Daily Archives: December 11, 2017

Sabina Gold & Silver Announces Commencement of the Review of its Water License Applications for the Back River Project

VANCOUVER, British Columbia, Dec. 11, 2017 (GLOBE NEWSWIRE) — Sabina Gold & Silver Corp (TSX:SBB.T), (“Sabina” or the “Company”) is pleased to announce that the Nunavut Water Board (NWB) has commenced public review of the Type A and Type B water license applications related to initial development, mine construction and operation of the Back River Project (the “Project” or “Back River”).

As announced on December 6, 2017, the Minister of Indigenous and Northern Affairs Canada, on behalf of the five responsible federal Ministers, accepted Nunavut Impact Review Board’s recommendation for the Project to proceed to the regulatory and licensing phase.  The NIRB has advised that the final Project Certificate will be issued on or before January 4, 2018.

The Type B water license would enable Sabina to commence certain initial pre-development activities in 2018 including onsite construction of service roads and laydown pads, and the mobilization of fuel, supplies and equipment at the Goose property and marine laydown area.  Sabina anticipates approval of the Type B water license in late Q1, 2018.

The Type A water license would allow for full construction and operation of the Back River project.  Sabina anticipates approval of the Type A water license in Q4, 2018.

“With a positive Ministers decision now in hand we are pleased to see that the licensing process has commenced which will enable full development of the Back River Project” said Bruce McLeod, President & CEO.  “We look forward to receiving the Project Certificate, various final licenses as well as finalizing the definitive agreements with the Kitikmeot Inuit Association for land tenure and Inuit benefits.”

Sabina Gold & Silver Corp

Sabina Gold & Silver Corp. is a well-financed, emerging precious metals company with district scale, world class undeveloped assets in one of the world’s newest, politically stable mining jurisdictions: Nunavut, Canada.

In September 2015, Sabina released a Feasibility Study on its 100% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~200,000 ounces a year for ~11 years with a rapid payback of 2.9 years. At a US$1,150 gold price and a 0.80 exchange rate, the Study delivers a potential after tax internal rate of return of approximately 24.2% with an initial CAPEX of $415 million.

The Project has advanced through the environmental assessment process with a positive decision from the federal government received December 5, 2017.  The Project is now in the final regulatory and licensing phase.

In addition to Back River, Sabina also owns a significant silver royalty on Glencore’s Hackett River Project. The silver royalty on Hackett River’s silver production is comprised of 22.5% of the first 190 million ounces produced and 12.5% of all the silver produced thereafter.

The Company had cash and equivalents of C$38.5m at September 30, 2017.

For further information please contact:

Nicole Hoeller, Vice-President, Communications:     1 888 648-4218
nhoeller@sabinagoldsilver.com

Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws (the “forward-looking statements”), including our belief as to the extent, results of permitting and environmental assessment outcomes, and access to project funding. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, commodity prices, changing foreign exchange rates and actions by government and regulatory authorities and misjudgments in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with exploration and project development; the need for additional financing; the calculation of mineral resources and reserves; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; government regulation; obtaining and renewing necessary licenses and permits; environmental liability and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers or directors; the absence of dividends; currency fluctuations; labour disputes; competition; dilution; the volatility of the our common share price and volume; future sales of shares by existing shareholders; and other risks and uncertainties, including those relating to the Back River Project and general risks associated with the mineral exploration and development industry described in our Annual Information Form, financial statements and MD&A for the fiscal period ended December 31, 2016 filed with the Canadian Securities Administrators and available at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. This news release is authorized by the undersigned on behalf of Sabina Gold & Silver Corp.

