PRECIOUS METALS,DIAMONDS & GEMSTONES INVESTMENT SUMMIT

THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 20 MAY 2010www.ObjectiveCapitalConferences.com

10.00 – 10.25 Focus on Silver: Creating precious metals opportunities in the Canadian North Tony Walsh – CEO, Sabina Gold & Silver

Hackett River Camp, looking to west

Sabina Gold & Silver Corp.

Creating precious metals opportunities in the Canadian North

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Forward Looking Statements

This presentation includes certain "forward looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization, mineral resources or reserves, exploration results and future plans and objectives of Sabina Gold & Silver Corp. are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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WHO ARE WE?

Sabina Gold & Silver Corp. is an emerging precious metals company.

The Company owns a highly prospective land package in one of the world’s newest and most politically stable mining jurisdictions - Nunavut, Canada.

Sabina’s holdings comprise the Wishbone Greenstone Belt which includes the world class Hackett River project and is adjacent to the Company’s advanced staged Back River Gold Project

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OPENING A MINING REGION IN CANADASabina management has

extensive experience in the North

Nunavut is a politically safe mining jurisdiction.

Nunavut is actively looking for sustainable development through resources.

Permitting process is rigorous but well understood.

Strong relationships in place.

Opportunities for partnerships

Hackett large enough to sustain infrastructure which could open the district for mining.

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2010 STRATEGY FOR NUNAVUT PROJECTS

George Lake Camp

6

Demonstrate world class size and economic viability of Hackett River Silver project

Become a mid-tier gold producer at Back River

Aggressively explore Wishbone Greenstone belt to add new deposits

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Kidd

Creek

Bruns

wick

No. 1

2

Mt. Ly

ell

LaRon

de

Rutta

n

Carib

ou

Flin

Flon

Crand

on

Hacke

tt Riv

er

Geco

Horne

Min

e (H

& G

)

Mt. Mor

gan

Prei

ska

Selb

aie

(all

oreb

odie

s)

Bisha

Norita

Arctic

(Bro

oks Ran

ge)

Pyha

salm

i

Unite

d Ver

de

Bessh

i

Outok

umpu

Scud

dles

Matta

gam

i Lak

e

Grand

uc

High

Lake

Izok

Lake

0

20

40

60

80

100

120

140

160

World’s Largest VMS Deposits

HACKETT RIVER – IN TOP 10 AND GROWING

PRECIOUS METALS

BASE METALS

HA

CK

ET

T R

IVE

R

Ton

ne

s (

mil

lio

ns

)

Data source: Galley et al. , Mineral deposits of Canada, 2007 and selected company websitesMetal distribution using 2009 PEA metal prices in USD, $2.09 Cu, $0.88 Zn, $0.61 Pb, $13.20 Ag, $880 Au.

PEA mineable resource

Geological resource

8

Kidd C

reek (

149 m

t)

Bruns

wick N

o. 12

(137

mt)

Mt Lye

ll (107

mt)

LaRon

de (8

8 mt)

Ruttan

(83 m

t)

Caribo

u (70

mt)

Flin F

lon (6

3 mt)

Hacke

tt Rive

r (80 m

t)

Geco (

58 m

t)

Horn M

ine (H

& G

) (54 m

t)

-3,500

-3,000

-2,500

-2,000

-1,500

-1,000

-500

0

HACKETT RIVER 80 MILLION TONNES WITHIN FIRST 350 METERS

OF SURFACE… AND GROWING

surfaceMeters

World’s largest VMS deposits

VMS deposits can go to significant depth

Kidd Creek & Horne Mine: decades long producers

Hackett River significant resource shallow, open pitable and completely open to depth

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.

