CashInfo.org

Archive for August, 2010

Avino Silver and Gold Mines Ltd is pleased to announce that it has entered into an agreement with MRI Trading AG for the sale of all the copper concentrates produced from stockpiled material that remains on-site from previous mining. This material is currently being used to commission the refurbished 250tpd mill circuit in preparation for the treatment of the 10,000 tonne bulk sample from the underground development at San Gonzalo slated for later this year.

The terms of the agreement are to deliver 400 to 600 tonnes of concentrate containing approximately 50 to 70 tonnes of copper, 20,000 to 30,000 ounces of silver and 150 to 200 ounces of gold. To date six truckloads weighing over 200 tonnes have been delivered to the TMC warehouse at the Port of Manzanillo.

The sale of this concentrate will add to Avino’s cash position and help offset a portion of the on-going monthly operational costs.

In the month of July, the process plant treated approximately 4600 tonnes of ore for the production of 18 tonnes of copper, 8005 ounces silver and about 50 ounces of gold. These are plant operating figures and are subject to reconciliation once the concentrate shipment weights and assays have been finalized.

Underground development in July at San Gonzalo consisted of a total of 108 metres in both the 2306 and 2260 levels with the removal of 980 tonnes of development ore for future testing.

Founded in 1968, Avino has established a long record of mining and exploration in Mexico. The Company’s focus is to bring the property to production. Avino remains well funded.

ON BEHALF OF THE BOARD

“David Wolfin”
______________________________
David Wolfin
President

Source: Company website

    <<
        - 0.54 oz/ton gold over 14.8 feet plus 22.0 oz/ton gold over 1.6 feet
                     at 4331 to 4580 feet below surface -
     - drift to F2 Core Zone reaches halfway point - on schedule to reach
                           target in October 2010 -
    >>

VANCOUVER, Aug. 18 /CNW/ – Rubicon Minerals Corporation (RMX:TSX: / RBY:NYSE-AMEX) is pleased to provide an update of the latest diamond drill results at its 100% owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. All new drill results are shown in Table 1 and Figures 1 and 2. Emerging gold zone outlines of the F2 Gold System are shown in Figure 3.

Deep drilling in target area 8 confirms gold mineralizing system continues to depth

Recent drilling of deep target area 8 from both underground and surface has returned positive gold results in the southwestern part of the F2 Gold System at depth (Figure 1 and 2). Underground drill hole 305-06 intersected 0.54 oz/ton gold over 14.8 feet (18.6 g/t gold over 4.5 metres), and is part of a wider intercept grading 0.32 oz/ton gold over 29.5 feet (10.9 g/t gold over 9.0 metres) at a vertical depth of 4580 feet (1396 metres) below surface. Surface holes F2-100A and F2-100A-W1, testing target areas 5 and 8 intersected multiple gold zones including a bonanza hit of 22.0 oz/ton gold over 1.6 feet (754.2 g/t gold over 0.5 metres) at a vertical depth of 4331 feet (1320 metres) below surface in drill hole F2-100A and 4.16 oz/t gold over 1.6 feet (142.6 g/t gold over 0.5m) within a broader zone grading 0.27 oz/t gold over 31.5 feet (9.2 g/t gold over 9.6 metres) at a vertical depth of 3563 feet (1086 metres) below surface in drill hole F2-100A-W1 (Table 1 and Figure 2).

These results begin to fill in the deep target areas and demonstrate that the robust F2 Gold System, as documented by over 492,000 feet (150,000 metres) of drilling to date, continues to depth.

Drilling in target area 5 expands the 122-10 Zone to depth

The F2 Gold System is comprised of several zones identified to date: the F2 Core Zone, the Crown Zone, the 102 Zone in the Northern Extension Area, the Hanging Wall Zone, the 122-40 Zone and the 122-10 Zone (Figure 3). Drill hole 122-67 was designed to test approximately 820 feet (250 metres) below the 122-10 Zone (named after the discovery hole announced September 14, 2009 that intersected 0.40 oz/ton gold over 147.3 feet (13.7 g/t gold over 44.9 metres) including a higher grade section of 0.83 oz/t gold over 59.0 feet (28.4 g/t gold over 18.0 metres)). Drill hole 122-67 intersected 0.48 oz/ton gold over 16.7 feet (16.3 g/t gold over 5.1 metres) including 1.16 oz/t gold over 3.3 feet (39.9 g/t gold over 1.0 metres) at a vertical depth of 3087 feet (941 metres) below surface (Table 1 and Figures 1 and 2) and further extends the 122-10 Zone to depth.

