Seabridge Gold

Go Back

Read More:


Seabridge Gold Files First Quarter 2011 Financial Statements and MD&A
For the period ended March 31, 2011

Thursday, 2nd June 2011

Toronto, Canada - Seabridge Gold (the "Company") announced today that it has filed its First Quarter Financial Statements and Management's Discussion and Analysis for the three month period ended March 31, 2011 on SEDAR. These financial statements are the first to be filed by the Company under International Financial Reporting Standards ("IFRS"), and Seabridge has relied on Canadian securities regulators' 30-day extension to the reporting timetable, allowing for a seamless transition to IFRS.  To review these documents on the Company website, please see http://www.seabridgegold.net. To request a free hard copy of any of the Company's financial statements, please email info@seabridgegold.net.

Financial Results

During the three month period ended March 31, 2011, Seabridge recorded a net loss of $3.1 million compared to a profit of $8,000 for the same period last year. During the first quarter, Seabridge invested $ 6.9 million in mineral interests, primarily at KSM, compared to $1.9 million during the same period last year. At March 31, 2011 net working capital was $39 million compared to $43 million at December 31, 2010.

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 and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's reserves and 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, 2010 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).


ON BEHALF OF THE BOARD

"Rudi Fronk"
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
Email: info@seabridgegold.net