SEABRIDGE GOLD FILES SECOND QUARTER 2011 FINANCIAL STATEMENTS AND MD&A
Seabridge Gold 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, 2011 on SEDAR
(www.sedar.com). To review these documents on the Company website, please seehttp://www.seabridgegold.net/sharefinrep.php. Highlights of the quarter included:
For the three month period ended
June 30, 2011, the Company reported a net loss of $8.1 million or $0.20 per
share compared to a net loss of $1.6 million or $0.04 per share in the
comparable quarter of 2010. The $8.1 million loss in the second quarter of
2011 included a $7.1 million charge relating to stock based compensation
and included the fair value expense on options that were granted in 2008 but
did not vest until June 2011.The Company's working capital position, at June
30, 2011, was $58.1 million up from $32.0 million at the end of 2010.
Cash and short-term deposits at June 30, 2011 totaled $60.7 million.
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 reserves and resources by project
and resource category please visit the Company's website athttp://www.seabridgegold.net/resources.php.