Trading Symbols:
TSX: SEA
NYSE: SA
TORONTO, Nov. 12, 2015 /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 nine months ended September
30, 2015 on SEDAR (www.sedar.com).
Quarterly and Recent Highlights
- 2015 Drill Program Confirms Extension of KSM's Deep Kerr
Deposit
- Updated Independent Resource Estimates Commissioned for
Mitchell and Deep Kerr Deposits
- $14.6 Million Non-Brokered
Private Placement Strengthens Balance Sheet
During the three month period ended September 30, 2015 Seabridge posted a net loss of
$2.6 million ($0.05 per share) compared to a loss of
$2.8 million ($0.06 per share) for the same period last year.
During the 3rd quarter, Seabridge invested $7.2 million in mineral interests, primarily at
KSM, compared to $13.8 million during
the same period last year. At September 30,
2015, net working capital was $8.7
million compared to $12.5
million at December 31, 2014.
Subsequent to the end of the 3rd quarter, Seabridge improved its
working capital position with the closing of a $14.6 million non-brokered private placement.
To view the Report to Shareholders, financial statements and
management's discussion and analysis for the three and nine months
ended September 30, 2015 on the
Company's website, please see:
www.seabridgegold.net/sharefinrep.php. The disclosure regarding
gender diversity that is required to be included in the Company's
Annual General Meeting materials is attached to the management's
discussion and analysis as Appendix A.
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.
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,
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.
ON BEHALF OF THE BOARD
"Rudi Fronk"
Chairman & C.E.O.
SOURCE Seabridge Gold Inc.
