Toronto, Canada--(Newsfile Corp. - November 14, 2018) - Seabridge Gold (TSX: SEA) (NYSE: SA) reported today that it has filed its Report to Shareholders, Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2018 on SEDAR (www.sedar.com). To view the Report on the Company's website, please see: www.seabridgegold.net/sharefinrep.php.
- 2018 KSM exploration drilling successfully extends Iron Cap Deposit
- Geotechnical, waste characterization and reserve confirmation drilling indicate KSM block model performing well
- $14 million non-brokered private placement secured in November
During the three-month period ended September 30, 2018 Seabridge posted a net loss of $2.8 million ($0.05 per share) compared to a loss of $1.5 million ($0.03 per share) for the same period last year. During the 3rd quarter, Seabridge invested $17.2 million in mineral interests, primarily at KSM and Iskut, compared to $9.6 million during the same period last year. At September 30, 2018, net working capital was $7.9 million compared to $19.6 million at December 31, 2017.
In November 2018, Seabridge secured a non-brokered private placement of 1,000,000 shares at $14.00 per share for gross proceeds of $14.0 million. The proceeds from the financing will be used to fund general working capital requirements and a 2019 drill program at the Company's 100% owned Snowstorm Project located in Nevada. The private placement is expected to close on or about November 23, 2018.
Seabridge Gold holds a 100% interest in several North American gold resource projects. The Company's principal assets are the KSM and Iskut 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 www.seabridgegold.net/resources.php.
Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.
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.
ON BEHALF OF THE BOARD
Chairman & C.E.O.
For further information please contact:
Rudi P. Fronk, Chairman and C.E.O.
Tel: (416) 367-9292 • Fax: (416) 367-2711