Kerr-Sulphurets-Mitchell: HIGHLIGHTS
- Significant gold and copper resources contained in two separate zones modeled by Placer Dome.
- Project optioned to Falconbridge for further exploration and development.
- Falconbridge tested four new gold-copper targets during 2005.
- Seabridge reacquired a 100% interest in Kerr-Sulphurets in 2006.
- Drilling at Mitchell confirmed a large gold-copper system (2006).
- A 43-101 resource estimate infers 13.1 million ounces of gold and 2.2 billion pounds of copper at Mitchell (2007).
- A new drill program began in June, 2007. The program extended the Mitchell zone in three directions.
- A 43-101 resource estimate for the Kerr and Sulphurets zones was completed in January, 2008 confirming 3.5 million ounces of gold and 2.4 billion pounds of copper in the indicated category plus 1 million ounces of gold and 653 million pounds of copper in the inferred category.
- A new 43-101 resource estimate for the Mitchell zone in early 2008 estimated 16.3 million ounces of gold and 2.9 billion pounds of copper in the indicated category plus an additional 13.3 million ounces of gold and 2.2 billion pounds of copper in the inferred category.
- A further 17,000 meter core drill program completed in 2008.
- A KSM Preliminary Economic Assessment (PEA) released in December, 2008 estimated a 30 year mine life recovering more than 19 million ounces of gold at an average cash operating cost of negative US$11 per ounce and total costs of US$233 per ounce after base metal credits.
- Permitting work commenced in 2008, including environmental baseline data collection and engineering studies in consultation with regulators and Treaty Nations/First Nations.
- A new NI 43-101 resource calculation in March, 2009, increased Mitchell measured and indicated gold resources by 89% to more than 30 million ounces (see).
- A new 43-101 resource calculation for the Kerr and Sulphurets zones completed in March 2009 increased Sulphurets gold resources (see).
- A new pit study in June, 2009 based on new resource model confirms 48 year mine life.
- New 2009 drill program begins in June to generate remaining data required for Q1 2010 preliminary feasibility study converting resources to reserves.
- An updated PEA released in July, 2009 estimated a 30 year mine life recovering 19.3 million ounces of gold, 5.3 billion pounds of copper, 2.8 million ounces of silver and 1.9 million pounds of molybdenum. Base case cash operating costs per ounce of gold were estimated at negative US$51 after recovery of base metal credits and total costs per ounce of gold were estimated at US$178 including all capital. Significant capital and operating cost improvements were achieved compared to the 2008 PEA. (See Executive Summary).
- In July 2009, purchase agreement signed with Max Minerals nearly doubles the KSM land position, providing more exploration potential and room for facilities.
- A new 43-101 resource calculation, released in January 2010, raised measured and indicated resources to 38.9 million ounces of gold and 10.0 billion pounds of copper.
All disclosure of a scientific or technical nature in respect of the KSM Project, other than the resource estimate calculated by Placer Dome (CLA) Limited, 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 of the Canadian Securities Administrators ("NI 43-101").
