Seabridge Gold Inc. (TSX:SEA)(NYSE Amex:SA)
An updated mineral resource model for Seabridge Gold's
100%-owned Courageous Lake project in Canada's Northwest
Territories has increased measured and indicated gold resources by
18% to nearly 8.0 million ounces. The independent NI 43-101
compliant resource estimate, prepared by Resource Modeling Inc.
("RMI") of Stites, Idaho, will now be incorporated into a
Preliminary Feasibility Study ("PFS") on Courageous Lake scheduled
for completion in May, 2012.
The updated resource estimate, effective as of January 9, 2012,
is as follows:
Courageous Lake Gold Resources at 0.83 gram per
tonne cutoff
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Measured Indicated
----------------------------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/T) (000's) (000's) (g/T) (000's)
----------------------------------------------------
13,401 2.53 1,090 93,914 2.28 6,884
----------------------------------------------------
----------------------------------------------------
Measured plus Indicated Inferred
----------------------------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/T) (000's) (000's) (g/T) (000's)
----------------------------------------------------
107,315 2.31 7,974 48,963 2.18 3,432
----------------------------------------------------
Seabridge Gold President and CEO Rudi Fronk said the new model
includes data from the 52 diamond core exploration holes drilled in
2011 totaling approximately 15,000 meters. "The focus of the 2011
drilling program was to upgrade inferred resources within the
confines of the open pit defined in the 2011 Preliminary Economic
Assessment. The efficiency of our drill program and the
predictability of our 2010 model proved to be exemplary. We
converted nearly 1.2 million ounces of previously disclosed
inferred resources to measured and indicated in last year's
exploration program at an expenditure of approximately $6 million
or about $5 per ounce. All but one of the 52 exploration holes
drilled in 2011 intercepted mineralization above the cut-off grade.
New mine plans will now be generated from this updated resource
model in anticipation of being able to report the project's first
proven and probable reserves in the PFS scheduled for completion in
May."
The updated resource model constructed for the Courageous Lake
deposit now incorporates data from a total of 589 holes drilled by
Seabridge, Noranda and Placer Dome totaling approximately 169,000
meters. About 122,260 meters of the total have been assayed for
gold, 53% of it by Seabridge. Gold mineralization within the
Courageous Lake deposit is hosted in the upper part of an
assemblage of Archean age felsic pyroclastic rocks just below a
transition zone to sedimentary rocks.
Similar to the 2010 estimate (also completed by RMI), block
model gold grades for this updated Courageous Lake model were
estimated using a multiple pass inverse distance weighting
interpolation procedure. The outstanding success of our 2011
drilling program confirmed the validity of the resource model. In
addition to using mineral zone wireframes to constrain the estimate
of block grades, a dynamic anisotropic search strategy was used to
select eligible composites. The search ellipse was allowed to
dynamically conform to the hanging and footwall contacts of the key
mineral zones, providing for a more geologically consistent and
realistic distribution of in situ block gold grades. Individual
assay grades were capped for each zone prior to compositing the
assay data and interpolating block grades. The estimated block
grades were classified into Measured, Indicated, and Inferred
Mineral Resource categories using distance to drilling data and the
number of drill holes used to estimate the block grades. For the
principal mineral zones (3-5) Measured Resources were defined for
blocks estimated by one or more drill holes within 7.5 meters of
the block. For mineral zones 3 and 4 within the heart of the
deposit (section 4400 to 5000 north), Indicated Resources were
defined by blocks estimated by two or more drill holes with at
least one sample within 40 meters of the block. Indicated Resources
were defined for other zones based on distances from drill data
ranging from 15 to 30m. For the primary mineralized zones, Inferred
Mineral Resources were defined by blocks estimated by at least one
drill hole with a maximum allowable assay projection distance of 65
meters. Inferred Resources were assigned to secondary mineralized
zones up to 40m from drilling data. It is RMI's opinion that the
new resource model is globally unbiased and locally reflects the
grade of nearby drill hole composites.
The following table provides global resource estimates from the
new model at various gold cutoff grades:
Comparison of Courageous Lake Resources at Various Cutoff Grades
----------------------------------------------------------------------------
Measured Indicated Inferred
------------------------------------------------------------------
Cutoff Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
Grade (000) (g/T) (000) (000) (g/T) (000) (000) (g/t) (000)
(g/T)
----------------------------------------------------------------------------
0.40 17,534 2.08 1,173 125,702 1.86 7,517 73,510 1.65 3,900
----------------------------------------------------------------------------
0.50 16,445 2.18 1,153 117,615 1.96 7,412 66,983 1.77 3,812
----------------------------------------------------------------------------
0.60 15,429 2.29 1,136 109,858 2.06 7,276 60,376 1.90 3,688
----------------------------------------------------------------------------
0.70 14,566 2.39 1,119 102,664 2.16 7,097 55,206 2.02 3,585
----------------------------------------------------------------------------
0.80 13,678 2.49 1,095 95,890 2.25 6,937 50,657 2.14 3,485
----------------------------------------------------------------------------
0.83 13,401 2.53 1,090 93,914 2.28 6,884 48,963 2.18 3,432
----------------------------------------------------------------------------
0.90 12,850 2.60 1,074 89,363 2.36 6,780 46,044 2.27 3,360
----------------------------------------------------------------------------
1.00 12,029 2.71 1,048 83,482 2.46 6,603 42,779 2.37 3,260
----------------------------------------------------------------------------
The cutoff grade for resource tabulation was set at 0.83 grams
per tonne, consistent with the cut-off grade used for previous
Courageous Lake resource estimates (2007 and 2010). The cutoff
grade used in the 2011 Preliminary Economic Assessment was 0.67
grams per tonne, based on a gold price of $990. It is likely that
the cutoff grade that will be used in the 2012 PFS will be lower
than 0.67 grams per tonne due to higher gold prices.
