 |
October 10, 2000
Seabridge Acquires Nevada Gold Project
Vancouver (Canada) — Seabridge has acquired a
100% working interest in the Castle/Black Rock gold project in Esmeralda
County, Nevada which hosts an independently verified measured and indicated
gold resource of 215,000 ounces, and a total gold resource in excess of 300,000
ounces. Seabridge究 geologists believe the resource has the potential to expand
significantly.
Castle/Black Rock project is located in the Walker Lane gold belt, which
strikes NW-SE across western Nevada and hosts several major gold projects
including Paradise Peak, Brodie, Goldfields, Candelaria, Rawhide, Borealis
and Comstock. Gold mineralization at Castle/Black Rock is concentrated in 4
identified zones (Castle, Black Rock, Berg and Boss) in near vertical
structures within tertiary volcanics and sedimentary rocks. Significant
exploration work has been completed by previous owners, including Kennecott
and Rayrock (now Glamis).
In 1999 Rayrock estimated an unclassified gold resource of 274,000 ounces.
This sectional polygonal resource estimate was based on 82 drill holes.
An independent resource analysis by Bikerman Engineering & Technology Associates,
Inc., newly commissioned by Seabridge, identifies a measured and indicated gold
resource of 12.38 million tonnes at an average grade of 0.54 grams of gold per
tonne (215,000 ounces), based on 139 drill holes. An additional inferred gold
resource of 7.95 million tonnes at 0.37 grams of gold per tonne (93,000 ounces)
brings total gold resources to 308,000 ounces. The new resource model is a
computerized 3-D block model employing Medsystem software and was constructed
using an inverse distance cubed interpolation procedure, capping the higher grade
values within each rock type, limiting the search by rigid geologic boundaries
and reported at a cut-off grade of 0.25 grams of gold per tonne. A separate geologic
review of the project by Seabridge has also identified 3 distinct new targets that
could result in a significant increase in gold resources.
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究
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究 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究 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究 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究 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
|
