Copperstone Project Continues To Make Progress In Preparation For Startup

VANCOUVER - Giulio T. Bonifacio, President and Chief Executive Officer of Sabre Gold Mines Corp. reported on the Copperstone gold project located in Arizona. “The Company continues to make significant progress at Copperstone in preparation of startup with progression to full production in the near term which now only remains subject to project funding. Definition drilling and results to date are continuing to show very good grade and continuity while adding further confidence to our updated geological model and our detailed mine plan. Estimated project capital for the restart of Copperstone remains in line with previous estimates as we continue to advance discussions with project lenders as well as other key stakeholders with an update on project funding to be provided in Q2-2022”

In addition to the recently completed definition drilling at Copperstone, significant progress has been made with detailed mine planning, process engineering and mine-rehabilitation. These efforts are a continuation of earlier work completed to prepare the fully permitted mine for start-up and progression to full production.

A comprehensive detailed mine plan.

Due to limitations of underground development, drilling platforms and the geometry of the gold bearing shear zones Sabre intends to drill several years in advance as it advances underground development ahead of the underground mining areas. Years 5 to 13 are scheduled to produce from areas that currently have inferred resources and yet un-delineated extensions of the existing resources. The cash flow model includes the required excavation of drill platforms as operational headings advance and the associated drilling required to identify, confirm and define mineable areas. Updated capital and operating expenses were reviewed and incorporated into a discounted cashflow model.

Further engineering and refinement were completed on the processing facility that will incorporate a Whole Ore Leach process followed by Merrill-Crowe recovery and onsite refining. Plant lay-out and flowsheets with associated capital and operating cost estimates were completed. Engineering is estimated at 60% completion with flowsheets and plant lay-out complete. Concurrently, metallurgical testing is in final stages, indicating excellent gold recovery. Final metallurgical tests will provide data to confirm the equipment sizing and operating costs.

Mine rehabilitation continued with significant progress made in the majority of areas that will be mined in the first several years of mine life. Small Mines Development have been engaged and are nearing completion of 1,674 linear feet of rehabilitation that included robust ground support and enhancement of mine dewatering systems. The rehabilitation completes a series of efforts to ensure safety standards and readiness for full scale mining production.