Drilling Underway at Seabridge’s Courageous Lake Gold Project
Toronto, Canada – June 16, 2010 – Seabridge Gold Inc. (TSX:SEA)(NYSE Amex:SA) announced today that drilling is now underway at its 100% owned Courageous Lake gold project. The main objective of the 2010 drill program is to upgrade a substantial portion of the existing inferred resource to the measured and indicated resource categories. The 2010 program also includes environmental and permitting work, metallurgical research and geotechnical drilling.Seabridge President and CEO Rudi Fronk noted that “the FAT deposit at Courageous Lake has been modeled as a large, single pit operation with a gold grade in the range of 2 grams per tonne which is higher than a number of other prominent, undeveloped open-pit deposits in Canada. We suspended on-site work at Courageous Lake in 2006 because the gold price was too low to make FAT economic and we had just discovered the huge Mitchell deposit at KSM. As a result, we now get very little credit for what could be a very robust project at a gold price exceeding $1000 per ounce. We therefore intend to do the work required to update our 2008 Preliminary Assessment by early 2011 and complete a Preliminary Feasibility Study in early 2012 to qualify resources as reserves.”
The Courageous Lake project consists of 27,263 hectares (67,366 acres) covering 53 kilometers (33 miles) of a greenstone belt in Canada’s Northwest Territories, including the two kilometer long FAT deposit which has estimated gold resources as set out below (see news release of February 28, 2007 for details):
View full press release Drilling Underway at Seabridge’s Courageous Lake Gold Project on their website.