Underground drift on the 305 metre level at halfway point – on target to reach F2 Core Zone in October

The 305 metre level drift (1001 feet) is designed to provide access for both definition drilling and bulk sampling of the F2 Core Zone. As of July 31, the drift reached the halfway point and is on schedule to access the F2 Core Zone by October 2010. A new drill station was set-up at the halfway point and three drills are now turning on the 305 metre level. This latest drill station allows for more cost-efficient drilling due to its closer proximity to the gold bearing zones discovered to date in the central F2 Gold System. Upon completion of the drift in October, Rubicon plans to establish a cross drift and up to four drill stations to be used for the definition drilling of the F2 Core Zone.

Rubicon plans to commence in August, 2010 the excavation of a second egress (a second underground exit to surface) from the 305 metre level as this is a Provincial regulatory requirement to permit mining from underground. The Company has also secured an option to purchase a larger hoist than currently on site, to allow for the project’s potential mining capacity to be increased up to 2000 tonnes per day.

Rubicon Minerals Corporation is a well-funded exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix project in Red Lake, Ontario. Rubicon controls over 65,000 acres (100 square miles) of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp’s high-grade, world class Red Lake Mine. Rob McEwen, President and CEO of McEwen Capital and former Chairman and CEO of Goldcorp, owns 21.4% of the issued shares of the Company.

RUBICON MINERALS CORPORATION

“David W. Adamson”

