Drilling has commenced at Seabridge Gold's (TSX: SEA)(NYSE Amex:
SA)100% owned Courageous Lake project as part of a $7.3 million
exploration program designed to (i) upgrade inferred resources
within the current FAT deposit pit plan, (ii) complete geotechnical
drilling required to move towards a Preliminary Feasibility Study
("PFS") and (iii) look for new targets along the 53 kilometers of
the Matthew's Lake greenstone belt held by Seabridge. The 2011
program will include approximately 20,000 meters of core drilling,
divided into a winter program which is now in progress and a summer
program commencing in June.
Seabridge President and CEO Rudi Fronk said that "we expect to
announce the results of a new Preliminary Economic Assessment for
Courageous Lake which is now scheduled for late May which is about
one month later than originally planned. The work to take this
study to a PFS level in 2012 must begin now with the key focus
being further additions to the FAT deposit's 6.8 million ounce
measured and indicated gold resource from which reserves will be
calculated. Last year's 22,000 meter drill program successfully
increased measured and indicated gold resources by 2.5 million
ounces." Results from the updated PFS on the KSM project are
expected to be released on schedule in late April.
The NI 43-101 compliant resource estimate is as follows:
Courageous Lake Gold Resources at 0.83 gram per tonne cutoff
------------------------------------------------------
Measured Indicated
------------------------------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/T) (000's) (000's) (g/T) (000's)
------------------------------------------------------
12,584 2.52 1,020 77,582 2.31 5,762
------------------------------------------------------
------------------------------------------------------
Measured plus Indicated Inferred
------------------------------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/T) (000's) (000's) (g/T) (000's)
------------------------------------------------------
90,166 2.34 6,782 63,053 2.24 4,541
------------------------------------------------------
For a detailed summary of the resource model see
http://www.seabridgegold.net/readmore.php?newsid=312.
Gold resource estimates included herein were prepared by
Resource Modeling Inc. under the direction of Michael Lechner, who
is independent of Seabridge and a Qualified Person as defined by
National Instrument 43-101. Mr. Lechner is a highly regarded expert
in his field and frequently undertakes independent resource
estimates for major mining companies. The independent technical
report detailing the Courageous Lake resource model has been filed
on SEDAR at www.sedar.com.
Exploration activities by Seabridge Gold at the Courageous Lake
gold project will be conducted under the supervision of William E.
Threlkeld, Registered Professional Geologist, Senior Vice President
of the Company and a Qualified Person as defined by National
Instrument 43-101. A rigorous quality control/quality assurance
protocol will be employed during the 2011 Courageous Lake drill
program including blank and certified reference standards inserted
by the Company at a rate of not less than one of each type in every
30 samples. Repeats and re-splits of the sample rejects will be
analyzed at a rate of not less than one sample in every 25 for each
type. Samples will be assayed at Acme Laboratories, Vancouver, B.C.
using fire assay atomic adsorption methods for gold and total
digestion ICP methods for other elements. Cross-check analyses will
be conducted at a second external laboratory on at least 10% of the
samples.
Mr. Lechner and Mr. Threlkeld have reviewed and approved this
news release.
Seabridge holds a 100% interest in several North American gold
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 reserves and mineral resources by
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 document contains "forward-looking information" within the
meaning of Canadian securities legislation and "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995. This information and
these statements, referred to herein as "forward-looking
statements" are made as of the date of this document but many of
them relate to estimates and projections prepared in 2007, 2008 and
2011. Forward-looking statements concerning the expected completion
of a Preliminary Economic Assessment or a PFS relate to future
events or future performance and reflect current estimates,
predictions, expectations or beliefs regarding future events and
include, but are not limited to, statements with respect to: (i)
the amount of mineral reserves and mineral resources; (ii) the
amount of future production over any period; (iii) cumulative
pre-tax net cash flow of the proposed mining operation; (iv)
capital costs; (v) operating costs, including credits from the sale
of other metals; (vi) mining rates; (vii) mine life; (vii) planned
expenditures; and (viii) upgrading inferred resources. Any
statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
using words or phrases such as "expects", "anticipates", "plans",
"projects", "estimates", "envisages", "assumes", "intends",
"strategy", "goals", "objectives" or variations thereof or stating
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved, or the negative
of any of these terms and similar expressions) are not statements
of historical fact and may be forward-looking statements.
All forward-looking statements are based on Seabridge's or its
independent consultants' current beliefs as well as various
assumptions made by them and information available to them on the
date the statements are made. These assumptions include: (i) the
presence of and continuity of metals at the Project at modeled
grades; (ii) the capacities of various machinery and equipment;
(iii) the availability of personnel, machinery and equipment at
estimated prices; (iv) exchange rates; (v) metals sales prices;
(vi) appropriate discount rates; (vii) tax rates and royalty rates
applicable to the proposed mining operation; (viii) financing
structure and costs; (ix) anticipated mining losses and dilution;
(x) metals recovery rates, (xi) reasonable contingency
requirements; (xii) receipt of regulatory approvals on acceptable
terms; and (xiii) the negotiation of satisfactory terms with
impacted First Nations groups. Although management considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect. Many
forward-looking statements are made assuming the correctness of
other forward-looking statements, such as statements of cumulative
pre-tax net cash flow, which are based on other forward-looking
statements and assumptions. The cost information is also prepared
using earlier values, but the time for incurring the costs will be
in the future and it is assumed costs will remain stable over the
relevant period.
By their very nature, forward-looking statements involve
inherent risks and uncertainties, both general and specific, and
risks exist that estimates, forecasts, projections and other
forward-looking statements will not be achieved or that assumptions
do not reflect future experience. We caution readers not to place
undue reliance on these forward-looking statements as a number of
important factors could cause the actual outcomes to differ
materially from the beliefs, plans, objectives, expectations,
anticipations, estimates, assumptions and intentions expressed in
such forward-looking statements. These risk factors may be
generally stated as the risk that the assumptions and estimates
expressed above do not occur, but specifically include, without
limitation, risks relating to variations in the mineral content
within the material identified as mineral reserves from that
predicted; variations in rates of recovery and extraction;
developments in world metals markets;, risks relating to
fluctuations in the Canadian dollar relative to the US dollar;
increases in the estimated capital and operating costs or
unanticipated costs; difficulties attracting the necessary work
force; increases in financing costs or adverse changes to the terms
of available financing, if any; tax rates or royalties being
greater than assumed; changes in development or mining plans due to
changes in logistical, technical or other factors; changes in
project parameters as plans continue to be refined; risks relating
to receipt of regulatory approvals or settlement of an agreement
with impacted First Nations groups; the effects of competition in
the markets in which Seabridge operates; operational and
infrastructure risks; and the additional risks 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). Seabridge cautions that the foregoing
list of factors that may affect future results is not
exhaustive.
When relying on our forward-looking statements to make decisions
with respect to Seabridge, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Seabridge does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by Seabridge or on our behalf, except as
required by law.
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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