Canada’s Sabina Gold & Silver Corp. has closed its bought deal financing worth $25.3 million, allowing the company to develop its Back River gold project.
“We are pleased with the progress we have made in 2018,” Bruce McLeod, the president and chief executive of Sabina, said in a statement. “This year we have obtained all critical environmental and regulatory authorizations, our land tenure agreement and Inuit Impact and Benefit Agreement with the Kitikmeot Inuit Association, constructed a port facility, made our first sea lift deliveries and made a significant new exploration discovery at Goose with Nuvuyak.”
Located in the country’s Nunavut territory, the Back River gold project has the potential to produce about 200,000 oz per year for a period of more than 11 years, with an estimated payback of 2.9 years, according to data released by the Canadian miner.