Bruce McLeod, President & CEO
Suite 1800 – Two Bentall Centre
555 Burrard Street
Vancouver, BC V7X 1M9
Tel 604 998-4175     Fax 604 998-1051
http://www.sabinagoldsilver.com

Algeco Scotsman Announces Debt Package for Refinancing, Acquisition of Touax Solutions Modulaires SAS and Exercise of Put Option

BALTIMORE, Md., Dec. 10, 2017 (GLOBE NEWSWIRE) — Algeco/Scotsman Holding S.à r.l. (together with its subsidiaries, the “Algeco Group”) today announced that a finance special purpose vehicle that will be a subsidiary of the Algeco Group has entered into a senior debt package arranged by a syndicate of lending institutions and a preferred stock facility with a group of other financing providers. The proceeds of this financing, or any debt issued in lieu of the loans under the facilities (which replacement debt could be in the form of loans, securities or other debt instruments, may be publicly or privately placed and may be denominated in euros or US dollars), will be used to refinance the existing capital structure of the Algeco Group, including its existing Senior Secured Notes due 2018 and existing Senior Unsecured Notes due 2019. In connection with this refinancing, a lending syndicate will provide a new $400 million senior secured asset backed facility. The debt package is contingent on the satisfaction of customary conditions, including the execution and delivery of definitive documentation and the Algeco Group currently contemplates that the refinancing will be completed in the first quarter of 2018.

The Algeco Group also today announced the successful closing of the acquisition by the Algeco Group of all of the shares of Touax Solutions Modulaires SAS (“TSM”), Touax’s Modular Division Europe, from TSM’s parent, Touax SCA. The addition of TSM expands the Algeco Group’s European presence to 18 countries operating from over 150 locations, with a modular fleet of over 220,000 modules. The acquisition also reinforces the Algeco Group’s leadership in the modular construction market in both sales and rental and further strengthens its position as a European market leader, most notably in France, Germany and Poland. As a consequence of the acquisition, current TSM customers will immediately have access to a wider catalogue of both high-quality products and value-added services.

In addition, the Algeco Group today announced that on December 6, 2017, it exercised its put option with funds managed by TDR Capital LLP, with respect to the shares of Williams Scotsman Holdings Corp. and WillScot Corporation (formerly Double Eagle Acquisition Corp.) that the Algeco Group received as part of the consideration for the previously announced sale of its North American modular space and portable storage operations. The sale of the shares has closed and the exercise price of $78.5 million has been received by the Algeco Group and was used in part to fund the acquisition of TSM.

Diarmuid Cummins, CEO Algeco Scotsman: “Today we announce two major steps forward for the Algeco Group, both of which are fundamental components of our stated objectives of maximizing value for our shareholders while ensuring that all obligations to other stakeholders continue to be met.  Algeco’s European business is already the leader in the industry, and the addition of TSM will further strengthen our European franchise and position, while the new debt package ensures that we have the room to continue capturing the improving performance not only in our European operations but also in our operations throughout the rest of the world.

Cautionary Notice Regarding Forward Looking Statements

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions, which reflect the Algeco Group’s expectations regarding its future operational and financial performance. By their nature, the forward-looking events described in this press release may not be accurate or occur at all. In particular, we may not be able to complete the refinancing on reasonable terms or at all, or realize the anticipated benefits of the acquisition of TSM.  Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made. Although any forward-looking statements contained in this press release reflect management’s current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation, and specifically decline any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Algeco Scotsman

Algeco Scotsman is the leading global business services provider focused on modular space, secure portable storage solutions, and remote workforce accommodation management. Headquartered in Baltimore, Algeco Scotsman has operations in 24 countries with a modular fleet of approximately 245,000 units and 11,400 remote accommodations rooms. The company operates as Target Logistics in North America, Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

About Touax SCA

The Touax group is a French family group listed in the French stock market and founded in 1855. Specialized in construction and operational leasing, the history of Touax begins in the towing activity on rivers. Organized in 4 branches – shipping containers, modular buildings, river barges, and freight railcars –  the Touax group is acting globally with the goal of providing buildings, mobility solutions, responsiveness and flexibility to projects for clients anywhere in the world. Through its four businesses, it serves local markets locally as well as global trade through platforms in Europe, North America, South America, and Asia, and meets companies’ and local government’s needs for movable, flexible solutions. Touax has been listed in the stock market since 1906, financial and corporate information on the group is public and can be found on the Touax group website: http://www.touax.fr/en

Disclaimer

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any security, and shall not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.

