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TORONTO, CANADA--(Marketwire - March 25,
2009) - Seabridge Gold Inc. (TSX:SEA)(NYSE Alternext US:SA)(NYSE
Amex:SA.A) announced today that Resource Modeling Inc.
("RMI") has completed updated independent National Instrument
43-101 mineral resource estimates for the Sulphurets and Kerr zones at
its 100% owned KSM project. A new NI-43-101 Technical Report covering
these zones and the recently announced updated resource estimate for
the Mitchell zone will be filed on SEDAR shortly.
The following table summarizes RMI's updated global mineral resource
estimate as of March 22, 2009 for the Sulphurets and Kerr zones:
Sulphurets and Kerr Zones Mineral Resources at 0.50 g/t Gold Equivalent Cutoff-Grade --------------------------------------------------------------------------- --------------------------------------------------------------------------- Indicated Resource Estimate ------------------------------------------------------------ ------------------------------------------------------------ Zone Tonnes Gold Copper Gold Copper (000) (g/t) (%) Ounces Pounds (000) (millions) --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sulphurets 87,300 0.72 0.27 2,021 520 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Kerr 225,300 0.23 0.41 1,666 2,036 --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- Inferred Resource Estimate ------------------------------------------------------------ ------------------------------------------------------------ Zone Tonnes Gold Copper Gold Copper (000) (g/t) (%) Ounces Pounds (000) (millions) --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sulphurets 160,900 0.63 0.17 3,259 603 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Kerr 69,900 0.18 0.39 405 601 --------------------------------------------------------------------------- ---------------------------------------------------------------------------
Seabridge Gold President and CEO Rudi Fronk
noted that "in addition to our success at Mitchell, the 2008 drill
program expanded the Sulphurets zone resource and increased average
gold and copper grades. Measured and indicated mineral resources for the
KSM project now stand at 1.82 billion tonnes containing 34.5 million
ounces of gold and 8.5 billion pounds of copper. In the inferred
category, resources for KSM now total 746 million tonnes containing
12.1 million ounces of gold and 2.8 billion pounds of copper. We will
now update the mine plans in our 2008 Preliminary Assessment to include
these new resource estimates which should add mine life beyond the
previous estimate of 30 years. We may also see the Sulphurets pit
connect with the Mitchell pit due to the resource increases in each of
these zones." The new mine plans should be completed in the second
quarter of this year. Mine plan sequencing will optimize grade in the
early years to facilitate pay-back of capital.
The Sulphurets resource estimate was updated by RMI using inverse
distance weighting methods within gold and copper grade envelopes that
were constructed incorporating the new drilling data along with an
updated geologic interpretation. RMI notes that kriging results compare
very favorably with the inverse distance estimate. The gold and copper
grade models were validated visually and by comparisons with nearest
neighbor models. The estimated block grades were classified into
indicated and inferred mineral resource categories based on mineralized
continuity that was determined both visually and statistically (i.e.
variogram ranges) together with the proximity to drill hole data.
Recoverable gold equivalent grades were calculated using a $650 gold
price with a 70% recovery rate and a $2.00 copper price with an 85%
recovery rate.
The Kerr resource was not updated because no new data has been
collected. RMI's March 2008 Kerr resource model was reblocked into
larger blocks and translated into the new district wide NAD83
coordinate system that is now being used along with a new aerial
topographic survey. The Kerr model was reblocked so that it could be
more easily integrated into the updated mine plan. The reblocking
exercise resulted in a slight decrease in contained metal for indicated
and inferred resources which is deemed reasonable due to the increased
dilution when going from smaller selective mining units to larger ones.
The Kerr model will be updated next year by incorporating new drilling
data that will be completed for metallurgical testing purposes.
