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  • Sabina Gold & Silver has announced the company's financial results for the 2020 fiscal year
  • The company ended the year with cash and cash equivalents and short-term investments of $45 million and reported a net loss of $4.2 million for the year, or $0.01 per share
  • The announcement also highlighted several achievements for the company in the past year
  • Sabina Gold & Silver is a precious metal mining company engaged in exploring and developing mineral properties
  • Sabina Gold & Silver (SBB) is up 2.26 per cent and is currently trading at C$1.81 per share

Sabina Gold & Silver has announced the company's financial results for the 2020 fiscal year.

“2020 was a year of significant achievement for Sabina,” said Bruce McLeod, the Company’s President & CEO.

“Despite challenging work conditions due to our COVID operational framework, we were able to complete extensive work on both the exploration and project development fronts," he added.

The company ended the year with cash and cash equivalents and short-term investments of $45 million and reported a net loss of $4.2 million for the year, or $0.01 per share.

Highlights from the year-end report include multi-faceted exploration programs of the Black River project, including a drill program and field program in summer 2020.

The company also advanced key pre-development activities based on the results of the exploration program.

These activities included extending the airstrip to facilitate larger cargo and transport aircraft, construction of approximately 4km of roads, and completion of box cut excavation ahead of underground exploration in 2021.

A feasibility study that was completed in 2015 was completed in 2020, which resulted in revisions to the mine plan in order to increase gold production.

In addition to the multiple advancements that the company made in 2020, Mr. McLeod pointed out that "Sabina was the only company with large scale camp operations in the north not to have any COVID cases during the past year."

Sabina Gold & Silver is a precious metal mining company engaged in exploring and developing mineral properties. The company's current portfolio includes various properties in Canada at different stages of development.

Sabina Gold & Silver (SBB) is up 2.26 per cent and is currently trading at C$1.81 per share as of 3:31 pm ET.

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