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Jul 19, 2017

Sabina shares jump as much as 7% as Nunavut gold project gets go-ahead

Sabina Black River project

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Shares of Sabina Gold & Silver Corp (SBB.TO) rose as much as 7 per cent to a four-year high on Wednesday, a day after the Canadian miner got the green light for its Back River gold project in the northern territory of Nunavut.

The company said on Tuesday that the Nunavut Impact Review Board (NIRB), which assesses potential impact of developmental projects in the area, gave it the go-ahead to advance to the licensing phase.

Operations at the project, based in the Back River gold district, are expected to begin in 2019, the company said.

Sabina bought the project in late 2009 and discovered multiple new gold deposits in 2010 and 2011.

"We are moving ever closer to our goal of becoming a mid-tier gold producer in one of the world's best mining jurisdictions," Chief Executive Bruce McLeod said in a statement on Tuesday.

The company's shares were up 4.3 per cent at $2.18 on the Toronto Stock Exchange. Up to Tuesday's close, the stock had more than doubled this year.