Bruce McLeod, President and CEO of Sabina Gold and Silver discusses the company’s high producing project.
We are solely focused on precious metals. Our sole focus has been the Back River gold district in Nunavut. We also have a very significant silver royalty under the Hackett River Project that is currently owned by Glencore. Nunavut is a very good jurisdiction. What we have been working very hard on is to make sure that we are best in practices in terms of what we can deliver to our stakeholders, to the Inuit, to the communities and have a project that we can be proud of and regulators can be proud of in the future. This project discovered in the 80’s, acquitted by Sabina in 2009, today has 5.2 million ounces and measured and indicated reserves or resources plus another 2 million ounces in inferred resources, of which we’ve wrapped a feasibility around what we feel is the most profitable 2.4 million ounces. At the end of the day, if you look at gold projects that are not owned by mid-tiers and majors, that a $1,200 gold can deliver over a 30 percent rate of return and produce over 200 thousand ounces a year, there is very few of those. And in fact I think there is only two or three and we are one of those. Our average grade is just over 6.2 grams per ton of gold. These are the highest grade undeveloped open pits of over half a million ounces in the world.
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