ProShares Short SmallCap600 T.SBB

Recent Company Response...

[silvereagle123]

Hi ...,

Thank you for your email.

Yes, we had expected that we would receive the Minister’s decision by the end of the year (as that is what we had been told). Although we are still holding out hope – it is rather unlikely and it looks like we won’t hear until early next year. We will wait a little longer over the next week or so and then put an update out to the market if we don’t get a letter.

In the interim we have continued to work with the Kitikmeot Inuit Association (“KIA”) and various responsible agencies to define additional measures to address the NIRB uncertainties stated in the report (despite there being agreement from these agencies at the final hearings). This work includes a recent two-day workshop on wildlife management and mitigation held in Yellowknife and multiple visits to the Kitikmeot communities, Iqaluit and Ottawa resulting in an additional 25 meetings with hamlet councils, hunters and trappers’ organizations, advisory groups and the public since the last Company update.

We continue to receive broad based Inuit support for the Project. In fact, we believe it is unprecedented for a mining project. Written letters to the Minister on behalf of Sabina and the Project have been received from the KIA, Hamlet Councils, Hunters and Trappers Organizations, community representatives, as well as the Government of Nunavut. Additionally, the Company has also been working with the KIA to progress the Inuit Impact and Benefit Agreement required for the Project.

We are continuing internal work to advance the project, albeit with a view to conserving capital until we receive clarity from the Minister’s office.

I wish that I had more news than this...but also keep in mind it is tax loss selling season as well and all of us are feeling a little extra selling pressure.

Hopefully we will have some good news early next year. In the meantime thank you for your support and a happy holidays to you and yours too.

Best,
Nicole

Nicole Hoeller
Vice-President, Communications & Corporate Secretary
Sabina Gold & Silver Corp.
# 375- 555 Burrard Street (Two Bentall Centre)
Box 220
Vancouver, BC V7X 1M7
Tel: [phone]
Toll free: 888-648-4218