com
Email: Email Contact
SOURCE: Sabina
Silver
Corporation
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Die haben ja einen an der Wafel!!!
