Canadian Agency Dismisses Complaints About KSM Permitting Process
November 21 2017 - 7:30AM
Seabridge Gold Inc (TSX:SEA) (NYSE:SA) announced today that
Canada’s National Contact Point (“NCP”) has concluded that a
complaint it received regarding aspects of the environmental
assessment review process for the Company’s KSM Project did not
merit further examination and its file has now been closed after
only the initial assessment level of review (see their report).
The NCP operates within the Canadian Department
of Foreign Affairs and promotes adherence to the Organization for
Economic Co-operation and Development’s (“OECD”) non-binding
Guidelines for Multinational Enterprises (the “Guidelines”).
The NCP issued its statement in response to
allegations made by the South East Alaska Conservation Council
(SEACC), a Non-Governmental Organization, that Seabridge violated
the Guidelines by failing to disclose project documents and engage
appropriately with stakeholders in Alaska and that the Company had
not exercised sufficient due diligence regarding potential
environmental and human rights impacts of the KSM Project.
Seabridge received provincial and federal approvals for its KSM
Project in northwestern British Columbia in 2014.
The NCP found that the KSM Project was subject
to a rigorous and detailed environmental assessment process by both
the federal and provincial governments. In its statement, the NCP
reports that in its investigation into the complaint, which
commenced in January of 2017, it discovered:
- Seabridge had disclosed all of its relevant studies and plans
related to the environment;
- federal and provincial environmental assessment agencies
conducted public consultations;
- evidence that Seabridge had also engaged with Alaskans at
multiple points during the environmental assessment process despite
no legal requirement to do so;
- the federal and provincial environmental assessment review
processes included examination of all potential negative impacts
and identification of mitigation measures where needed;
- evidence that the concerns of stakeholders had been integrated
into the environmental assessment process and ultimately had led to
important changes in KSM Project design.
Seabridge Chairman and CEO Rudi Fronk stated:
“We are pleased that the thoroughness of the federal and provincial
joint environmental assessment review process for KSM has been
acknowledged and that this complaint has been dismissed. I want to
thank the Canada’s National Contact Point for its detailed
investigation and reiterate that Seabridge remains committed to
continuing engagement with the people of northwestern BC and
southeastern Alaska, including Treaty and First Nations, as the KSM
Project moves toward development.”
The NCP review process imposes confidentiality
on its participants until release of its final statement.
Seabridge Gold holds a 100% interest in several
North American gold resource projects. The Company’s principal
assets are the KSM and Snip Gold properties located near Stewart,
British Columbia, Canada and the Courageous Lake gold project
located in Canada’s Northwest Territories. For a breakdown of
Seabridge’s mineral reserves and resources by project and category
please visit the Company’s website at
http://www.seabridgegold.net/resources.php.
None of the Toronto Stock Exchange, New
York Stock Exchange, or their Regulation Services Providers accepts
responsibility for the adequacy or accuracy of this
release.
All reserve and resource estimates
reported by the Corporation were calculated in accordance with the
Canadian National Instrument 43-101 and the Canadian Institute of
Mining and Metallurgy Classification system. These standards differ
significantly from the requirements of the U.S. Securities and
Exchange Commission. Mineral resources which are not mineral
reserves do not have demonstrated economic viability.
This news release includes certain
forward-looking statements or information. All statements other
than statements of historical fact included in this release,
including, without limitation, statements regarding mineral
reserves and resources of the Company and the potential economic
benefits of the Project are forward-looking statements that involve
various 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. Important factors that could cause actual results
to differ materially from the Company's plans or expectations
include regulatory issues, market prices, availability of capital
and financing, general economic, market or business conditions,
timeliness of government or regulatory approvals and other risks
detailed herein and from time to time in the filings made by the
Company with securities regulators. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise except as otherwise required by applicable securities
legislation.
ON BEHALF OF THE BOARD"Rudi Fronk" President
& C.E.O.
For further information, please contact:Rudi P.
Fronk, President and C.E.O.Tel: (416) 367-9292 Fax:
(416) 367-2711Email: info@seabridgegold.net
Seabridge Gold (NYSE:SA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Seabridge Gold (NYSE:SA)
Historical Stock Chart
From Apr 2023 to Apr 2024