President & CEO

    <<
                           Table 1: Assay Results
    -------------------------------------------------------------------------
    Hole     Depth to Centre  Gold       Width       Gold      Width     9X
              of Intercept    (g/t)       (m)       (oz/t)      (ft)   Target
                   (m)                                                  Area
    -------------------------------------------------------------------------
    F2-100        Anomalous - Auto-wedged and hole continued as F2-100A
    -------------------------------------------------------------------------
    F2-100A       1085         7.3        1.8        0.21        5.9       5
    -------------------------------------------------------------------------
    F2-100A       1129         3.1       14.0        0.09       45.9       5
    -------------------------------------------------------------------------
        Incl.     1127         6.8        5.0        0.20       16.4       5
    -------------------------------------------------------------------------
        Incl.     1129        17.4        1.0        0.51        3.3       5
    -------------------------------------------------------------------------
    F2-100A       1174         4.9        2.5        0.14        8.2       8
    -------------------------------------------------------------------------
    F2-100A       1276         4.6        8.0        0.13       26.2       8
    -------------------------------------------------------------------------
        Incl.     1275        15.1        1.0        0.44        3.3       8
    -------------------------------------------------------------------------
    And Incl.     1279        16.6        1.0        0.48        3.3       8
    -------------------------------------------------------------------------
    F2-100A       1320       754.2        0.5       22.00        1.6       8
    -------------------------------------------------------------------------
    F2-100A       1453        13.3        1.4        0.39        4.6       8
    -------------------------------------------------------------------------
    F2-100A-W1    1082         9.2        9.6        0.27       31.5       5
    -------------------------------------------------------------------------
        Incl.     1086       142.6        0.5        4.16        1.6       5
    -------------------------------------------------------------------------
    F2-100A-W1    1327         6.4        3.0        0.19        9.8       8
    -------------------------------------------------------------------------
    F2-102         515        24.8        1.0        0.72        3.3       4
    -------------------------------------------------------------------------
    F2-102         552         3.2        8.0        0.09       26.2       6
    -------------------------------------------------------------------------
        Incl.      555        11.9        1.0        0.35        3.3       6
    -------------------------------------------------------------------------
    F2-103          69       373.8        0.5       10.90        1.6       4
    -------------------------------------------------------------------------
    F2-103A        376        12.4        1.5        0.36        4.8       4
    -------------------------------------------------------------------------
    F2-103A        395         3.5        5.0        0.10       16.4       4
    -------------------------------------------------------------------------
    F2-103A        407        27.4        0.5        0.80        1.6       4
    -------------------------------------------------------------------------
    F2-103A        414         6.2        2.5        0.18        8.2       4
    -------------------------------------------------------------------------
    F2-104         486         3.2       12.4        0.09       40.7       4
    -------------------------------------------------------------------------
        Incl.      481         9.9        2.0        0.29        6.6       4
    -------------------------------------------------------------------------
    F2-104         582        40.0        1.0        1.17        3.3       6
    -------------------------------------------------------------------------
    122-67         824         3.0        6.0        0.09       19.7       5
    -------------------------------------------------------------------------
        Incl.      825        11.0        1.0        0.32        3.3       5
    -------------------------------------------------------------------------
    122-67         941        16.3        5.1        0.48       16.7       5
    -------------------------------------------------------------------------
        Incl.      940        21.8        3.6        0.64       12.0       5
    -------------------------------------------------------------------------
        Incl.      940        39.9        1.0        1.16        3.3       5
    -------------------------------------------------------------------------
    122-69         430        23.7        1.0        0.69        3.3       1
    -------------------------------------------------------------------------
    122-70         167       170.9        1.0        4.98        3.3       3
    -------------------------------------------------------------------------
    122-70         817        34.3        1.0        1.00        3.3       5
    -------------------------------------------------------------------------
    122-70         847         3.3        4.0        0.10       13.1       5
    -------------------------------------------------------------------------
    305-05         310         5.2        3.4        0.15       11.2       1
    -------------------------------------------------------------------------
        Incl.      310        11.6        1.2        0.34        3.9       1
    -------------------------------------------------------------------------
    305-05         311         3.1        7.5        0.09       24.6       1
    -------------------------------------------------------------------------
        Incl.      311        24.2        0.5        0.71        1.6       1
    -------------------------------------------------------------------------
    305-05-W1      310         3.9        6.0        0.11       19.7       1
    -------------------------------------------------------------------------
    305-05-W1      363         3.5        7.0        0.10       23.0       1
    -------------------------------------------------------------------------
        Incl.      362         6.0        3.0        0.18        9.8       1
    -------------------------------------------------------------------------
    305-05-W1      370         3.4        8.0        0.10       26.2       1
    -------------------------------------------------------------------------
    305-06        1398        10.9        9.0        0.32       29.5       8
    -------------------------------------------------------------------------
        Incl.     1396        18.6        4.5        0.54       14.8       8
    -------------------------------------------------------------------------
        Incl.     1394       104.7        0.5        3.05        1.6       8
    -------------------------------------------------------------------------
    305-10                           Anomalous
    -------------------------------------------------------------------------
    305-11         292         8.3        3.6        0.24       11.8       1
    -------------------------------------------------------------------------
        Incl.      292        25.7        1.1        0.75        3.6       1
    -------------------------------------------------------------------------
    Holes with the prefix '122' and '305' were drilled from underground.
    Assays are uncut. Reported results satisfy the following criteria:
    greater than 10.0 gram gold x metre product and greater than 3.0 g/t
    gold. Anomalous holes satisfy the following criteria: greater than 2.5
    gram gold x metre product and less than 10.0 gram gold x metre product
    and greater than 2 g/t gold. A complete listing of results to date for
    the F2 Zone is available at www.rubiconminerals.com.
    >>

To view Figure 1: F2 Gold System Plan Map, Figure 2: Composite Long Section Looking Northwest and 9X Target Outlines and Figure 3: F2 Gold System Plan Map with Emerging Outlines of Gold Zones, please visit: http://files.newswire.ca/617/rubiconfig123.pdf

Source: Company website

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce the unaudited financial results for the Company’s quarter ending June 30, 2010. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.greatpanther.com or on SEDAR at www.sedar.com.

“Great Panther enjoyed a strong second quarter, setting several new records, while continuing to focus on mine development and exploration drilling,” said Robert Archer, President & CEO. “With new equipment still arriving, modified mine plans being initiated, and almost 9,000 metres of diamond drilling completed in the quarter, we should see continued improvements in production, unit costs and financial performance through the balance of 2010.”

