VANCOUVER, British Columbia, April 28, 2022 (GLOBE NEWSWIRE) — Saber Gold Mines Corp. (TSX: SGLD, OTCQB: SGLDF) (“Saber Gold” or the “Company”) is very pleased to announce a key appointment to its management team as well as a project financing and project update for its 100% owned Copperstone Gold Project. located in Arizona, USA.
Appointment of the management team
Saber Gold is very pleased to announce that Mr. Mike Maslowski has been appointed Vice President, Chief Operating Officer.
Giulio Bonifacio, President and CEO, said: “Since Mike joined our group through the acquisition of Golden Predator, we have been extremely pleased with his leadership and hands-on approach on our Copperstone and Brewery Creek. Mike brings a wealth of experience and with the recent addition of Sid Tolbert, Vice President, General Manager, we have established a senior project team that will enable Saber Gold to execute its strategy to advance the Copperstone and Brewery projects. Creek in production in the near term.
Mr. Maslowski is a geological engineer with a career spanning over 40 years of varied experience in resource exploration and mining operations in various parts of the world. He has led grassroots exploration programs, developed properties from exploration to production and managed mining operations. He was the team leader for the discovery of the Diamond Hill mine for Pegasus Gold in the 1990s and brought the mine into production. He worked for Coeur d’Alene Mines for 10 years in positions such as exploration manager and assistant general manager of the Palmarejo mine in Chihuahua, Mexico. He was Vice President Exploration and Chief Operating Officer at Golden Predator Canada. Most recently, he was superintendent of technical services for Teck’s Pend Oreille underground lead-zinc mine in northeastern Washington State. Mr. Maslowski holds a B.Sc. in Geological Engineering from the Colorado School of Mines, is a Certified Professional Geologist (CPG) from the American Institute of Professional Geologists (AIPG), a Qualified Person (QP) such as defined by National Instrument 43-101 and a member of SME.
John Galassini has resigned as chief operating officer. Saber Gold would like to express its thanks to Mr. Galassini for his contributions as well as for facilitating what has been a smooth transition to our new Chief Operating Officer, Mike Maslowski. We wish John good luck in his future endeavours.
Project Funding Update
Saber Gold continues to advance discussions regarding project debt that will allow Copperstone to proceed to production within twelve months of financing. Saber Gold’s project financing strategy remains focused on minimizing dilution to our existing stakeholders. To date, we are pleased with the progress made in advancing discussions with potential lenders, Star Royalties, and our current lenders, both directors of the Company.
Saber Gold is in the enviable position of being one of the few companies with a fully licensed gold project in the American Southwest that can be brought into production at very short notice. The restart capital required remains in line with previous estimates. Given the existing infrastructure and underground development, the capital required is significantly lower than what would generally be required. The existing infrastructure includes a tailings impoundment, a 600 tonne per day mill, site facilities and over 4,300 meters of underground development.
Project financing will focus on project debt as the primary source, which will minimize dilution and may include the sale of short-term investments, including proceeds from exercise of options or warrants. The Company is currently evaluating several project debt financing alternatives and will provide a further update as discussions progress.
As previously reported, additional detailed engineering and refinement has been completed on the 600 tonne per day processing facility which will now incorporate a full ore leaching process followed by Merrill-Crowe recovery and on-site refining. . Plant layout and organizational charts with associated capital and operating cost estimates have been completed. Detailed engineering is estimated at 70% complete with organizational charts and plant layout completed. At the same time, metallurgical tests are in their final phase, indicating excellent gold recovery. Final metallurgical testing will provide data to confirm equipment sizing and operating costs.
In addition to recently completed definition drilling, a detailed mine plan and production schedule has been completed by Mine Development Associates, Reno Nevada, which defines the workings and production areas for the first five years of mine life, which is a continuation of previous work done to prepare the fully licensed mine for start-up and progress to full production.
In addition, all capital and operating expenditures have been reviewed through more detailed engineering and incorporated into an updated discounted cash flow model. The mine plan indicates annual production of approximately 40,000 to 45,000 ounces per year while demonstrating favorable economics which include the expected future conversion of additional resources depending on the open pit nature of the Copperstone and Footwall zones.
Due to limitations in underground development, drill pads and the geometry of the gold-bearing shear zones, the Company intends to drill more as it progresses underground development ahead of the underground mining zones.
Mine rehabilitation is complete and significant progress has been made in the majority of areas that will be mined in the early years of mine life. Small Mines Development was engaged and completed 1,674 linear feet of rehabilitation which included heavy duty ground support and improved mine dewatering systems. The rehabilitation completes a series of efforts to ensure safety standards and readiness for large-scale mining production.
About Saber Gold Mines Corp.
Saber Gold is a diversified, multi-asset North American short-term gold producer that owns 100% ownership of the fully licensed Copperstone Gold Mine located in Arizona, USA, and the ‘or Creek Brewery located in Yukon, Canada, both of whom are former producers. Management intends to restart production at Copperstone and then Brewery Creek in the short term. Saber Gold also has other investments and projects in various stages of development.
Saber Gold’s two advanced projects contain approximately 1.5 million ounces of gold in the measured and indicated categories, and approximately 1.2 million ounces of gold in the inferred category. Additionally, Copperstone and Brewery Creek have considerable exploration potential with a combined land package of over 230 square kilometers that will be drill tested with currently identified high priority targets. Saber Gold is led by an experienced team of mining professionals with a background in exploration, construction and mining operations.
For more information, please visit the Saber Gold Mines Corp website. (www.sabre.gold).
Caution Regarding Forward-Looking Statements
This press release contains forward-looking information under Canadian securities laws, including statements regarding drilling results, potential mineralization, potential expansion and upgrading of mineral resources and current expectations regarding future exploration and development plans. These forward-looking statements involve various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. These statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in these statements. These uncertainties and risks include, but are not limited to: the strength of the Canadian economy; the price of gold; operational, funding and liquidity risks; reliance on third parties, exploration risk, inability to upgrade resources, the extent to which mineral resource and reserve estimates reflect actual mineral resources and reserves; the extent to which the factors which would make a mineral deposit commercially viable are present, and the risks and dangers associated with underground operations and other risks involved in the mineral exploration and development industry. Risks and uncertainties regarding Saber Gold’s business are further discussed in the Company’s disclosure documents, including its Annual Information Form and MD&A, filed with securities regulators in Canada and available at www.sedar.com and readers are urged to read these documents. Saber Gold undertakes no obligation to update any forward-looking statements or to update why actual results may differ from such statements, except as required by law.
For more information, please contact:
Saber Gold Mines Corp.
President and CEO