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In July 2002, Resource Modeling Inc. (RMI) prepared a Technical
Report on Seabridge¬s Courageous Lake Project located in the Northwest
Territories, Canada. In the Technical Report, RMI calculated and stated a
gold resource estimate for the project in compliance with National Instrument
43-101, based on a cut-off grade of 1.5 grams of gold per tonne which RMI
deemed appropriate at that time.
Subsequent to the RMI Technical Report, in late 2002, Hatch was
commissioned to undertake a scoping study which will determine the
economic viability of the Courageous Lake project. The scoping study
is scheduled for completion during the 1st quarter of 2004.
Preliminary reports have been completed on key mining and metallurgical
issues relating to Courageous Lake. RMI has reviewed these reports and
provided an opinion the gold resources at Courageous Lake can be restated
for public resource disclosure under National Instrument 43-101 incorporating
a cut-off grade of 1.0 gram of gold per tonne. The resource estimate provided
herein was calculated by RMI using a 1.0 gram cut-off.
Seabridge President and CEO Rudi Fronk said the Company has recently
completed a technical review of the Courageous Lake project and “we are
increasingly confident of the prospects for a viable, large-scale gold
operation. We believe that Courageous Lake is one of the 15 largest
undeveloped gold deposits in the world and it is located in one of the
most favorable political and regulatory jurisdictions, giving it a
substantial advantage. Furthermore, we own about 80% of the entire
Courageous Lake ¥ Matthews Lake Greentone Belt which hosts our deposit.
These belts have typically yielded more than 20 million ounces of
gold elsewhere in Canada. This project will therefore increasingly be
our focus at Seabridge over the next several years.”
On June 9, 2003 the Company announced that it has initiated a
12 month, $1.6 million exploration program at Courageous Lake.
The program is designed to: (1) collect a 1,000 kilogram metallurgical
sample; (2) evaluate the potential for expanding the known deposit and
finding other similar deposits; and (3) define drill targets using proven
geological and geophysical tools. In advance of this program, Seabridge has
staked an additional 25,000 acres of highly prospective ground bringing its
total land position on the Courageous Lake-Matthews Lake Greenstone Belt to
approximately 62,000 acres covering more than 50 kilometres of strike.
Seabridge has been designed to provide its shareholders
maximum leverage to the price of gold. The Company
has acquired a 100% interest in eight North American
gold projects which collectively contain an estimated
8.74 million ounces of resources in the measured and
indicated categories (250.1 million tonnes grading 1.09
grams of gold per tonne) plus an additional estimated
6.83 million ounces of resources in the inferred category
(201.0 million tonnes grading 1.06 grams of gold per
tonne). (See Gold Resources Table
and press releases dated June 11, 2003, July 18, 2002,
April 17, 2002, April 15, 2002, andJune 14, 2001).
The Company continues to seek expansion of its gold
resource base by acquisition of new projects and exploration
programs largely funded by partners.
All resource estimates reported in this
disclosure are 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.
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 (available at www.sedar.com)
for the year ended December 31, 2002.
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. Seabridge undertakes
no obligation to update these forward-looking statements
if such beliefs, estimates or opinions or other factors
should change.
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
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