Second Quarter Highlights

• 15% increase in overall metal production to 574,740 silver equivalent ounces (“Ag eq oz”) in the second quarter 2010 from 499,845 Ag eq oz in the second quarter 2009.
• 23% increase in silver production from 333,358 oz Ag in the second quarter 2009 to a record 410,583 oz Ag in the second quarter 2010.
• 31% increase in silver production from Guanajuato to a record 288,825 oz from 220,742 oz in the second quarter 2009.
• 19% increase in metal production from Topia to 205,350 Ag eq oz compared to 172,550 Ag eq oz in the second quarter 2009.
• Record metallurgical silver and gold recoveries at Guanajuato and record metallurgical silver, lead and zinc recoveries at Topia.
• 39% increase in revenue for the three months ended June 30, 2010 to $9.3 million compared to $6.7 million for the three months ended June 30, 2009 due to higher metal prices and an increase in payable silver ounces.
• 43% increase in earnings from mining operations to $4.3 million in the second quarter 2010 from $3.0 million in the second quarter 2009.
• Record net income of $1.6 million for the three months ended June 30, 2010 compared to a net loss of $0.2 million for the same period in 2009.
• The Company invested $2.3 million in capital expenditures and $1.8 million in mineral property exploration expenditures during the quarter as it continued the implementation of its three-year growth strategy which commenced during the fourth quarter 2009. The Company plans to invest $13 million in capital expenditures and $6.3 million in mineral property exploration expenditures in 2010.
• The Company reported positive assay results from the expanded 7,800-metre (initially 6,000 metres) surface drill program at Topia. The program will provide for additional mineral resources to direct mine development and expansion decisions over the next several years and the Company anticipates mineral resource estimates for an additional four to five Topia area mines.
• Early results from the on-going underground drilling and development program in the Los Pozos and Santa Margarita zones in the Rayas area of the Guanajuato mine demonstrated the continuity of silver and gold mineralization. This will allow the Company to construct a new mineral resource estimate and provide greater definition for the mine plan in these areas.

Outlook

Great Panther has revised its overall production estimate for 2010 to 2.4 million silver equivalent ounces, a 9% increase over 2009 production, to reflect production shortfalls and reduced ore grades at Guanajuato, particularly during the first quarter of the year. Improvements have been evident in the second quarter and further improvements are expected throughout the balance of the year. In addition, underground development has advanced ahead of plan to provide for exploration drilling for Deep Rayas (drilling in progress), Guanajuatito and Valenciana (drilling to start in the third and fourth quarters respectively).

The long term forecast of achieving 3.8 million Ag eq oz by 2012 is unchanged. The impact of the new equipment is enabling increased development and production improvements throughout 2010 and positive exploration drill results are being used to estimate new resources in support of the 3-year growth strategy.

The Topia operation has made a very encouraging start to 2010 with record production and year to date unit costs of US$7.61 per oz of silver, net of by-product credits, and is well on its way to achieving its targets. At Guanajuato, year to date production is below plan mainly due to grades being lower than estimated in the first quarter. When combined with increased development costs during the first half of the year, this has resulted in Guanajuato’s year to date cash cost per silver ounce, at US$7.08, being higher than the guidance of US$4.50 to US$5.00. The mining plans have been revised, and should result in continuous improvement through the third and fourth quarters. New mineralized zones are being prepared for production on the Los Pozos and Santa Margarita veins while mining of the higher grade Alto veins of the Cata Clavo will commence in the fourth quarter.

The Company’s emphasis will be on maintaining profitability while developing and exploring to continually increase metal production. Great Panther’s production strategy is to increase silver production year-on-year at continually decreasing unit costs.

“The second quarter of this year saw the achievement of new all-time records in both silver production and corporate net profits, with record metallurgical recoveries at both mines”, said Kaare Foy, the Company’s Executive Chairman. “The on-going implementation of our three-year growth strategy will provide us with increased resource levels and increased production.”

