Seabridge Gold Files First Quarter 2010 Financial Statements and MD&A 43-101 Preliminary Feasibility Study for KSM Filed on SEDA
May 14 2010 - 5:51PM
Marketwired
Seabridge Gold (TSX: SEA)(NYSE Amex: SA) announced today that it
has filed its First Quarter Financial Statements and Management's
Discussion and Analysis for the three month period ended March 31,
2010 on SEDAR. To review these documents on the Company website,
please see http://www.seabridgegold.net/2010-Q1-Report.pdf.
The Company also reports that the full Preliminary Feasibility
Study for KSM has now been filed on SEDAR (see news release dated
March 31, 2010).
Financial Results
During the three month period ended March 31, 2010, Seabridge
recorded a net profit of $73,000 compared to a loss of $997,000 for
the same period last year. During the first quarter, Seabridge
invested $3,767,000 in mineral interests, primarily at KSM,
compared to $1,821,000 during the same period last year. At March
31, 2010 net working capital was $57,498,000 compared to $9,140,000
at December 31, 2009. In March 2010, the Company closed a base
shelf prospectus financing of 2,875,000 common shares for gross
proceeds of US$65,837,500.
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 reserves and resources
by project and resource category please visit the Company's website
at http://www.seabridgegold.net/resources.php.
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 refers to documents which make statements and
provide information about our expectations for the future which are
considered to be forward-looking information or forward-looking
statements under Canadian and United States securities laws. This
information is provided to help you understand management's current
views of our future prospects, and it may not be appropriate for
other purposes. This information is based on a number of material
assumptions, and is subject to a number of material risks, which
are discussed in detail in our Annual Information Form filed on
SEDAR at www.sedar.com and our Annual Report on Form 40-F filed on
EDGAR at www.sec.gov/edgar.shtml.
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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