Seabridge Gold Inc. (TSX: SEA)(NYSE Amex: SA) -
A third-party, independent review of Seabridge Gold's resource
estimates for the KSM project has been completed by Behre Dolbear
& Company, a leading international mining consulting firm.
Based on their analysis, Behre Dolbear confirms that the KSM
resource model is reasonable and appropriate. Furthermore, Behre
Dolbear confirms that the resource estimates prepared by Resource
Modeling Inc. ("RMI") and dated January 2010 are accurate, conform
to industry practices and comply with the standards set out in
National Instrument 43-101. In their review, Behre Dolbear
considered alternate resource estimation procedures and parameters
and concluded that any resulting differences in resource estimates
and classifications are not significant, and that RMI's
project-wide estimation of measured and indicated resources is
conservative.
The scope of work for Behre Dolbear's review included visual
inspection of drill core and a thorough examination of drilling,
sampling, assaying and chain of custody procedures. Their review
concluded that all Seabridge's work met or exceeded industry
standards. In addition, Behre Dolbear states that quality assurance
and quality control procedures employed by Seabridge were excellent
and that the gold and copper standard assay comparisons and blank
sample analysis were outstanding. The Behre Dolbear review was
commissioned as part of the process of preparing a Preliminary
Feasibility Study which is now nearing completion.
Behre Dolbear is one of the oldest, continually operating,
minerals industry advisory firms in the world. Since 1911, they
have specialized in studies for financial institutions, mining
companies, governments and governmental agencies, legal firms, and
other parties with interests in the minerals industry. Behre
Dolbear's global experience covers the full spectrum of technical,
operational and financial issues in a broad range of commodities
including base and precious metals. The Behre Dolbear review was
undertaken by Joseph A. Kantor, Michael Fitzsimonds and Dr. Stanley
K. Hamilton, all of whom are Qualified Persons under National
Instrument 43-101. Behre Dolbear has reviewed and consented to this
news release.
The following table summarizes the mineral resource estimates
prepared by RMI for the KSM project using a 0.50 gram per tonne
(g/t) gold equivalent cut-off grade (see news release dated January
26, 2010 for details):
KSM Mineral Resources at 0.50 g/t Gold Equivalent Cutoff-Grade
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Zone Measured Mineral Resources
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Cu Lbs
Tonnes (000) Au (g/t) Au Ozs (000) Cu (%) (millions)
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Mitchell 659,700 0.64 13,574 0.17 2,472
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Sulphurets No measured resources
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Kerr No measured resources
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Total 659,700 0.64 13,574 0.17 2,472
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Zone Indicated Mineral Resources
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Cu Lbs
Tonnes (000) Au (g/t) Au Ozs (000) Cu (%) (millions)
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Mitchell 1,080,900 0.58 20,156 0.17 4,050
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Sulphurets 159,000 0.63 3,221 0.28 981
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Kerr 237,500 0.26 1,985 0.48 2,513
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Total 1,477,400 0.53 25,362 0.23 7,544
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Zone Measured plus Indicated Mineral Resources
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Cu Lbs
Tonnes (000) Au (g/t) Au Ozs (000) Cu (%) (millions)
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Mitchell 1,740,600 0.60 33,730 0.17 6,522
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Sulphurets 159,000 0.63 3,221 0.28 981
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Kerr 237,500 0.26 1,985 0.48 2,513
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Total 2,137,100 0.57 38,936 0.21 10,015
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Zone Inferred Mineral Resources
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Cu Lbs
Tonnes (000) Au (g/t) Au Ozs (000) Cu (%) (millions)
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Mitchell 537,000 0.44 7,597 0.14 1,657
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Sulphurets 144,000 0.50 2,317 0.16 511
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Kerr 76,100 0.20 489 0.30 503
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Total 757,100 0.43 10,403 0.16 2,671
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RMI is an independent consulting firm under the direction of
Michael J. Lechner, Licensed Registered Geologist (Arizona) #37753,
P.Geo. (British Columbia) #155344, AIPG CPG #10690 and a Qualified
Person under NI-43-101. Resource Modeling Inc.'s other clients
include some of the world's largest mining companies.
Seabridge holds a 100% interest in several North American gold
resource projects. The Company's principal assets are the KSM
property 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 resources by
project and resource category please visit the Company's website at
http://www.seabridgegold.net/resources.php.
All 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.
Statements relating to the estimated or expected future
production and operating results and costs and financial condition
of Seabridge, planned work at the Corporation's projects and the
expected results of such work are forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995. Forward-looking statements are statements that
are not historical facts and are generally, but not always,
identified by words such as the following: expects, plans,
anticipates, believes, intends, estimates, projects, assumes,
potential and similar expressions. Forward-looking statements also
include reference to events or conditions that will, would, may,
could or should occur. Information concerning exploration results
and mineral reserve and resource estimates 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 necessarily based
upon a number of estimates and assumptions that, while considered
reasonable at the time they are made, are inherently 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:
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 logistical, technical or other factors;
the possibility that results of work will not fulfill
projections/expectations and realize the perceived potential of the
Corporation's projects; uncertainties involved in the
interpretation of drilling results and other tests and the
estimation of gold reserves and resources; risk of accidents,
equipment breakdowns and labour disputes or other unanticipated
difficulties or interruptions; the possibility of environmental
issues at the Corporation's projects; the possibility of cost
overruns or unanticipated expenses in work programs; the need to
obtain permits and comply with environmental laws and regulations
and other government requirements; fluctuations in the price of
gold and other risks and uncertainties, including those described
in the Corporation's Annual Information Form filed with SEDAR in
Canada (available at www.sedar.com) for the year ended December 31,
2008 and in the Corporation's Annual Report Form 20-F filed with
the U.S. Securities and Exchange Commission on EDGAR (available at
www.sec.gov/edgar.shtml).
Forward-looking statements are based on the beliefs, estimates
and opinions of the Corporation's management or its independent
professional consultants on the date the statements are made.
ON BEHALF OF THE BOARD
Rudi Fronk, President & C.E.O.
Contacts: Seabridge Gold Inc. Rudi P. Fronk President and C.E.O.
(416) 367-9292 (416) 367-2711 (FAX) info@seabridgegold.net
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