Great Panther Silver Limited is one of the fastest growing primary silver producers in Mexico with strong leverage to future rises in the price of silver. The Company owns a 100% interest in two operating mines in Mexico. The Company’s mission is to become a leading primary silver producer by acquiring, developing and profitably mining precious metals in Mexico.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

“Kaare G. Foy”

Kaare G. Foy, Executive Chairman

1. “Earnings from mining operations” is a non-GAAP measure and is defined as mineral sales less cost of sales (excluding amortization and depletion).
2. “Adjusted EBITDA” is a non-GAAP measure in which standard EBITDA (earnings before interest expense, taxes, and depreciation and amortization) is adjusted for stock-based compensation expense and non-recurring items.
3. The non-GAAP measure of cash cost per ounce of silver is used by the Company to manage and evaluate operating performance at each of the Company’s mines and is widely reported in the silver mining industry as a benchmark for performance, but does not have a standardized meaning.
4. Silver equivalent ounces in 2010 were established using prices of US$1,000/oz Au, US$16/oz Ag, US$0.80/lb Pb and US$0.80/lb Zn.

Source: Company Website, you will find the full financial report here

FIRST MAJESTIC SILVER CORP. (FR-T) (the “Company” or “First Majestic”) is pleased to announce the unaudited financial results for the Company’s second quarter ending June 30, 2010. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.firstmajestic.com or on SEDAR at www.sedar.com.

Second Quarter 2010 Highlights ($CAD)		Change from Q2-2009
Gross Revenue	$31.8 million	Up 102%
Net Revenue	$29.0 million	Up 122%
Mine Operating Earnings	$13.1 million	Up 679%
Net Income after taxes	$8.9 million	Up 757%
Earnings Per Share — basic	$0.10 per share	Up 900%
Cash Flow Per Share (non-GAAP measure)	$0.14 per share	Up 1300%
Silver Ounces Produced (excluding equivalent ounces of gold and lead)	1,538,798 ounces Ag	Up 86%
Silver Equivalent Production	1,656,165 eq. oz.	Up 73%
Silver Equivalent Ounces Sold	1,623,844 eq. oz.	Up 51%
Total Cash Costs per ounce	US$ 8.20	Down 10%
Direct Cash Costs per ounce	US$ 6.16	Down 2%
Average Revenue per ounce sold	US$ 18.68	Up 48%

Results of Operations

Consolidated gross revenue (prior to smelting and refining charges and metal deductions) for the quarter ended June 30, 2010 was $31.8 million (US$30.3 million) compared to $15.8 million (US$13.5 million) for the quarter ended June 30, 2009 for an increase of $16.0 million or 102%. Compared to the first quarter ended March 31, 2010, consolidated gross revenue increased by $9.9 million or 45%. The increase in revenues in the second quarter of 2010 is primarily attributable to a 25% increase in silver ounces sold compared to the first quarter ended March 31, 2010. The increase in ounces sold are due to the launch of the new cyanidation plant at the La Encantada Silver Mine and the improving operating levels at the La Parrilla Silver Mine which combined, contribute a 86% increase in silver production compared to the second quarter of 2009.

In the second quarter of 2010, the Company sold 1,623,844 ounces of silver equivalent at an average price of US$18.68 per ounce compared to 1,073,129 ounces in the second quarter of 2009 at an average price of US$12.60 per ounce, representing an increase of 51% in shipments over the same quarter in 2009 and a 25% increase over the first quarter of 2010. In the first quarter of 2010, the Company sold 1,298,659 ounces of silver equivalents at an average price of US$16.23 per ounce.

Production of silver, excluding any equivalents from gold or lead, increased by 9% over the prior quarter and 86% compared to the second quarter of 2009. The Company produced 1,538,798 ounces of silver in the current quarter, 1,409,825 ounces of silver in the first quarter of 2010 (commercial and non-commercial production), and 827,720 ounces in the second quarter of 2009. In the second quarter of 2010, 93% of First Majestic’s revenue resulted from the sale of pure silver making the Company the purest silver producer relative to its peers.

