Sabina project map

Sabina project map (Image: Sabina Gold & Silver)

Update from CEO Chat... Rob McLeod comments on the Black River project (link here).

Sabina Gold Silver (SBB:TSX) is just out with news that Rob Pease will be stepping down as CEO and will be replaced by experienced mining engineer and junior mining company builder Bruce McLeod, of the well known McLeod BC mining family.

Pease will be retiring and has had a very successful career in the business. One career highlight of his would have to be selling the Mt. Milligan project (Terrane Metals) to Thompson Creek Metals, which has since put the mine into production. He was also part of the team that sold Richfield Ventures to New Gold for $500 million.

For an excellent interview with Pease by B.C. business when he joined Sabina see here.

Bruce McLeod

Bruce McLeod

Bruce McLeod will now be taking the reins at Sabina and move the large Back River project through to hopefully production. Mr. McLeod is a mining engineer with over 30 years of experience in all aspects of mining.

Mr. McLeod states, "I believe that Back River is a world class asset and by all accounts, our development team and consultants have been doing an excellent job in progressing the feasibility study and permitting efforts. Based on my due diligence of Back River, I am excited to be given the opportunity to become involved with a project that offers high grade gold resources in an excellent geo-political region as well as the high potential for new discoveries to come. Not only has the project evolved significantly over the last year, recent changes to currency and energy prices offer opportunities to also positively impact the project economics. My role is to ensure we have an optimal project and path forward and I am eager to work with the team."

Sabina is fully funded for 2015 with $30 million in the till. Catalysts the first half of this year include an updated feasibility study and filing an EIS. In the second half of the year the team hopes to complete an environmental assessment.

Sabina at press time was trading at $0.435 giving the company a market cap of ~$85 million.

Read:  A 'must watch' gold developer for when the bull market returns

Discuss Sabina at chat.ceo.ca