Trading Symbols:
TSX: SEA
NYSE: SA
TORONTO,
June 17, 2014 /CNW/ - Seabridge Gold
reported today that it has entered into a comprehensive Benefits
Agreement with the Nisga'a Nation in respect of Seabridge Gold's
KSM Project, located in northwest British
Columbia. The Benefits Agreement establishes a long-term
co-operative relationship between Seabridge and the Nisga'a Nation
under which the Nisga'a Nation will support development of the
Project, participate in economic benefits from the Project and
provide ongoing advice.
The Agreement includes commitments by Seabridge
regarding jobs and contracting opportunities at the KSM Project,
education and training, financial payments and a framework for
working together on ongoing development matters. This comprehensive
agreement also addresses concerns expressed by the Nisga'a Nation
around the potential environmental and social impacts of the KSM
Project.
Seabridge Chairman and CEO Rudi Fronk comments that:
"This formal expression of support from the
Nisga'a Nation is a major step forward for KSM. As the only Treaty
nation involved in the KSM environmental assessment process, the
Nisga'a's views carry considerable weight. This Agreement validates
Seabridge's open, transparent and flexible approach to working with
the Nisga'a Nation and First Nations generally on development of
the KSM Project, and the KSM Project is better for it. We are proud
that a strong, trusting and mutually respectful relationship with
the Nisga'a Nation has grown out of our work with them over the
last six years. Their support of the Project reflects their
detailed, independent assessment that the Project can be built and
operated in an environmentally responsible way."
Mitchell Stevens,
President of Nisga'a Nation, comments that:
"We appreciate Seabridge's open and direct
approach to working with the Nisga'a Nation. They began
consulting with us very early on in the development of the KSM
Project design. They listened to our concerns and took them
seriously. They have been very responsive to our concerns around
the environmental and social impacts of the project on Nisga'a
Treaty interests. As well, Seabridge has demonstrated a real
willingness to assist the Nisga'a Nation in creating genuine
economic opportunities and building the capacity of Nisga'a
citizens."
Highlights of the Agreement include:
- Nisga'a Nation agreement to provide letters in support of the
KSM Project to British Columbian and Canadian regulators, as well
as potential investors in Seabridge or the Project.
- Financial payments upon the achievement of certain Project
milestones and annual production payments based on a percentage of
net profits, with the net profits payable normalizing after the
Project has recovered its capital costs, as determined under the
terms of the Agreement.
- Strong commitments to education and training of Nisga'a
citizens so that they will be better able to take advantage of the
economic benefits the KSM Project offers.
- Mutual co-operation on completing the operational permitting
process for the Project.
- A framework for the Nisga'a Nation and Seabridge to work
together to achieve employment targets and to ensure Nisga'a
businesses will have preferred access to contracting
opportunities.
- Mutual co-operation on responding to social impacts which
Nisga'a Villages may experience as a result of the Project.
The Agreement will remain in effect throughout
the life of the KSM Project and will apply to future partners in
the Project.
"We respect the emphasis by Nisga'a Nation
leadership on protecting the environmental, social and cultural
heritage of all Nisga'a citizens while ensuring that they also
enjoy business and employment opportunities. This Agreement creates
a genuine partnership between Seabridge and the Nisga'a Nation that
will last for decades and we look forward to working with them to
advance our mutual objectives." said Mr. Fronk.
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.
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.
ON BEHALF OF THE BOARD OF SEABRIDGE GOLD
"Rudi Fronk"
Chairman & CEO
For further information please contact:
Rudi P. Fronk, Chairman and CEO
Tel: (416) 367-9292 • Fax: (416) 367-2711
Email: info@seabridgegold.net
ON BEHALF OF THE NISGA'A NATION
Mitchell Stevens
President, Nisga'a Lisims Government
For further information please contact:
Department of Communications and Intergovernmental Relations, (250)
633-3069
www.nisgaanation.ca
SOURCE Seabridge Gold Inc.