VMS Vortex Metals Inc

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


Sabina Gold & Silver Corp. (TSX:SBB) ("Sabina" or the "Corporation") is pleased
to announce that it has entered into an agreement with Dundee Securities
Corporation ("Dundee Securities") and a syndicate of underwriters (the
"Underwriters"), under which the Underwriters have agreed to purchase on an
underwritten basis 8,300,000 common shares (the "Common Shares") of Sabina at a
price of $2.70 per Common Share for total gross proceeds to Sabina of
$22,410,000. Under the agreement, the Underwriters have an over-allotment option
to purchase up to an additional 1,245,000 Common Shares, which if exercised in
full will result in total gross proceeds of $25,771,500. The proceeds of the
offering shall be used primarily to advance Sabina's exploration projects, for
general and administrative expenses and for working capital.


The Common Shares to be sold under the agreement will be offered by way of a
short form prospectus in the Provinces of British Columbia, Alberta and Ontario
and the Common Shares to be sold under this offering will be offered in the
United States on a private placement basis pursuant to an exemption from the
registration requirements of the United States Securities Act of 1933, as
amended. 


The offering is scheduled to close on August 5, 2010 and is subject to certain
conditions including, but not limited to, the receipt of all necessary
approvals, including the approval of the Toronto Stock Exchange and other
applicable securities regulatory authorities.


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


The properties consist of the Hackett River silver-zinc Project, the Back River
Gold Project, both advanced exploration properties, as well as the Wishbone
Claims, a vastly prospective grass roots project. The combined holdings total
approximately 3,000 square kilometres and cover the largely unexplored Wishbone
Greenstone belt. 


Hackett River is one of the largest undeveloped silver - zinc volcanic massive
sulphide ("VMS") deposits in the world with indicated resources totalling 43.6
million tonnes with diluted (recovery) grades of 4.15% zinc, 129 g/t silver,
0.35% copper, 0.58% lead and 0.27 g/t gold. An additional inferred open resource
totalling 16.0 million tonnes with diluted (recovery) grades of 3.53% zinc, 111
g/t silver, 0.24% copper, 0.46% lead and 0.25 g/t gold is also contained at
Hackett River. 


The Back River Project is comprised of the George and Goose Lake gold deposits
and contain measured & indicated gold resources of 3.4 million tonnes grading
10.9 g/t Au for 1.19 million ounces and inferred resources of 3.6 million tonnes
grading 10.2 g/t Au for 1.16 million ounces of gold. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful. The securities have not been registered
under the United States Securities Act of 1933, as amended and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements.


Quality Assurance

Mr. John Wakeford , P. Geo, and Senior Vice President, Corporate Development of
Sabina Gold & Silver Corp is a Qualified Person under the terms of NI43-101 and
has reviewed the technical content of this press release and approved its
dissemination. Mineral resources for Goose Lake and George Lake were generated
by RSG Global Consulting Pty Ltd (Coffey Mining) in September 2007, and are
posted on www.sedar.com.


The mineral resource estimate for Hackett River was prepared as part of the
Preliminary Economic Assessment (PEA) update by Gordon Zurowski, P.Eng.,
Principal Mine Engineer of PEG Mining Consultants Inc. CIM Definition Standards
(2005) have been used in defining the mineral resource categories. Project
Management of the PEA study was conducted by Eric Harkonen, P.Eng. and Principal
Project Manager/Mine Engineer of PEG Mining Consultants Inc. Both individuals
are qualified persons as defined by NI43-101. The report can be found at
www.sedar.com.


Forward Looking Statements

Statements relating to exploration, pre-feasibility work and future operations
at the Back River Project 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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