The new plant at La Encantada achieved commercial production on April 1, 2010. The design of the new plant allows for the production of silver doré bars which are generally 93-97% silver with small amounts of lead, gold and other metals making up the balance of the contents of these bars. During the second quarter, furnaces were installed allowing for the discontinuation of concentrate production. The economic differences are significant and are beginning to reflect in the financial numbers. Management completed a review of the economics of lead production and concluded that, due to the relatively small amount of lead produced historically and the current lead prices, ore was more valuable if processed directly through cyanidation rather than being floated, and thus the flotation circuit was shut down in June 2010. As a result of the discontinuation of flotation, concentrate production decreased in the second quarter and lead as a byproduct decreased by 41% to 1,494,548 pounds. The economics of switching from concentrate production to doré production resulted in a savings for La Encantada of approximately US$2.61 per ounce in the second quarter of 2010 and a savings of $1.10 per ounce for consolidated operations. The new La Encantada cyanidation plant achieved average throughput of approximately 2,900 tonnes per day in the second quarter. This average throughput is expected to increase in the third quarter.

Total commercial production for the second quarter of 2010 increased by 22% compared to the first quarter of 2010. Total production (commercial and non-commercial) for the second quarter of 2010 increased 2% from the prior quarter and 73% from the same quarter of the prior year to 1,656,165 ounces of silver equivalents consisting of 1,538,798 ounces of silver, 541 ounces of gold and 1,494,548 pounds of lead. This compares to the 957,936 ounces of silver equivalents produced in the second quarter of 2009, which consisted of 827,720 ounces of silver, 746 ounces of gold, 1,493,162 pounds of lead, and compares with production in the first quarter of 1,619,403 ounces of silver equivalents consisting of 1,409,825 ounces of silver, 857 ounces of gold and 2,542,071 pounds of lead.

Net sales revenue (after smelting and refining charges, metals deductions, transportation and other selling costs) for the quarter ended June 30, 2010 was $29.0 million, an increase of 122% compared to $13.0 million for the second quarter of 2009. Net sales revenue for the quarter ended June 30, 2010 increased by 59% compared to $18.2 million in the first quarter of 2010. Smelting and refining charges and metal deductions decreased to 9% of gross revenue in the second quarter of 2010 compared to 17% of gross revenue in the second quarter of 2009, due to a shift in the production mix toward silver doré which is a major benefit from the new cyanidation plant at La Encantada.

The Company generated net income of $8.9 million in the second quarter of 2010, or earnings per common share (“EPS”) of $0.10 compared to a net income in the second quarter of 2009 of $1.0 million or EPS of $0.01. Net income for the second quarter of 2010 included non-cash stock-based compensation expense of $0.6 million and an income tax provision of $1.4 million. In the first quarter of 2010, net income was $3.0 million resulting in EPS of $0.03. If the revenues and expenses of the new plant were deemed commercial in the first quarter (recorded as income rather than capital) an additional $2.3 million of capitalized profits would have increased EPS in the first quarter to $0.06.

Direct cash costs per ounce of silver (a non-GAAP measure) for the second quarter of 2010 were US$6.16, compared to US$6.31 per ounce of silver in the second quarter of 2009 and US$4.94 per ounce of silver in the first quarter of 2010. The cost increase was attributed to an increase in the peso relative to the US dollar, as well as an increase in electricity and diesel costs compared to previous quarters.

Total cash costs per ounce (including smelting, refining, metal deductions, transportation and other selling costs, and by-product credits, which is a non-GAAP measure) for the second quarter of 2010 was US$8.20 per ounce of silver compared to US$9.15 per ounce of silver in the second quarter of 2009 and US$8.11 per ounce in the first quarter of 2010.

Mine operating earnings for the second quarter of 2010 increased by 679% to $13.1 million compared to mine operating earnings of $1.7 million for the second quarter of 2009 and are associated with an increase in net revenue during the second quarter of 2010. When compared to the first quarter of 2010, mine operating earnings increased by 78% from $7.4 million.

Operating income increased by 907%, or $11.2 million, to $10.0 million for the quarter ended June 30, 2010, from an operating loss of $1.2 million for the quarter ended June 30, 2009, due to the 51% increase in ounces sold and the 51% increase in average US$ revenue per ounce of silver sold. When compared to the first quarter of 2010, operating income increased by 114% from $4.7 million.

