RE: Sabina Silver Announces Initial 2008 Jo Zone RHope latest favourable results proves positive for the share price tomorrow. The market is so unpredictable on positive news.
Jo shows more zinc and silver for Sabina
Vancouver - While a frustrating delay continues to hang over its Hackett River prefeasibility study, Sabina Silver (SBB-V) has released more decent drill results from the Jo zone.
On news of the results Sabina's share price gained 1¢ to close at 92¢.
The Jo zone, part of Sabina's Hackett Riverproperty about 100 km southwest of the head of Bathurst Inlet, Nunavut,sits outside the areas being considered in the prefeasibility study.But Sabina has been drilling the zone with an eye to potentially addresources to its plans.
Highlights from the 2008 campaign include 5metres grading 8.54% zinc, 4.62% copper, 0.48% lead, 340.3 grams silverper tonne and 0.53 gram gold per tonne in hole 5 starting 84 metresbelow surface.
The Jo zone could add to a potential miningoperation the company proposed in a 2007 preliminary economicassessment. In it Sabina envisions developing two open pits, one at theMain zone and another at East Cleaver, as well as an underground mineat Boot Lake.
All told the three areas contain an indicatedresource of 47.1 million tonnes grading 4.67% zinc, 0.32% copper, 0.68%lead, 149.89 grams silver and 0.32 gram gold per tonne.
Sabina had intended to bring the project to the prefeasibility stage sometime around the end of the year.
But in a statement Sabina president Anthony Walshsays, "The delays we are encountering as well as the extra workrequired on the project could push the pre-feasibility study outfurther than the year-end target provided previously."
Sabina CFO Duncan Caldwell says that meansSabina will cut back on its budget this year to keep its accounts flushwith cash. The company had meant to design its budget based on resultsfrom the prefeasibility study, he says.
The Northern Miner,8/25/2008