Business News

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
Nicole Hoeller, Director, IR: 807-766-1799

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:

free cash grants, free grant money, free money, cash grants, scholarships, business grants, foundation grants, government grants, debt grants, consolidation, college tuition, financial aid, medical grants, personal grants, medical bills, unsecured loans, no interest loans, financing, loans, capital, non profit organizations

Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89

Get Unlimited Organic Website Traffic to your Website 
TheNFG.com now offers Organic Lead Generation & Traffic Solutions





























Jordan Taylor

Jordan Taylor is Sr. Editor & writer from San Diego, CA. With over 20 years and 2650+ articles edited rest assured your Press Release will see traction.

Related Articles

Back to top button