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Mining Explorers 2009: Seabridge Gold Inc.

 

Last updated 11/1/2009 at Noon



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 designed to provide its shareholders with exceptional leverage to a rising gold price.

From 1999 through 2002, when the gold price was lower, Seabridge acquired nine North American projects with substantial gold resources, including the multimillion-ounce Kerr-Sulphurets-Mitchell deposits near Stewart, British Columbia and the Courageous Lake deposit in Northwest Territories.

Subsequent exploration by Seabridge has significantly expanded its acquired gold resource base.

Seabridge is pursuing three value-enhancing strategies - search for gold projects in North America with growth potential; explore projects likely to expand gold ownership; and Partner with others to advance projects toward production while limiting risk and sharing dilution.

Seabridge's philosophy is to provide investors with participation in gold ownership and gold flow as a hedge against other asset classes and currencies.

Its ultimate objective is to obtain gold flow from projects for Seabridge's shareholders, effectively turning cash into gold, contrary to the gold industry's current practice of converting gold into cash flow.

At KSM, Seabridge reported near-completion of a 14,000-meter drill program in September aimed at upgrading the project's inferred mineral resources; generating geotechnical information for pit slopes, waste dumps and other infrastructure; and installing monitoring wells for environmental base-line work.

A 30-year mine plan contained in the project's 2009 preliminary assessment captured 1.29 billion metric tons of mineralized material of which 277 million metric tons were classified as inferred mineral resources.

To upgrade these in-pit inferred resources to the measured and indicated categories, 12 additional holes totaling about 4,000 meters have been drilled at Mitchell, seven holes totaling 3,100 meters at Sulphurets, and four holes totaling 900 meters at Kerr.

Conversion of the in-pit inferred resources will enable Seabridge to report a mine reserve in its preliminary feasibility study scheduled for completion in March 2010.

The Courageous Lake Project hosts the FAT deposit, which is considered Canada's largest undeveloped gold project, covering about 67,000 acres located in the Northwest Territories.

The 53-kilometer-long land position covers 85 percent of Courageous Lake's greenstone belt.

The FAT deposit hosts estimated measured and indicated gold resources of 4.2 million ounces, plus another 6 million ounces in inferred resources.

Seabridge is revising its mine plan for Courageous Lake to reduce energy costs and to including an underground scenario and longer mine life.

The company did not conduct an exploration program on the property in 2009, but hopes to complete an updated preliminary assessment in the first quarter 2010.

Cash and short-term deposits: C$26.9 million

Working capital: C$24 million

Market capitalization: C$1.21 billion

106 Front St. E., Suite 400

Toronto, Ontario M5A 1E1

Tel: 416-367-9292

Fax: 416-367-2711

 

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