Investor Relations Contact:
Scott Shaughnessy
Vice President, Finance
Algeco Scotsman
410-933-5921
Scott.Shaughnessy@as.willscot.com

WTO warns of existing protectionism risks

The director-general of the World Trade Organization (WTO) has warned that “the threat of protectionism remains present” and insisted that “trade and technology are solutions” to global development.

Roberto Azevedo made the remarks to the press at the WTO’s 11th Ministerial Conference on Sunday in Argentina’s capital Buenos Aires. He revealed that debates during the conference would revolve around “agriculture, services, and fishing subsidies.”

The Conference, officially held from Monday to Wednesday, brings together more than 4000 delegates from 164 WTO member countries to make decisions on the rules of global trade.

Deputy Minister of Industry and Trade Tran Quoc Khanh led a Vietnamese delegation to the event.

The conference is focusing on 5 key topics: food security, agricultural development, fisheries’ subsidies, e-transactions, and taxes for industrial goods. It’s also expected to discuss measures to support small and medium enterprises, attract investment, boost trade, and protect the environment, as well as suggestions for the early completion of the Doha negotiating round which has previously postponed.

Source: VOV5

AU: Thousands of IS jihadists could return to Africa

Up to 6,000 Africans who fought for the Islamic State (IS) jihadist group in Iraq and Syria could return home, the African Union’s top security official warned on Sunday, calling on countries to prepare for the threat.

Smail Chergui, the AU’s commissioner for peace and security, said African nations would need to work closely with each other and share intelligence to counter returning militants. He said there are reports of 6,000 African fighters among the 30,000 foreign elements who joined this terrorist group in the Middle East and that the return of these elements to Africa poses a serious threat to national security and stability and requires specific treatment and intense cooperation between all African countries.

Source: VOV5

AU: Thousands of IS jihadists could return to Africa

Up to 6,000 Africans who fought for the Islamic State (IS) jihadist group in Iraq and Syria could return home, the African Union’s top security official warned on Sunday, calling on countries to prepare for the threat.

Smail Chergui, the AU’s commissioner for peace and security, said African nations would need to work closely with each other and share intelligence to counter returning militants. He said there are reports of 6,000 African fighters among the 30,000 foreign elements who joined this terrorist group in the Middle East and that the return of these elements to Africa poses a serious threat to national security and stability and requires specific treatment and intense cooperation between all African countries.

Source: VOV5

Macron asks Netanyahu to break peace deadlock

French President Emmanuel Macron told Israel’s Prime Minister Benjamin Netanyahu on Sunday that he needs to make gestures to the Palestinians to break the current impasse.

The two leaders met a few days after US President Donald Trump officially recognized Jerusalem as the capital of Israel. Macron condemned all forms of attack against Israel. Netanyahu reaffirmed that Jerusalem is the capital of Israel and no other nation.

Macron urged Netanyahu to show courage in his dealings with the Palestinians and freeze Jewish settlement building in the occupied territories.

Source: VOV5

WB: Vietnam’s medium-term growth forecast at 6.5%

Vietnam’s growth is projected at 6.7% this year and 6.5% in the next two years with a low inflation rate, the World Bank said at the launch of its semiannual report Taking stock-An update on Vietnam’s recent economic developments in Hanoi on Monday.

With incomes rising and poverty falling, Vietnam’s economy had another good year of strong growth and broad macroeconomic stability, said Ousmane Dione, the World Bank’s director for Vietnam.

Sebastian Eckardt, the World Bank’s lead economist for Vietnam, noted that structural reform remains a central priority in view of tepid productivity growth. He added that building on progress already made, Vietnam can further raise productivity growth through investments in infrastructure and skills, as well as deeper reforms of the business environment, SOEs and the banking sector.

The World Bank suggested that Vietnam take advantage of cyclical upstick to strengthen macroeconomic resilience and carry out structural reforms to boost productivity and lift potential growth.

Source: VOV5