DPM Dundee Precious Metals Inc

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.


Sabina Gold & Silver Corp. (the "Company") (TSX:SBB) announced today the
completion of the previously announced offering qualified by short form
prospectus of 9,545,000 Common Shares (including the over-allotment) of the
Company at a price of $2.70 per share for total gross proceeds of $25,771,500.
The Company expects to use the proceeds to continue to progress its Nunavut
projects and for general corporate purposes.


The syndicate of underwriters included Dundee Securities, Paradigm Capital, BMO
Nesbitt Burns, Desjardins Securities and RBC Capital Markets. The underwriters
received a fee of 5% of the gross proceeds from the offering.


In addition to the prospectus qualified offering, the Company also sold to
Dundee Precious Metals ("DPM"), on a non-brokered basis 1,539,713 common shares
at $2.70 per share for gross proceeds of $4,157,225.10. The sale to DPM relates
to an Equity Participation Right Agreement signed between the Company and DPM
upon the purchase of the Back River Assets in June 2009.


"We're planning to continue to aggressively work on our Nunavut exploration
programs to follow up on the successes and new discoveries at Back River. The
new Llama Lake and Umwelt Lake gold discoveries are very exciting for the
Company and warrant considerably more work," said Tony Walsh, President & CEO
"This financing will provide a significant portion of the funding for our 2011
programs. We expect to end this year with approximately $50 million in cash and
will be well positioned to continue to move our projects forward."


SABINA GOLD & SILVER CORP. is a Canadian public mineral exploration and
development company. Key assets include the Hackett River silver project, the
Back River gold project and the Wishbone grassroots exploration project all in
Nunavut. Additionally, the Company has several projects in the Red Lake gold
camp and an option on the Cook Lake North & South properties directly adjacent
to the recently discovered Lalor deposit in Manitoba.


Forward Looking Statements

Statements relating to exploration, pre-feasibility work and future operations
at the Company's Nunavut Projects and the expected results of this work are
forward-looking statements within the meaning of securities legislation of
certain Provinces in Canada. Forward looking statements are statements that are
not historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Information inferred from the
interpretation of drilling results may also be deemed to be forward looking
statements, as it constitutes a prediction of what might be found to be present
when and if a project is actually developed. These forward-looking statements
are subject to a variety of risks and uncertainties which could cause actual
events or results to differ materially from those reflected in the
forward-looking statements, including, without limitation: risks related to
fluctuations in metal prices; uncertainties related to raising sufficient
financing to fund the planned work in a timely manner and on acceptable terms;
changes in planned work resulting from weather, logistical, technical or other
factors; the possibility that results of work will not fulfill expectations and
realize the perceived potential of the Company's properties; risk of accidents,
equipment breakdowns and labour disputes or other unanticipated difficulties or
interruptions; the possibility of cost overruns or unanticipated expenses in the
work program; the risk of environmental contamination or damage resulting from
Sabina's operations and other risks and uncertainties, including those described
in Sabina's Annual Report for the year ended December 31, 2009.


Forward-looking statements are based on the beliefs, estimates and opinions of
Sabina's management on the date the statements are made. Sabina undertakes no
obligation to update these forward-looking statements should management's
beliefs, estimates or opinions, or other factors, change.


This news release has been authorized by the undersigned on behalf of Sabina
Gold & Silver Corp.


Tony Walsh, President & CEO

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