During the quarter ended June 30, 2010, the Company invested $2.6 million in its mineral properties and a further $3.0 million in additions to plant and equipment on a cash basis. This compares to $3.2 million invested in its mineral properties and a further $5.9 million in additions to plant and equipment on a cash basis in the second quarter ended June 30, 2009. When compared to the first quarter of 2010, the Company invested $3.4 million in its mineral properties and a further $1.4 million in additions to plant and equipment on a cash basis.

In Summary

First Majestic has experienced its first quarter of operating results incorporating the additional production, earnings and cashflow from the operations of its new plant at the La Encantada Silver Mine and, as expected, the results are clearly record breaking. The increased production of silver, reduced smelting and refining costs and firm silver prices are combining to provide the Company a quantum increase in earnings and cashflow for this past quarter.

“We would like to thank everyone who assisted in the construction, financing and launching of the impressive La Encantada processing plant and look forward to continued improvements in costs and output as we further increase our daily throughput and improve our operational efficiencies” commented Keith Neumeyer, President and CEO of First Majestic. “Management looks forward to continued improvements in production, earnings and cashflow as the La Encantada operation matures over the coming quarters”.
First Majestic is a producing silver company focused in México and is aggressively pursuing its business plan of becoming a senior silver producer through the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its aggressive corporate growth objectives.

FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.

“signed”

Keith Neumeyer, President & CEO

Source: Company website

TORONTO, ONTARIO – August 13 2010 – Minera Andes Inc. (the “Corporation” or “Minera Andes”) (TSX: MAI and US OTC: MNEAF) is pleased to announce net income of $4.6 million ($0.02 per share basic and diluted) for the three month period ended June 30, 2010, compared to net income of $0.9 million ($0.00 per share basic and diluted) for the three months ended June 30, 2009. All amounts in this news release are in US dollars unless otherwise noted. Our financial statements and management’s discussion and analysis are available under the Corporation’s profile at www.sedar.com and www.sec.gov.

The increase in net income for the quarter was primarily due to an increase of $4.0 million in income on our investment in Minera Santa Cruz (“MSC”), which was partially offset by an increase of $0.3 million in total expenses for the quarter. This increase in expenses was a net result of a foreign currency exchange loss (due to a lower Canadian dollar) and an increase in legal expenses for the quarter, partially offset by a decrease in general and administrative costs.

Minera Andes has a 49% interest in the San José mine which is operated by MSC in the province of Santa Cruz, Argentina, an emerging gold/silver region home to many producing mines. Net proceeds realized by MSC from the sale of silver and gold for the quarter totaled $49.4 million as compared to $27.8 million for the first quarter of 2010, an increase of $21.6 million due to higher production and mill throughput as well as higher realized metal prices for both silver and gold. Net income at MSC for the second quarter was $11.3 million, an $8.9 million increase from the first quarter of this year. Silver and gold production came in at 1,220,794 ounces of silver and 19,707 ounces of gold, which were 48% and 20% higher respectively compared to the first quarter of this year. These figures are presented on a 100% basis.

The average weighted gross sale price for silver and gold sold for the quarter was $18.21 per ounce and $1,233 per ounce respectively, an increase of 8% and 12% respectively compared to the first quarter of this year. On a per ounce co-product basis the average production cash cost was $9.22 per ounce of silver and $602 per ounce of gold as compared to last quarter’s cash cost of $9.15 per ounce of silver and $599 per ounce of gold.

Minera Andes also has 100% ownership of the Los Azules copper deposit in San Juan, Argentina, and 100% ownership of a portfolio of exploration properties in the Deseado Massif region in Santa Cruz. Los Azules has inferred mineral resources of 900 million tonnes grading 0.52% copper, equivalent to 10.3 billion pounds of copper, as well as indicated resources of 137 million tonnes grading 0.73% copper, equivalent to 2.2 billion pounds of copper. The Deseado Massif is a highly prospective area host to major silver-gold deposits and producing mines.

As of June 30, 2010, Minera Andes had approximately $8 million in cash and cash equivalents, and continues to have no bank debt. Working capital at June 30, 2010 totaled $5.5 million.