Gold resource estimates included herein were prepared by
Resource Modeling Inc. under the supervision of Michael Lechner,
who is independent of Seabridge and a Qualified Person as defined
by National Instrument 43-101. Mr. Lechner is a highly regarded
expert in his field and frequently undertakes independent resource
estimates for major mining companies. Mr. Lechner has reviewed and
approved this news release.
Exploration activities by Seabridge Gold at the Courageous Lake
gold project are being conducted under the supervision of William
E. Threlkeld, Registered Professional Geologist, Senior Vice
President of the Company and a Qualified Person as defined by
National Instrument 43-101. Mr. Threlkeld has reviewed and approved
this news release. A rigorous quality control/quality assurance
protocol was employed during the 2011 Courageous Lake drill
program, including blank and certified reference standards inserted
by the Company at a rate of not less than one of each type in every
30 samples. Repeats and re-splits of the sample rejects are being
analyzed at a rate of not less than one sample in every 25 for each
type. Samples are being assayed at Acme Laboratories, Vancouver,
B.C. using fire assay atomic adsorption methods for gold and total
digestion ICP methods for other elements. Cross-check analyses are
being conducted at a second external laboratory on at least 10% of
the samples.
Seabridge holds a 100% interest in several North American gold
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 mineral resources by
category please visit the Company's website at
http://www.seabridgegold.net/resources.php.
All reserve and 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.
This document contains "forward-looking information" within the
meaning of Canadian securities legislation and \"forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995. This information and
these statements, referred to herein as "forward-looking
statements" are made as of the date of this document.
Forward-looking statements concerning the expected completion of a
Preliminary Feasibility Study, the preparation of resource and
reserve estimates, other goals or objectives, or the completion of
work programs, relate to future events or future performance and
reflect current estimates, predictions, expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to: (i) the amount of mineral reserves and
mineral resources and the appropriate cutoff grade; (ii) the amount
of future production over any period; (iii) cumulative pre-tax net
cash flow of the proposed mining operation; (iv) capital costs; (v)
operating costs, including credits from the sale of other metals;
(vi) mining rates; (vii) mine life; (vii) planned expenditures; and
(viii) upgrading inferred resources. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as "expects", "anticipates", "plans", "projects",
"estimates", "envisages", "assumes", "intends", "strategy",
"goals", "objectives" or variations thereof or stating that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements.
All forward-looking statements are based on Seabridge's or its
independent consultants' current beliefs as well as various
assumptions made by them and information available to them on the
date the statements are made. These assumptions include: (i) the
presence of and continuity of metals at the Project at modeled
grades; (ii) the capacities of various machinery and equipment;
(iii) the availability of personnel, machinery and equipment at
estimated prices; (iv) exchange rates; (v) metals sales prices;
(vi) appropriate discount rates; (vii) tax rates and royalty rates
applicable to the proposed mining operation; (viii) financing
structure and costs; (ix) anticipated mining losses and dilution;
(x) metals recovery rates;(xi) reasonable contingency requirements;
(xii) receipt of regulatory approvals on acceptable terms; and
(xiii) the negotiation of satisfactory terms with impacted First
Nations groups and other property rights holders. Although
management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect. Many forward-looking statements are made assuming the
correctness of other forward-looking statements, such as statements
of cumulative pre-tax net cash flow, which are based on other
forward-looking statements and assumptions. The cost information is
also prepared using earlier values, but the time for incurring the
costs will be in the future and it is assumed costs will remain
stable over the relevant period.
By their very nature, forward-looking statements involve
inherent risks and uncertainties, both general and specific, and
risks exist that estimates, forecasts, projections and other
forward-looking statements will not be achieved or that assumptions
do not reflect future experience. We caution readers not to place
undue reliance on these forward-looking statements as a number of
important factors could cause the actual outcomes to differ
materially from the beliefs, plans, objectives, expectations,
anticipations, estimates, assumptions and intentions expressed in
such forward-looking statements. These risk factors may be
generally stated as the risk that the assumptions and estimates
expressed above do not occur, but specifically include, without
limitation, risks relating to variations in the mineral content
within the material identified as mineral reserves from that
predicted; variations in rates of recovery and extraction;
developments in world metals markets;, risks relating to
fluctuations in the Canadian dollar relative to the US dollar;
increases in the estimated capital and operating costs or
unanticipated costs; difficulties attracting the necessary work
force; increases in financing costs or adverse changes to the terms
of available financing, if any; tax rates or royalties being
greater than assumed; changes in development or mining plans due to
changes in logistical, technical or other factors; changes in
project parameters as plans continue to be refined; risks relating
to receipt of regulatory approvals or settlement of an agreement
with impacted First Nations groups; the effects of competition in
the markets in which Seabridge operates; operational and
infrastructure risks; and the additional risks including those
described in the December 31, 2010 Corporation's Annual Information
Form filed with SEDAR in Canada (available at www.sedar.com) and in
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). Seabridge cautions that the foregoing
list of factors that may affect future results is not
exhaustive.
When relying on our forward-looking statements to make decisions
with respect to Seabridge, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Seabridge does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by Seabridge or on our behalf, except as
required by law.
ON BEHALF OF THE BOARD
Rudi Fronk, President & C.E.O.
Contacts: Seabridge Gold Inc. Rudi P. Fronk President and C.E.O.
(416) 367-9292 (416) 367-2711
(FAX)info@seabridgegold.netwww.seabridgegold.net
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