TORONTO, CANADA--(Marketwire - March 26, 2013) - Seabridge Gold Inc. (TSX:SEA)(NYSE:SA) announced today that it has filed its Audited Consolidated Financial Statements and its Management's Discussion and Analysis for the year ended December 31, 2012 on SEDAR (www.sedar.com). To review these documents on the Company's website, please see: www.seabridgegold.net/sharefinrep.php.
The Company reported a net loss for the year ended December 31, 2012 of $12.5 million or $0.29 per share compared to a net loss of $20.1 million or $0.48 per share for 2011. The main expenses contributing to the losses in 2012 were corporate and administrative costs, the impairment of marketable securities and deferred income tax expense. Counteracting the net loss was the recognition of other income relating to the flow-through financings completed in 2011 and late 2012.
During the year ended December 31, 2012, the Company incurred mineral property expenditures of $48.8 million, an increase of $7.5 million over 2011 when the Company spent $41.3 million. In both 2012 and 2011, virtually all of the expenditures were on KSM, amounting to $33.1 million (2011- $27.6 million), and on Courageous Lake where $15.6 million was spent in 2012 (2011 - $13.2 million).
In 2012, the Company closed two significant financings raising gross proceeds of $42.0 million. In December the Company issued 1,004,491 common shares to Royal Gold Inc. at $17.92 per share raising gross proceeds of $18 million and in November 2012 a total of 1,100,000 flow-through common shares were issued, at an average price per share of $21.85, raising gross proceeds of $24.0 million.
The Company's principal assets are the 100% owned KSM property located near Stewart, British Columbia, Canada and the 100% owned Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral resources by project and resource category please visit the Company's website at www.seabridgegold.net/resources.php.
All 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.
Statements relating to the estimated or expected future production and operating results and costs and financial condition of Seabridge, planned work at the Corporation's 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 Corporation's 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 Corporation's 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 Corporation's December 31, 2012 Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) and the Corporation's Annual Report Form 40-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml). Forward-looking statements are based on the beliefs, estimates and opinions of the Corporation's management or its independent professional consultants on the date the statements are made.
ON BEHALF OF THE BOARD
Rudi Fronk, Chairman and C.E.O.