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TORONTO, CANADA--(Marketwire - July
17, 2008) - Seabridge Gold (TSX:SEA)(AMEX:SA) announced today that McElhanney
Consulting Services Ltd. ("McElhanney") has completed a
scoping level study evaluating road access alternatives for the
Company's 100% owned KSM Project located near Stewart, British
Columbia, Canada. The McElhanney study is appropriate for use in the
ongoing National Instrument 43-101 Preliminary Assessment for the KSM
project which is expected to be completed later this year. The
McElhanney study will be filed on SEDAR in its entirety.
In their report, McElhanney evaluated several alternative access routes
to the project and to the proposed plant site. Based on their work,
McElhanney has concluded that the least cost scenario for permanent
year round access to the KSM project and proposed plant sites is
achieved by constructing the Teigen Plant Site road from Highway 37 and
the Eskay-Coulter-Mitchell road from the Eskay Creek mine. McElhanney
estimates that completion of both these single lane roads would take
two years at a total cost of approximately C$82.8 million. McElhanney
has also identified a temporary winter road that, at a cost of
approximately C$5.6 million, could provide access to the property
across the Frank Mackie Glacier for equipment and supplies while the
two permanent roads are under construction.
To view the KSM Baseline Project Layout, please visit the following
link: http://media3.marketwire.com/docs/KSM%20Baseline.pdf
The Eskay-Coulter-Mitchell road heads south from the existing Eskay
Creek mine road and climbs gently towards Tom Mackay Lake. The road
then follows the height of land on the east side of Coulter Creek down
to a proposed bridge crossing of the Unuk River just upstream of
Sulphurets Creek. The road then traverses across the north side of the
Sulphurets Canyon up to the Mitchell deposit. McElhanney estimates the
total distance of this road at 32 kilometers
costing approximately C$51.5 million including C$2.0 million for the
two bridges over the Unuk River and Coulter Creek.
The Teigen Plant Site road leaves Highway 37 just north of Bell II. The
road than bridges Teigen Creek and continues up the south side of the
valley to the proposed plant site. McElhanney estimates the total
distance of this road at 29 kilometers costing approximately
C$31.3 million including C$1.3 million for the two bridge crossings
over Teigen Creek.
Seabridge President and CEO Rudi Fronk stated that the McElhanney Road
study "supports our assertion that access to the KSM project
enjoys significant logistical and cost advantages over other large
projects in the region. Clearly, road access has been a problem for
other projects in the region. Due to our close proximity to both the
Eskay Creek Mine and Highway 37, as well as favourable topography, we
can achieve year round access to the KSM project at a reasonable cost
and in a relatively short period of time. When completed, we expect the
Preliminary Assessment to confirm additional advantages for KSM
compared to other nearby projects."
The KSM Project Road Access Scoping Level Study by McElhanney
Consulting Services Ltd. was prepared under the direction of Robert
Parolin, P.Eng. and David Pow, P.Eng., both of whom are Qualified
Persons under National Instrument 43-101.
Seabridge holds a 100% interest in several North American gold resource
projects. The Corporation's principal assets are the KSM property in
British Columbia, one of the world's largest undeveloped gold/copper
projects, and the Courageous Lake gold project located in Canada's
Northwest Territories. For a breakdown of the Corporation's mineral
resources by project and resource category please visit the
Corporation's website at http://www.seabridgegold.net/Resource.htm.
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 Annual
Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2007 and in the Corporation's
Annual Report Form 20-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.
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