Sabina Gold & Silver to build $610-million Nunavut mine
Sabina Gold & Silver (TSX:SBB) announced today that its board formally approved building the Goose Mine at the company’s 100% owned Back River Gold District in Nunavut, Canada.
The mine will have a CAPEX of $610 million. The mine will produce about 223,000 ounces of gold a year for 15 years.
Full construction starts in early 2023. First production is expected in the first quarter of 2025.
"Over the past few years, Sabina has been steadily advancing logistics, civil works, engineering and procurement. All pre-development activities are now completed and we are ready for full construction to commence in 2023. All major equipment and materials required for construction have been either procured, marshalled at our east and west transportation hubs, have been delivered or are in transit to the Port Facility in Bathurst Inlet, Nunavut. In addition, the underground ramp has been progressed to our first ore access sublevel and will be sufficiently completed to enable underground drilling of the V2 zone in the 4th quarter of this year," wrote the company.