Sabina Announces Memorandum of Understanding With the Nunavut Resources Corporation 'NRC'
NRC is a new Inuit-owned corporation established to directly invest in resource and infrastructure development in Canada's NorthVANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/23/11 -- Sabina Gold & Silver Corp. (TSX: SBB) is pleased to announce that it has entered into a Memorandum of Understanding ('MOU') with the NRC pursuant to which they agree to co-operate and work together to investigate infrastructure development opportunities in the Kitikmeot Region of Nunavut.
NRC is a newly created Inuit-Owned organization designed to provide Inuit with opportunities to participate in the ownership and management of infrastructure and natural resources in Nunavut through direct equity investment and joint venture partnerships with industry.
'It is no secret that lack of infrastructure and access in the Arctic are challenges for large deposits such as Hackett River,' said Tony Walsh, President & CEO of Sabina. 'Working together with NRC provides Sabina with Inuit support and influence, opportunities for access to potential news sources for private and federal funding and opportunities for win/win investments for both Inuit and industry in Nunavut. We believe the MOU will initiate a process which will pave the way for a more formal relationship to evaluate, finance, develop and own regional infrastructure that supports not only the Hackett River project but other resource projects in the Kitikmeot Region.'
Sabina Board of Directors has approved a contribution of up to $2 million to provide seed funding to develop a work plan to be established under the MOU as the basis for investigating proposed joint infrastructure projects in the Kitikmeot.
Charlie Evalik, Chairman of the NRC and incumbent President of the Kitikmeot Inuit Association expressed his gratitude to Sabina for its vote of confidence in NRC's ambitions. 'This NRC-Sabina MOU is an important precedent in the Kitikmeot that sets the stage for future co-development initiatives involving infrastructure development and potential joint investments by the NRC, with Nunavut's resource companies. We consider this to be an important step forward for the economic development of the Kitikmeot Region and Nunavut and it confirms our belief that the NRC can act jointly with investors to achieve mutual benefits in furthering environmentally and economically sound regional developments with the active participation of Inuit. Sabina is a welcome participant in the unique process of working co-operatively with the NRC and in doing so, in advancing the joint economic interests of their corporation and that of all Inuit people.'
SABINA GOLD & SILVER CORP. is a Canadian public mineral exploration and development company. Key assets include the Hackett River silver project, the Back River gold project and the Wishbone grassroots exploration project all in Nunavut. Additionally, the Company has several projects in the Red Lake gold camp and an option on the Cook Lake North & South properties directly adjacent to the recently discovered Lalor deposit in Manitoba.
Forward Looking Statements
Statements relating to a formal Co-operation Agreement, development at Hackett River, and infrastructure partnerships and joint ventures are forward looking statements. 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, 2009.
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 Gold & Silver Corp.
Tony Walsh, President & CEO
930 West 1st Street, Suite 202
North Vancouver, BC V7P 3N4
1 888-648-4218
http://www.sabinagoldsilver.com
Contacts:
Sabina Gold & Silver Corp.
Nicole Hoeller
Director, IR
1 888 648-4218
nhoeller@sabinagoldsilver.com
www.sabinagoldsilver.com