Seabridge Gold

KSM: HIGHLIGHTS

Kerr/Sulphurets
  • An NI 43-101 compliant resource calculation, released in January 2010, raised estimated measured and indicated resources to 38.9 million ounces of gold and 10.0 billion pounds of copper.
  • A Preliminary Feasibility Study (PFS) released March 31, 2010 estimated proven and probable reserves at 30.2 million ounces of gold, 7.0 billion pounds of copper, 133 million ounces of silver and 210 million pounds of molybdenum.
  • A revised NI 43-101 compliant resource calculation, released in February, 2011, estimated measured and indicated resources at 45.3 million ounces of gold, 11.9 billion pounds of copper, 256 million ounces of silver and 291 million pounds of molybdenum.
  • An updated PFS released May 2, 2011 increased estimated proven and probable reserves to 38.5 million ounces of gold, 10.0 billion pounds of copper, 214 million ounces of silver and 257 million pounds of molybdenum.
  • A new NI 43-101 compliant resource estimate released in February 2012 reported measured and indicated resources totalling 49.0 million ounces of gold, 12.7 billion pounds of copper, 261 million ounces of silver and 304 million pounds of molybdenum (see news release).
  • An updated PFS released on May 14, 2012 reported reserves of 38.2 million ounces of gold, 9.9 billion pounds of copper, 191 million ounces of silver and 213 million pounds of molybdenum (see news release). The new PFS includes engineering changes designed to increase the production rate, facilitate permitting and enhance economics. NPVs, IRRs and capital paybacks substantially improved over the 2011 PFS. Base case life of mine cash operating costs fell significantly to $141 per ounce of gold produced (see executive summary).
  • Core drilling in August, 2013 discovered a very large, high-grade core zone at Deep Kerr which could have major economic benefits for the KSM Project (see news release).
  • An initial NI 43-101 compliant resource estimate was released for the new Deep Kerr deposit which confirmed an inferred resource of 515 million tonnes grading 0.53% copper and 0.36 g/T gold (see news release).
  • In September, 2014 discovery of another higher grade core zone deposit beneath the Iron Cap deposit was announced (see news release).
  • KSM's Environmental Assessment Application received final approval from the Canadian Federal Government in December, 2014 after having received approval from the Province of British Columbia in July, 2014.
  • In total, 2014 drilling at KSM added 431 million tonnes of inferred resources containing 5.4 million oz. of gold and 4.2 billion lbs. of copper (see news release of March 25, 2015).
  • Drilling at Deep Kerr in 2015 brought the total inferred resource for this deposit to more than one billion tonnes containing an estimated 11.3 million ounces of gold and 11.8 billion pounds of copper, an increase of 3.2 million ounces of gold and 2.1 billion pounds of copper over the previous year’s estimate (see March 8, 2016 news release).
  • Results of an updated Preliminary Feasibility Study were released on September 19, 2016 (see news release). Projected capital costs fell despite substantial enhancements to meet environmental improvements committed to in the EA process. Gold and copper reserves were up slightly despite lower metal prices. Base Case Life of Mine Cash Operating Costs (net of Cu and Ag credits) were estimated at US$277 per ounce of gold produced. Total costs (including all capital, operating and closure costs, and net of credits) was estimated at US$673 per ounce of gold produced, well below the average for producing mines.
  • The September 19, 2016 updated PFS did not include the higher grade Deep Kerr and Iron Cap Lower Zone deposits as their resources are inferred only. These deposits were integrated into a combined new study of KSM released on October 6, 2016 (see news release). This study found significant further gains for KSM including estimated Base Case Life of Mine Operating Costs (net of Cu and Ag credits) of negative US$179 per ounce of gold produced. Total Cost (including all capital, operating and closure costs and net of credits) was estimated at US$358 per ounce of gold produced. The new design also results in a much smaller footprint; 2.4 billion tonnes (or 81%) less waste rock is generated compared to the 2016 PFS.
  • All disclosure of a scientific or technical nature was prepared by, or under the supervision of, William E. Threlkeld (Licensed Registered Geologist #790 in the State of Washington), a Vice President of Seabridge. Mr. Threlkeld is a "Qualified Person" under National Instrument 43-101.

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