Seabridge Gold Files Year
End Audited Financial Statements and MD&A
Toronto, Canada...Seabridge Gold Inc. announced today that it
has filed its Audited Consolidated Financial Statements and its Management's Discussion and Analysis
for the year ended December 31, 2011 on SEDAR (www.sedar.com). To review
these documents on the Company's
website, please see: http://www.seabridgegold.net/sharefinrep.php.
The Company reported a net loss for the year ended December
31, 2011 of $20.1 million or $0.48 per share compared to a net profit of $3.3 million or $0.08 per share for 2010. The majority of
the 2011 expenses related
to administrative expenses including
the fair value of options granted
in the current and prior years. In 2010, the Company sold its
residual interest in the Noche Buena project
in Mexico for a gain $10.2 million.
In 2011, the Company incurred $27.6 million of expenditures
at KSM and filed an updated preliminary feasibility study, increasing mineral reserves to 38.5 million ounces
of gold and 10 billion pounds of copper. Additional work was completed in
2011 in preparation of a new preliminary
feasibility study, expected in the second quarter of 2012. Also
in 2011, $13.2 million of expenditures
were incurred at Courageous Lake that culminated in a new resource estimate and the completion of a revised economic assessment. Work continued at Courageous
Lake throughout the year
and the Company expects to
release the results of the first preliminary
feasibility study for the project in the second quarter of 2012.
The Company completed two financings
in 2011, raising gross proceeds of $57.4 million.
The Company ended the year with $54.3 million of cash
and short-term deposits, up
from $30.8 million at December 31, 2010.
The Company's
principal assets are the 100% owned
KSM property located near Stewart, British Columbia, Canada and the 100% owned 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, 2011 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.
.