Trading Symbols:
TSX: SEA
NYSE: SA
TORONTO, Nov. 28, 2014 /PRNewswire/ - The Company
announced today that it has filed a final short form base shelf
prospectus with the securities commissions in each of the provinces
of Ontario, Alberta and British
Columbia, and a corresponding registration statement on Form
F-10 with the United States Securities and Exchange Commission
(SEC). This filing renews the shelf prospectus that had previously
been filed and will allow Seabridge to make offerings of common
shares up to an aggregate total of Cdn$100
million during the 25-month period that the base shelf
prospectus remains effective. The common shares may be offered
separately or together, in amounts, at prices and on terms to be
determined based on market conditions at the time of sale and set
forth in an accompanying shelf prospectus supplement and, subject
to applicable regulations, may include at-the-market distributions,
public offerings or strategic investments.
After reviewing Seabridge's disclosure documents
in connection with its review of the preliminary base shelf
prospectus filed by Seabridge in July, 2014, the Ontario Securities
Commission required Seabridge to file revised versions of the KSM
Pre-Feasibility Study report of June, 2012 and the Courageous Lake
Pre-Feasibility Study report of September, 2012 in order to state
the economic evaluation in each report on an after-tax
basis. The economic evaluation in those reports had been
prepared on a pre-tax basis, which was considered customary at the
time of their initial filing. Accordingly, Seabridge has used the
same capital and operating cost estimates contained in the original
reports and has estimated the amount of the provincial mineral
taxes payable on production from the projects and the provincial
and federal corporate taxes payable on estimated profits from the
projects and has incorporated those amounts into an after-tax
economic evaluation. The Revised KSM Pre-Feasibility Study and
the Revised Courageous Lake Pre-Feasibility have now been filed on
SEDAR (available at www.sedar.com).
Since the filing of the initial version of the
KSM PFS Report, Seabridge has also filed a Technical Report
supporting an initial resource estimate for the Deep Kerr
zone. The revised KSM PFS Report therefore also includes a
summary of the Deep Kerr Resource Report.
In addition, because the original pre-tax
economic evaluations of the KSM and Courageous Lake Projects were
summarized in Seabridge's most recent Annual Information Form
(AIF), Seabridge has revised and refiled its AIF to reflect the
after-tax economic evaluations presented in the revised technical
reports on SEDAR, as well as to update certain of the information
in the AIF. The Revised AIF is also available at www.sedar.com
and on EDGAR at www.sec.gov.
Finally, information on the Seabridge website,
including its corporate presentations, referred to the pre-tax
economic evaluations and did not include, in all cases, all of the
details required by NI 43-101. This information has been
revised to include the additional information required by NI
43-101.
Seabridge holds a 100% interest in several North
American gold resource projects. The Company's principal assets are
the KSM property located near Stewart,
British Columbia, Canada and the Courageous Lake gold
project located in Canada's
Northwest Territories. For a
breakdown of Seabridge's mineral reserves and resources by project
and category please visit the Company's website at
http://www.seabridgegold.net/resources.php.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended, or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons unless an
exemption from such registration is available.
All reserve and 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.
This news release includes certain
forward-looking statements or information. All statements other
than statements of historical fact included in this release,
including, without limitation, statements regarding mineral
reserves and resources of the Company are forward-looking
statements that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's plans or
expectations include regulatory issues, market prices, availability
of capital and financing, general economic, market or business
conditions, timeliness of government or regulatory approvals and
other risks detailed herein and from time to time in the filings
made by the Company with securities regulators. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise except as otherwise required by
applicable securities legislation.
ON BEHALF OF THE BOARD
"Rudi Fronk"
Chairman & CEO
SOURCE Seabridge Gold Inc.