Seabridge Gold (TSX:SEA)(NYSE Amex:SA) announced today that a
successful 2011 drill campaign at its 100%-owned KSM project has
increased estimated measured and indicated gold resources by 3.7
million ounces and added another 0.5 million ounces in the inferred
category. The updated, independent NI 43-101 compliant resource
estimate, prepared by Resource Modeling Inc. ("RMI") of Stites,
Idaho, will now be incorporated into a new Preliminary Feasibility
Study ("PFS") on KSM scheduled for completion in April, 2012.
The updated resource estimate, effective as of February 6, 2012,
is as follows:
To view the table titled "KSM Mineral Resources at 0.50 g/t Gold
Equivalent Cutoff-Grade," please visit the following link:
http://media3.marketwire.com/docs/SEA0802tables.png.
Seabridge Gold President and CEO Rudi Fronk noted that the
objective of the 2011 KSM drill program was to upgrade inferred
resources contained within the Sulphurets, Kerr and Mitchell open
pits defined in the 2011 PFS. "Successfully upgrading 3.7 million
ounces of gold resources to measured and indicated means that
proven and probable reserves are likely to climb from last year's
estimate of 38.5 million ounces of gold and 10.0 billion pounds of
copper when the updated PFS is completed this April. We also expect
improved economics from the conversion of in pit inferred resources
and unclassified material to measured and indicated, as these were
previously modeled as waste."
RMI's updated resource model incorporates 2011 drill results
from the Sulphurets, Kerr and Mitchell deposits. Gold and copper
grades were estimated using inverse distance weighting methods
within geologically constrained gold and copper grade domains
constructed for the Mitchell, Sulphurets, Kerr and Iron Cap zones.
The grade models were validated visually and by comparisons with
nearest neighbor models. The estimated block grades were classified
into measured, indicated and inferred mineral resource categories
based on mineralized continuity that was determined both visually
and statistically (i.e. variogram ranges and gold equivalent
indicator probability models) together with proximity to drilling
data. To facilitate comparisons with previous resource estimates,
recoverable gold equivalent grades were calculated using the same
$650 gold price with a 70% gold recovery rate and a $2.00 copper
price with an 85% copper recovery rate. The cutoff grade for
resource tabulation was set at 0.50 grams per tonne (g/t) gold
equivalent, also consistent with the cutoff grade used for previous
KSM resource estimates.
"Unlike other companies that update mineral resource estimates
using higher and higher metal prices, we have elected to
consistently report our resources at the metal prices that were
used when resources were first estimated. This practice enables us
to report a true increase in mineral resources based on drilling
results, not higher metal prices. One of our guiding principles is
to grow our gold resources faster than our shares outstanding. Last
year's drill programs increased measured and indicated gold
resources by 3.7 million ounces at KSM and 1.2 million ounces at
Courageous Lake while our shares outstanding only grew by
approximately 2.4 million during the same period." said Mr.
Fronk.
The drill hole database that was used to estimate mineral
resources for the KSM project now incorporates 508 diamond core
holes totaling approximately 144,375 meters. Over 97% of the holes
at Mitchell were drilled by Seabridge from 2006 through 2011.
Approximately 87% of the total Iron Cap meterage was drilled by
Seabridge in 2010. The majority of the Sulphurets assay data were
collected by Seabridge (71%), Placer Dome (15%) and Falconbridge
(5%). The remaining 9% of the Sulphurets drilling data were
collected by Esso Minerals and Newhawk Gold. The majority of the
drilling data for the Kerr zone were collected by Placer Dome
during the early 1990s. Seabridge's 2010 and 2011 Kerr drilling
campaigns now total about 17% of the Kerr drill hole data. RMI has
reviewed the quality assurance/quality control ("QA/QC") protocols
and results from Seabridge's 2006-2011 drilling programs and has
deemed that the number and type of gold and copper standard
reference materials (standards, blanks, and duplicates) were
reasonable. Based on the performance of those standard reference
materials, RMI believes that the Seabridge drill samples are
reproducible and suitable for estimating mineral resources. RMI
reviewed the Placer Dome QA/QC data for the Sulphurets and Kerr
zones and found the data to be reliable. No Esso QA/QC data were
available for review but RMI notes that the assay results from
those holes compare favorably with nearby Seabridge drill holes.
Based on QA/QC results and drill campaign comparisons, it is RMI's
opinion that the assay data for the Kerr and Sulphurets zones are
reliable for estimating resources.
National Instrument 43-101 Disclosure
Gold resource estimates included herein were prepared by
Resource Modeling Inc. under the supervision 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. Mr. Lechner has reviewed and
approved this news release.
Exploration activities at KSM are being conducted by Seabridge
personnel under the supervision of William E. Threlkeld, Senior
Vice President of Seabridge and a Qualified Person as defined by
National Instrument 43-101. Mr. Threlkeld has reviewed and approved
this news release. An ongoing and rigorous quality control/quality
assurance protocol was employed during the 2011 program including
blank and reference standards in every batch of assays. Cross-check
analyses were conducted at a second external laboratory on 10% of
the samples. Samples were assayed at Eco Tech Laboratory Ltd.,
Kamloops, B.C. and ALS Chemex, Vancouver, B.C., using fire assay
atomic adsorption methods for gold and total digestion ICP methods
for other elements.
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.
Forward-looking statements 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) any potential for the
increase of mineral reserves and mineral resources, whether in
existing zones or new zones; (iii) the amount of future production;
(iv) further optimization of the PFS including metallurgical
performance; (v) completion of and submission of an Environmental
Impact Statement and permit applications; and (vi) potential for
engineering improvements. 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
consultants' current beliefs as well as various assumptions made by
them and information currently available to them. 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) metallurgical performance; (xi) reasonable
contingency requirements; (xii) success in realizing further
optimizations and potential in exploration programs and proposed
operations; (xiii) receipt of regulatory approvals on acceptable
terms, including the necessary right of way for the proposed
tunnels; and (xiv) 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 net present
value and internal rates of return, which are based on most of the
other forward-looking statements and assumptions herein. The cost
information is also prepared using current 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 or mineral
resources 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 described in
Seabridge's Annual Information Form filed with SEDAR in Canada
(available at www.sedar.com) for the year ended December 31, 2010
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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