The database for the Sulphurets zone now incorporates 65 core holes
totaling 15,207 meters. The database for the Kerr zone incorporates 144
core drill holes totaling 26,409 meters. The majority of the Sulphurets
assay data was collected by Placer Dome, Seabridge Gold and Esso
Minerals Ltd. RMI has been able to review the Placer Dome quality
assurance-quality control ("QA/QC") data for the Sulphurets
deposit and found the data to be reliable. No Esso QA/QC data were
available for review. Seabridge drilled five core holes totaling 1,623
meters into the Sulphurets deposit in 2006, plus an additional 3 core
holes totaling 1,761 meters in 2008. Seabridge implemented a QA/QC
program consisting of the submission of standards, blanks, and
duplicates. The results from Seabridge's Sulphurets QA/QC program show
the assay data to be reliable for estimating resources. The majority of
the drilling data for the Kerr deposit were collected by Placer Dome
during the early 1990s. Placer implemented QA/QC protocols that
included the submission of standard reference materials, blanks, and
duplicates, which were assayed at their research facility in Vancouver,
BC. A significant number of pulps were re-assayed by an independent
lab, which corroborated the Placer data. Based on these results, the
assay data for the Kerr deposit are reliable for estimating resources.
Mineral resources for the Sulphurets and Kerr zones are summarized in
the tables below at a variety of recoverable gold equivalent cutoff
grades.
Sulphurets Zone Resource Estimates at Different Recoverable Gold Equivalent Cutoff Grades --------------------------------------------------------------------------- --------------------------------------------------------------------------- AuEQV Indicated Mineral Resources Cutoff ------------------------------------------------------------ (g/t) ------------------------------------------------------------ Tonnes Au Au Cu Cu Lbs (000) (g/t) Ozs (%) (millions) (000) --------------------------------------------------------------------------- 0.30 93,500 0.69 2,074 0.25 515 --------------------------------------------------------------------------- 0.40 92,200 0.70 2,074 0.25 508 --------------------------------------------------------------------------- 0.50 87,300 0.72 2,021 0.27 520 --------------------------------------------------------------------------- 0.60 82,100 0.74 1.953 0.28 507 --------------------------------------------------------------------------- 0.70 79,000 0.75 1,905 0.29 505 --------------------------------------------------------------------------- 0.80 75,700 0.76 1,849 0.30 500 --------------------------------------------------------------------------- 0.90 71,500 0.77 1,769 0.31 488 --------------------------------------------------------------------------- 1.00 66,900 0.78 1,679 0.32 472 --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- AuEQV Inferred Mineral Resources Cutoff ------------------------------------------------------------ (g/t) ------------------------------------------------------------ Tonnes Au Au Cu Cu Lbs (000) (g/t) Ozs (%) (millions) (000) --------------------------------------------------------------------------- 0.30 190,700 0.58 3,556 0.15 631 --------------------------------------------------------------------------- 0.40 180,900 0.60 3,490 0.16 638 --------------------------------------------------------------------------- 0.50 160,900 0.63 3,259 0.17 603 --------------------------------------------------------------------------- 0.60 136,300 0.67 2,937 0.20 601 --------------------------------------------------------------------------- 0.70 113,800 0.69 2,524 0.23 577 --------------------------------------------------------------------------- 0.80 91,200 0.72 2,112 0.26 523 --------------------------------------------------------------------------- 0.90 77,000 0.75 1,857 0.29 492 --------------------------------------------------------------------------- 1.00 65,400 0.79 1,660 0.32 461 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Reblocked Kerr Zone Resource Estimates at Different Recoverable Gold Equivalent Cutoff Grades --------------------------------------------------------------------------- --------------------------------------------------------------------------- AuEQV Indicated Mineral Resources Cutoff ------------------------------------------------------------ (g/t) ------------------------------------------------------------ Tonnes Au Au Cu Cu Lbs (000) (g/t) Ozs (%) (millions) (000) --------------------------------------------------------------------------- 0.30 287,900 0.21 1,944 0.34 2,158 --------------------------------------------------------------------------- 0.40 252,500 0.22 1,786 0.38 2,114 --------------------------------------------------------------------------- 0.50 225,300 0.23 1,666 0.41 2,036 --------------------------------------------------------------------------- 0.60 198,600 0.24 1,533 0.44 1,926 --------------------------------------------------------------------------- 0.70 172,700 0.25 1,388 0.48 1,827 --------------------------------------------------------------------------- 0.80 150,400 0.26 1,257 0.52 1,724 --------------------------------------------------------------------------- 0.90 129,900 0.27 1,127 0.56 1,603 --------------------------------------------------------------------------- 1.00 114,900 0.28 1,034 0.60 1,519 --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- AuEQV Inferred Mineral Resources Cutoff ------------------------------------------------------------ (g/t) ------------------------------------------------------------ Tonnes Au Au Cu Cu Lbs (000) (g/t) Ozs (%) (millions) (000) --------------------------------------------------------------------------- 0.30 98,600 0.16 507 0.31 673 --------------------------------------------------------------------------- 0.40 81,700 0.17 447 0.35 631 --------------------------------------------------------------------------- 0.50 69,900 0.18 405 0.39 601 --------------------------------------------------------------------------- 0.60 59,500 0.19 364 0.43 564 --------------------------------------------------------------------------- 0.70 51,600 0.20 332 0.46 523 --------------------------------------------------------------------------- 0.80 44,900 0.20 289 0.50 495 --------------------------------------------------------------------------- 0.90 39,100 0.21 264 0.53 457 --------------------------------------------------------------------------- 1.00 33,800 0.22 239 0.57 425 --------------------------------------------------------------------------- ---------------------------------------------------------------------------
RMI is an independent consulting firm under
the direction of Michael J. Lechner, Licensed Registered Geologist
(Arizona) #37753, P.Geo. (British Columbia) #155344, AIPG CPG #10690
and a Qualified Person under NI-43- 101. Mr. Lechner reviewed this news
release.
The 100% owned KSM project, located near Stewart, British Columbia,
Canada, is one of the world's largest undeveloped gold/copper projects.
The following table summarizes NI 43-101 compliant mineral resources
for all three zones at the KSM project using a 0.50 gram per tonne
(g/t) gold equivalent cut-off grade (see news release dated March 11,
2009 for details on the Mitchell zone).
KSM Mineral Resources at 0.50 g/t Gold Equivalent Cutoff-Grade --------------------------------------------------------------------------- --------------------------------------------------------------------------- Measured Mineral Resources Zone ------------------------------------------------------------ ------------------------------------------------------------ Tonnes Au Au Cu Cu Lbs (000) (g/t) Ozs (%) (millions) (000) --------------------------------------------------------------------------- Mitchell 579,300 0.66 12,292 0.18 2,298 --------------------------------------------------------------------------- Sulphurets No measured resources --------------------------------------------------------------------------- Kerr No measured resources --------------------------------------------------------------------------- --------------------------------------------------------------------------- Total 579,300 0.66 12,292 0.18 2,298 --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- Indicated Mineral Resources Zone ------------------------------------------------------------ ------------------------------------------------------------ Tonnes Au Au Cu Cu Lbs (000) (g/t) Ozs (%) (millions) (000) --------------------------------------------------------------------------- Mitchell 930,600 0.62 18,550 0.18 3,692 --------------------------------------------------------------------------- Sulphurets 87,300 0.72 2,021 0.27 520 --------------------------------------------------------------------------- Kerr 225,300 0.23 1,666 0.41 2,036 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Total 1,243,200 0.56 22,237 0.23 6,248 --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- Measured plus Indicated Mineral Resources Zone ------------------------------------------------------------ ------------------------------------------------------------ Tonnes Au Au Cu Cu Lbs (000) (g/t) Ozs (%) (millions) (000) --------------------------------------------------------------------------- Mitchell 1,509,900 0.64 30,842 0.18 5,990 --------------------------------------------------------------------------- Sulphurets 87,300 0.72 2,021 0.27 520 --------------------------------------------------------------------------- Kerr 225,300 0.23 1,666 0.41 2,036 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Total 1,822,500 0.59 34,529 0.21 8,546 --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- Inferred Mineral Resources Zone ------------------------------------------------------------ ------------------------------------------------------------ Tonnes Au Au Cu Cu Lbs (000) (g/t) Ozs (%) (millions) (000) --------------------------------------------------------------------------- Mitchell 514,900 0.51 8,442 0.14 1,589 --------------------------------------------------------------------------- Sulphurets 160,900 0.63 3,259 0.17 603 --------------------------------------------------------------------------- Kerr 69,900 0.18 405 0.39 601 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Total 745,700 0.50 12,106 0.17 2,793 --------------------------------------------------------------------------- ---------------------------------------------------------------------------
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 (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
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 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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