Seabridge Gold Files Second Quarter 2010 Financial Statements and MD&A
August 09 2010 - 4:33PM
Marketwired
Seabridge Gold (TSX: SEA)(NYSE Amex: SA) announced today that it
has filed its Second Quarter Financial Statements and Management's
Discussion and Analysis for the three and six month periods ended
June 30, 2010 on SEDAR (www.sedar.com). To review these documents
on the Company website, please see
http://www.seabridgegold.net/2010-Q2-Report.pdf.
Recent Highlights
-- Drilling, engineering and permitting programs begin at Courageous Lake
and KSM
-- Drilling at KSM confirms Iron Cap as new large gold-copper deposit with
the potential to improve project economics
-- Courageous Lake drilling increases confidence in the resource and finds
potential expansions
Financial Results
During the three month period ended June 30, 2010 Seabridge
posted a net loss of $1,644,000 ($0.04 per share) compared to a
loss of $1,278,000 ($0.03 per share) for the same period last year.
During the 2nd quarter, Seabridge invested $8,018,000 in mineral
interests, primarily at KSM and Courageous Lake, compared to
$3,700,000 during the same period last year. At June 30, 2010, net
working capital was $47,413,000 compared to $9,140,000 at December
31, 2009. In addition, at June 30, 2010 the Company had $11,000,000
invested in a two-year Canadian bank guaranteed note at interest
rates higher than its shorter term investments. Short and long term
investments are held in Canadian dollars.
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 December 31, 2009 Annual Information Form
filed with SEDAR in Canada (available at www.sedar.com) and 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 Inc. Rudi P. Fronk President and C.E.O.
(416) 367-9292 (416) 367-2711 (FAX) info@seabridgegold.net
www.seabridgegold.net
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