Improved over 2007 mineral resource.Higher grades and recoveries.Resources have increased by 400% since 2004Open pit NSR ~ $180/tonne In Situ Value

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HACKETT RIVER 2009 MINERAL RESOURCE

Indicated 43,340,000 tonnes Inferred 14,620,000 tonnes

Metal Grade Product Metal Grade Product

Ag 144 g/t 200,480,000 ounces Ag 136 g/t 64,020,000 ounces

Zn 4.65 % 2,016,000 tonnes Zn 4.46 % 652,000 tonnes

Cu 0.42 % 180,000 tonnes Cu 0.31 % 46,000 tonnes

Pb 0.64 % 278,000 tonnes Pb 0.57 % 84,000 tonnes

Au 0.30 g/t 419,000 ounces Au 0.31 g/t 144,000 ounces

2009 PRELIMINARY ECONOMIC ASSESSMENT

Generates $1.8 billion net pre-tax cash flowEstimated recovered metals:Silver 182.8 million ozZinc 4,817.9 million lbsCopper 311.1 million lbsLead 614.4 million lbsGold 0.3 million oz

Production rateDaily 12,000 tonnesAnnual 4.23 million tonnes

Life of mine 16 yearsStrip ratio (waste:ore) 7:1 tonnesCapital expenditure (CAD)

Initial $668.0 millionSustaining $343.0 million

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2009 PRELIMINARY ECONOMIC ASSESSMENTAnnual metal production

Years 1-10

Silver 13.6 million oz

Zinc

367.3

million lbs

Copper 25.7 million lbs

Lead 46.5 million lbs

Gold 20.8 thousand ozEconomics (Pre-tax, 5% discount, Ag US$13.20, Zn$0.88)

Net free cash-flow $1.8 CAD billion

NPV $975 CAD million

IRR 25.9 %

Payback 4.3 Years11

12

13

On a by-product net smelter basis, total cash costs per oz of silver production is expected to average minus US$4.06/oz over the first five years, and minus US$1.19/oz over the life of the mine (Figure 11).

0.0

3.0

6.0

9.0

12.0

15.0

2016E 2018E 2020E 2022E 2024E 2026E 2028E 2030E

Pay

able

Sil

ver

Pro

du

ctio

n (

MM

oz)

-12.00

-8.00

-4.00

0.00

4.00

8.00

To

tal

Cas

h C

ost

s n

et o

f b

ypro

du

ct c

red

its

(US

$/o

z)

Payable Silver Total Cash Costs for Silver (net of by-product credits)

Source: Company reports, Dundee Securities estimates

TOTAL CASH COSTS FOR PAYABLE SILVER PRODUCTION NET OF BY-PRODUCT CREDITS

HACKETT RIVER DEPOSITS AREACurrent Resources sit in 2 X 5 Km area

2009 exploration objectives:

Find high-grade copper/gold/silver stringer mineralization.

Identify new deposits.

Improve project economics.

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Main Zone West - 2009 drilling intersected massive sulphides and copper stringer mineralization outside current pit limits.

East Cleaver – Flying Horse Area - 2009 drilling intersected massive sulphides and copper stringer mineralization outside current pit limits.

SUCCESSFUL DRILLING IN DEPOSIT AREAS

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17

Planned drilling of 20,000 meters in 2010 at a cost of ~$10 million; double the 2009 program.

Targeted to increase resource by at least 10% by looking to:

Find copper/silver/gold stringer zones

Increase the size of existing deposits

Increase size through new near surface discoveries.

Targeted drilling within current pit shell aimed at converting waste to ore, reducing stripping ratios and increasing pit size.

Demonstrate a pipeline of exploration opportunities for years to come.

HACKETT RIVER PROJECT – 2010 TARGETS

WISHBONE PROJECT - GREENSTONE BELTExploration success in 2009

on limited program.

New discovery – May Zone.

Belt includes over 95 mining leases and claims.

150 km long x 30 km wide.

Numerous precious metals and VMS targets.

Encouraging gold showings southern portion of property.

Pipeline of targets, both near and long term.

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New Discovery on limited 2009 program.

Potential source of additional feed for proposed mill or defer underground mining.

Follow up drilling planned for 2010 $3m budgeted.

significant surface sampling at near by Watson Lake

Drill to resource by end of 2010

2009 DISCOVERY – MAY ZONE

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2009 Surface sample 5,160 g/t Ag &30.3 g/t Au

2009 Drillhole- 73 g/t Ag10.9% Zn over 10.6m

BACK RIVER PROJECT

George Lake Camp

Acquired in June 2009.

Discovery in 2009 with limited drilling program.

High grade open-pitable gold target at Goose Lake.

Target add 500k–750k oz.

