- March 31, 2011) - Seabridge Gold
(TSX:SEA)(NYSE Amex:SA) announced today that
it has filed its Audited Consolidated Financial Statements and its
Management's Discussion and Analysis for the year ended December 31,
2010 on SEDAR (www.sedar.com).
To review these documents on the Company website, please see http://www.seabridgegold.net/2010-Q4.pdf.
The Company reported a net profit for the year ended December 31, 2010
of $3,540,000 or $0.09 per share compared to a net loss of $4,679,000
or $0.12 per share for 2009. In 2010, the Company sold its residual
interest in the Noche Buena project in Mexico
for a gain $10.2 million. During 2010, the Company incurred
expenditures of $28.9 million at its KSM project and $9.6 million at
its Courageous Lake project. In 2010, the Company released a
Preliminary Feasibility Study including the first mineral reserves on
the KSM project. The 2010 drilling resulted in new mineral resources
being announced in early 2011 and an updated Preliminary Feasibility
Study is scheduled for completion in April 2011. At Courageous Lake,
2010 work undertaken included drilling and engineering, environmental
and metallurgical studies which resulted in new mineral resources being
announced in early 2011 and will culminate with the release of a
revised Preliminary Economic Assessment in 2011, followed by a
Preliminary Feasibility Study in 2012.
Cash, short term deposits and a guaranteed long-term investment at
December 31, 2010 totaled $41.8 million up from $9.3 million at
December 31, 2009.
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, 2010 Annual Information Form filed with SEDAR in Canada (available
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.