The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
SEA: TSX and SA: NYSE Amex
President and CEO: Rudi P. Fronk
Chairman: James S. Anthony
Senior Vice President, Exploration: William E. Threlkeld
Seabridge Gold Inc. is a development stage company engaged in the acquisition and exploration of gold properties located Canada.
The company is designed to provide its shareholders with exceptional leverage to a rising gold price by increasing its gold ounces in the ground but not to go into production on its own.
During the period 1999 through 2002, when the price of gold was lower than it is today, Seabridge acquired 100 percent interests in eight advanced-stage gold projects in North America.
As the price of gold has moved higher over the past several years, Seabridge has begun exploration activities and engineering studies at several of its projects.
Seabridge is currently focused on the KSM (Kerr-Sulphurets-Mitchell) property in northwest British Columbia, which is one of the world's largest undeveloped gold-copper projects, and the Courageous Lake property located in the Slave Province of Northwest Territories.
In August, Seabridge reported that the first 11 holes drilled this season on the FAT (Felsic Ash Tuff) deposit at its Courageous Lake gold project have exceeded expectations, increasing confidence in the current resource with a potential for expanding it.
The junior said drilling is ongoing with another 30 holes planned for the 2010 season.
The Courageous Lake project consists of 27,263 hectares, or 67,366 acres, covering 53 kilometers, or 33 miles, of a greenstone belt, including the 2 kilometer- long FAT deposit.
It hosts an estimated gold resource of 591,000 ounces (measured) in 6.29 million metric tons grading 2.92 grams per metric ton gold; 3.65 million ounces (indicated) in 53Mt grading 2.14 g/t gold, and 5.97 million ounces (inferred) in 93.7Mt grading 1.98 g/t gold.
Seabridge also reported in August that ongoing engineering work to optimize a preliminary feasibility study completed in March for the KSM Project has generated significant economic enhancements. New metallurgical test work undertaken by G&T Metallurgical Services Inc. confirms that a higher grade copper concentrate can be produced from the project and a coarser grind can be used without sacrificing copper recoveries. In total, these improvements are estimated to reduce the PFS Base Case average annual operating costs by US$12.8 million (about US$20 per ounce of gold produced) or about US$465 million over the nearly 37-year projected mine life.
Cash and short-term deposits: C$50.39 million (at June 30, 2010)
Working capital: C$47.4 million (at June 30, 2010)
Market capitalization: C$1.24 billion (at Sept. 6, 2010)
106 Front St. East, Suite 400 Toronto, Ontario M5A 1E1
Tel: (416) 367-9292 Fax: (416) 367-2711
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