Sabina Silver President and CEO Resigns Due to Family Circumstances: Hackett River Project Manager Appointed
SOURCE:
Sabina Silver Corporation
2008-04-04 14:00:00
Sabina Silver President and CEO Resigns Due to Family Circumstances: Hackett River Project Manager Appointed
VANCOUVER, BC–( EMWNews – April 4, 2008) – 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 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
For further information please contact:
Albert Brantley, President and CEO: 807-766-1799 Sabina Silver Corporation |
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