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TORONTO, Aug. 13, 2014
/CNW/ - Seabridge Gold reported today that it has filed its
Report to Shareholders, Financial Statements and Management's
Discussion and Analysis for the three and six months ended
June 30, 2014 on SEDAR
(www.sedar.com).
Quarterly and Recent Highlights
- KSM's Environmental Assessment Application approved by
British Columbia
- 2014 drill program underway at KSM – focused on extending Deep
Kerr and discovery of additional core targets
- Agreements signed with Nisga'a Nation and Gitanyow Wilps
regarding KSM Project
- $13.8 million flow through
financing completed
During the three month period ended June
30, 2014 Seabridge posted a net loss of $3.8 million ($0.08
per share) compared to a loss of $5.7
million ($0.13 per share) for
the same period last year. During the 2nd quarter, Seabridge
invested $6.3 million in mineral
interests, primarily at KSM and Courageous Lake, compared to
$8.2 million during the same period
last year. At June 30, 2014, net
working capital was $18.7 million
compared to $30.2 million at
December 31, 2013.
To view the Report to Shareholders, financial statements and
management's discussion and analysis for the three and nine months
ended June 30, 2014 on the Company's
website, please see: www.seabridgegold.net/sharefinrep.php.
The Company's principal assets are the 100% owned KSM property
located near Stewart, British
Columbia, Canada and the 100% owned 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
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.
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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
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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, 2013 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). 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.
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ON BEHALF OF THE BOARD
"Rudi Fronk"
Chairman & C.E.O.
SOURCE Seabridge Gold Inc.