Permitting Progresses at Seabridge Gold's KSM Project
June 09 2010 - 9:59AM
Marketwired
Seabridge Gold (TSX: SEA)(NYSE Amex: SA) reports that the
environmental permitting process for its 100% owned KSM Project in
northern British Columbia (BC) is proceeding on schedule. The
Canadian Environmental Assessment Agency (CEAA) has released its
"Proposed Scope of the Environmental Assessment" document and
invited the public to submit comments over a 30 day period. This
document identifies the components of the proposed KSM Project and
the scope of the environmental assessment required to address the
"comprehensive study regulations" as listed in the Canadian
Environment Assessment Act.
Seabridge President Rudi Fronk stated that "the release of this
document by the CEAA allows us to continue on schedule with the
preparation of our environmental assessment application document
which we plan to submit to the federal and provincial governments
in late 2010. We have been working diligently with the federal
regulatory authorities to obtain this document since July 2009 when
the CEAA released the Notice of Commencement for an Environmental
Assessment. We look forward to reviewing the public comments, as
public participation in Canadian environmental reviews is a key
policy commitment by the federal government. The Environmental
Assessment process that we have entered into is identical to the
process governing the release of final permits for the Morrison and
Mount Milligan Copper-Gold projects (also both located in BC) and
the proposed Detour Lake Gold Mine in Ontario."
Environmental studies are being conducted under the leadership
of Clem Pelletier, the CEO of Rescan Environmental Services Ltd.
Rescan Environmental Services Ltd. is a Canadian-based consulting
firm offering a wide range of environmental and engineering
services to clients around the world. Rescan assists industries,
institutions and governments in achieving sound environmental
practices for the benefit of present and future generations.
Seabridge and Rescan will continue to work closely with federal and
provincial regulators to advance the environmental permitting
process of the KSM Project, and to share project related
information with Treaty Nations, First Nations and public
stakeholder groups.
KSM project mineral reserves, estimated in the recently
completed Preliminary Feasibility Study using a gold price of
US$850 per ounce and a copper price of US$2.25 per pound, are
stated in the following table (see news release dated March 31,
2010 for details):
----------------------------------------------------------------------------
In Situ Average Grades
---------------------------------------
Reserve Tonnes Gold Copper Silver Molybdenum
Zone Category (millions) (gpt) (%) (gpt) (ppm)
----------------------------------------------------------------------------
Mitchell Proven 570.6 0.64 0.17 2.95 58.0
----------------------------------------------------------------
Probable 764.8 0.59 0.16 2.93 62.3
----------------------------------------------------------------
Total 1,335.4 0.61 0.16 2.93 60.4
----------------------------------------------------------------------------
Sulphurets Probable 142.2 0.61 0.28 0.44 101.8
----------------------------------------------------------------------------
Kerr Probable 125.1 0.28 0.48 1.26 Nil
----------------------------------------------------------------------------
Totals Proven 570.6 0.64 0.17 2.95 58.0
----------------------------------------------------------------
Probable 1,032.1 0.56 0.22 2.38 60.2
----------------------------------------------------------------
Total 1,602.7 0.59 0.20 2.58 59.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Contained Metal
----------------------------------------------------------------
Gold Copper Silver Moly
(million (million (million (million
Zone ounces) pounds) ounces) pounds)
----------------------------------------------------------------------------
Mitchell 11.7 2,101 54.1 73.0
----------------------------------------------------------------
14.5 2,722 72.0 105.0
----------------------------------------------------------------
26.3 4,823 126.1 178.0
----------------------------------------------------------------------------
Sulphurets 2.8 883 2.0 31.9
----------------------------------------------------------------------------
Kerr 1.1 1,319 5.1 Nil
----------------------------------------------------------------------------
Totals 11.7 2,101 54.1 73.0
----------------------------------------------------------------
18.4 4,924 79.1 137.0
----------------------------------------------------------------
30.2 7,024 133.1 209.9
----------------------------------------------------------------------------
Estimated proven and probable reserves of 30.2 million ounces of
gold (1.60 billion tonnes at 0.59 grams of gold per tonne) are
derived from estimated total measured and indicated resources of
38.9 million ounces of gold (2.1 billion tonnes at 0.57 grams of
gold per tonne) including allowances for mining losses and dilution
(see www.seabridgegold.net/KSM-PFS.pdf for details).
National Instrument 43-101 Disclosure
The KSM Preliminary Feasibility Study was prepared by Wardrop, a
Tetra Tech Company, under the direction of Frank Grills, and
included the work of other consultants (see news release of March
31, 2010). The 2010 KSM exploration program is under the direction
of William E. Threlkeld, Senior Vice President of Seabridge.
Environmental activities at KSM are being conducted by Seabridge
personnel and qualified consultants under the supervision of R
.Brent Murphy, M.Sc., P.Geol., #1613 (NWT and Nunavut), Seabridge's
Environment and Sustainability Manager. These individuals are
Qualified Persons under National Instrument 43-101 and have
approved this news release.
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 including the timing and results of the
environmental assessment and permitting process referred to in this
release. 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 December 31, 2009 Corporation's Annual Information Form
filed with SEDAR in Canada (available at www.sedar.com) and in the
Corporation's Annual Report Form 40-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 Rudi P. Fronk President and C.E.O.
(416) 367-9292 (416) 367-2711 (FAX) info@seabridgegold.net
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