Seabridge Gold Obtains Permits for Deep Kerr Exploration Adit
October 11 2016 - 7:00AM
Seabridge Gold Inc (TSX:SEA) (NYSE:SA) announced
today it has received the permits from the BC Government necessary
to develop an exploration adit into the large Deep Kerr Deposit at
its 100%-owned KSM Project located in northwestern BC.
The proposed 2,100 meter long adit is designed
to facilitate cost-effective underground exploration drilling of
the Deep Kerr Deposit at depth compared to surface drilling. The
adit would be collared in the Sulphurets Valley at the base of Kerr
Mountain, declining at a 12 percent grade parallel to the footwall
of the Kerr deposit, allowing access to mineralized zones that have
only been tested to depths approximately 1,800 meters below
surface. To date, all drilling at Deep Kerr has been from surface,
resulting in very long holes which are slow and expensive to
drill.
A new Preliminary Economic Assessment (PEA)
released on October 6, 2016, recommends that mining of both the
Kerr Deposit and the Deep Kerr Deposit below it should proceed
together by underground block caving (see
http://seabridgegold.net/News/Article/630/). The PEA predicts
improved economic returns and a significantly smaller environmental
footprint for the KSM Project compared to the 2016 Preliminary
Feasibility Study released on September 19, 2016.
Seabridge Gold Chairman and CEO Rudi Fronk
stated: "We are pleased to receive these permits which will be
needed to upgrade Deep Kerr’s inferred resource to higher
categories. The adit will also provide the opportunity to collect
additional geotechnical information required to finalize the
development of a block cave underground mine plan for the Kerr
Deposit.”
The permits include Ministry of Environment
discharge authorizations for the operation of a water treatment
facility to remove suspended sediments, pH, metals and ammonia from
underground effluent; a mining permit from the Ministry of Energy
and Mines authorizing the construction of the exploration adit and
associated infrastructure including a rock storage facility; and a
water license from the Ministry of Forests, Lands and Natural
Resource Operations approving the surface water management system
associated with the adit infrastructure. The permits include
requirements for posting reclamation securities with the BC
Government to cover full reclamation and closure costs associated
with the proposed exploration activities.
“I would like to express my appreciation for the
efforts of BC’s regulatory agencies and representatives from the
Tahltan Central Government for their dedication in reviewing and
approving our permit applications. I would also like to
acknowledge the continued involvement of the representatives of the
State of Alaska in KSM’s permit reviews, thus assisting in the
ongoing responsible advancement of our project. Finally, I want to
thank our technical team, including the numerous consultants who
assisted in the development of our permit applications,” Fronk
said.
Seabridge Gold holds a 100% interest in several
North American gold resource projects. The Company’s principal
assets are the KSM and Snip Gold properties 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.
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 a PEA and a
preliminary feasibility study of the potential economics of the
Project 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. A detailed cautionary statement
outlining the forward looking statements in the PEA and the
preliminary feasibility study, as well as assumptions and risks
relating to them appears in the respective news releases relating
to them. 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" 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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