Project offers track for nearer term gold production for Sabina.

Wishbone offers a pipeline of gold exploration opportunities.

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Dell Prospect

DepositIndicated Inferred

Tonnes Grade (Au g/t) Oz Au Tonnes Grade

(Au g/t) Oz Au

Goose Lake 1,577,000 11.9 603,000 992,000 9.2 295,000

George Deposits 1,838,000 10.0 590,000 2,563,000 10.5 866,000

TOTAL 3,415,000 10.9 1,193,000 3,556,000 10.2 1,162,000

Grade Tonnage Report , Ordinary Kriging Estimate - Cut 1m Gold CompositesAll Estimated Blocks Reported within 5g/t Au Lower Cutoff Grade Defined Interpretation

BACK RIVER 2007 RESOURCES

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BACK RIVER 2009 EXPLORATIONDiscovery at Echo Zone

Echo Gold Zone2009 Discovery

Drillhole --8.2 g/t Au/15.2m

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Goose Deposit 2007 resourceIndicated 1.58N tonnes at 11.9 g/t Au,

Inferred 0.99M tonnes at 9.2 g/t Au

BACK RIVER PROJECT – 2010 TARGETS

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20,000 meters of drilling targeted for 2010

$10m budget

Significant New Discovery at Llama Lake Gold Zone -2010

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Analagous to Goose Lake mineralization

8km from existing resource at Goose

Strike length of 300m depth of 150 m and open

Intercepts include hole GSE10-31 returning 16.92g/t Au over 22m including 36.58g/t Au over 4.7

Three drill rigs continue to work at Llama to complete winter drilling

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Hole Width (Meters)

Grade g/t Au

GSE10-21Upper Zone 1Middle Zone1Lower zone

Including

2.3 7.5 8.45 6.05

14.3 1.2216.2721.55

GSE10-25Upper Zone 1Upper Zone 2 (partial)

IncludingLower Zone

Including

13.753.618.46.85.61.8

2.012.304.719.245.3414.37

GSE10-27Upper ZoneLower ZoneCutIncluding

11.17.27.21.0

9.2168.62 (uncut)27.87 (cut to 100 g/t)393.40

GSE10-31Upper Zone

IncludingIncluding

Lower Zone

22.012.44.7Assays Pending

16.9222.8536.58

Llama Lake Discovery – Reported Drill Holes

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Goose DepositIndicated 1.58N tonnes at 11.9 g/t Au,

Inferred 0.99M tonnes at 9.2 g/t Au

InternalConceptual Open Pit

Area with Limited or No Drilling

GOOSE DEPOSIT -- 2010 PLANS

2010 Objectives:

Test undrilled areas of internal open pit scenario

Sample historical hanging-wall drilling

Compile data for conceptual open pit studies in fall 2010

COOK LAKE OPTION – Northern Manitoba

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Option to earn 100% of Cook Lake North and South properties from Xstrata by spending $10 million over 5 years

Directly adjacent to HudBay’s Lalor deposit

Internal interpretations are that the Lalor deposit horizon is near surface on the Cook Lake North property

Sabina team is familiar with project

Gives us presence in another prolific mining jurisdiction in Canada

Project provides short and long term opportunities for discoveries

Close to infrastructure – can be worked year round providing news flow counter cyclical to Nunavut properties

Diversifies Sabina’s portfolio of assets

COOK LAKE MANITOBA

RED LAKE PROPERTIES

NEWMAN-MADSEN

50/50 with Premier Gold Mines Inc.

GOLDENSIDEWALK100% SABINA

SKINNER100% SABINAREDAURUM

(Sabina 20% carried interest)

Red Lake Camp>23 Million Oz Au

Produced

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CORPORATE SUMMARY

Sabina Gold & Silver Corp.

Trading symbol: SBB

Listed exchange Toronto

Market capitalization (approx)

$215 million

Shares outstanding 114 million

Fully diluted 145 million

Current cash estimate $40 million

Debt None

52 week trading range $0.77 to $1.93

At market close May 12/10 $1.85

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WHY INVEST IN SABINA GOLD & SILVER?

• Net cash flow of $1.8 billion

Management/PeopleStrong TreasuryExcellent Land

Position