15,000 Meter Drill Program Begins at KSMWednesday, 4th June 2008
Toronto (Canada) - Seabridge Gold announced today that drilling has commenced at its 100% owned Kerr-Sulphurets-Mitchell ("KSM") project, located near Stewart, British Columbia, Canada. The 15,000 meter core drill program is designed to improve the value of the asset by exploring for higher grade zones, upgrading more of the remaining inferred mineral resources to the indicated category and further expanding the Mitchell zone.
The key objectives of the 2008 program are as follows:
Objective #1: Upgrade to the indicated category, 231 million tonnes of inferred mineral resources at the Mitchell zone containing 5.2 million ounces of gold and 760 million pounds of copper. The resulting Mitchell resource should be sufficiently well-defined for a feasibility study and consequent reserve status.
Objective #2: Extend the Mitchell zone resource model down dip and to the north to capture potential new resources with better than average Mitchell grade. Approximately two-thirds of this new resource is expected to be in the indicated category.
Objective #3: Explore the down-dip projection of the Sulphurets gold zone for a potential higher-grade, bulk mineable underground zone.
Objective #4: Test the potential continuity of high-grade mineralization between the Iron Cap and Mitchell zones and evaluate this potential as a bulk mineable underground target.
The KSM project represents 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
cutoff grade (see news releases dated January 10, 2008 and February 20, 2008
Seabridge has acquired a 100% interest in several North American gold resource projects. For a breakdown of the Company's mineral resources by project and resource category please visit the Company's website at http://www.seabridgegold.net/Resource.htm.
All resource estimates reported by the Company 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 Company'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 Company'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 Company'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 Company's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2007 and in the Company's Annual Report on 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 Company's management or its independent professional consultants on the date the statements are made.
ON BEHALF OF THE BOARD
President & C.E.O.
For further information please contact:
Rudi P. Fronk, President and C.E.O.
Tel: (416) 367-9292 Fax: (416) 367-2711