About Minera Andes

Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA, owner of the San José Mine, a large primary silver producer that produced 4,998,000 oz of silver and 77,070 oz gold in 2009; 100% ownership of the Los Azules copper deposit; and a portfolio of exploration properties in the highly prospective Deseado Massif region of Santa Cruz Province in southern Argentina. The company has no bank debt.

This news release has been submitted by Perry Ing, Chief Financial Officer of the Corporation.

For further information, please contact: Daniela Ozersky or visit our Web site: www.minandes.com.

Daniela Ozersky
Manager, Investor Relations
99 George St. 3rd Floor,
Toronto, Ontario, Canada. M5A 2N4
Toll-Free: 1-866-441-0690
Tel: 647-258-0395
Fax: 647-258-0408
E-mail: info@minandes.com

Source: Company Website

VANCOUVER, Aug. 11 /CNW/ – Silver Wheaton Corp. (“Silver Wheaton” or the “Company”) (TSX, NYSE:SLW) is pleased to announce its unaudited results for the second quarter ended June 30, 2010.

SECOND QUARTER HIGHLIGHTS

————————————————————————-

- Net earnings increased by almost 200% to a record US$53.3 million (US$0.16 per share), compared with US$18.4 million (US$0.07 per share) in 2009.

- Operating cash flows increased by more than 150% to US$67.0 million (US$0.20 per share)(1), compared with US$26.5 million (US$0.09 per share)(1) in 2009.

- Attributable silver equivalent production of 5.7 million ounces (5.3 million ounces of silver and 5,800 ounces of gold), representing an increase of 33% over the comparable period in 2009.

- Record silver equivalent sales of 5.1 million ounces (4.6 million ounces of silver and 7,600 ounces of gold), representing an increase of 74% over the comparable period in 2009.

- Total cash costs(1) of US$4.03 per silver equivalent ounce, compared with US$3.99 per ounce in 2009.

- Cash operating margin(1) increased by 44% to US$14.45 per silver equivalent ounce, compared with US$10.05 per ounce in 2009.

- Production at Goldcorp Inc.’s world-class gold-silver-lead-zinc Penasquito mine continued to ramp up on or ahead of schedule, with the second sulphide processing line achieving mechanical completion ahead of its previously expected third quarter completion date. Penasquito’s Line 1 is regularly operating at a designed daily throughput of 50,000 tonnes, and Line 2 is now in the commissioning phase and ramping up to add another 50,000 tonnes per day of capacity. Upon completion of the high pressure grinding circuit, Penasquito is anticipated to ramp up to full production capacity of 130,000 tonnes per day by early 2011. Annual production attributable to Silver Wheaton from the mine is expected to average approximately 7 million ounces of silver over the estimated 22 year mine life.

- Barrick Gold Corp.’s world-class gold-silver Pascua-Lama project remains on track to enter production in the first quarter of 2013. Detailed engineering and procurement is nearing completion with many major items now purchased. Once in production, Pascua Lama is forecast to be one of the largest and lowest cost gold mines in the world with average annual production attributable to Silver Wheaton, in its first five years, of approximately 9 million ounces of silver. Pascua-Lama is a long-life asset with an expected mine life in excess of 25 years.

- Acquired, by way of a private placement financing, 1.8 million units of Ventana Gold Corp. for total consideration of C$20.7 million (US $19.8 million). As part of this transaction, Silver Wheaton has been granted a right of first refusal over any silver streams relating to Ventana’s Colombian properties, including the highly prospective La Bodega project, which has the potential to host a world-class gold deposit with significant silver by product credits.

- Subsequent to quarter end, Goldcorp completed the sale of the San Dimas mine to Primero Mining Corp. (“Primero”). In conjunction with the sale, Silver Wheaton agreed to amend its silver purchase agreement relating to the mine. The term of the silver purchase agreement, which was set to expire in 2029, has been extended to life of mine. During the first four years following closing of the transaction, Primero will deliver to Silver Wheaton a per annum amount equal to the first 3.5 million ounces of payable silver produced at San Dimas and 50% of any excess, plus Silver Wheaton will receive an additional 1.5 million ounces of silver per annum to be delivered by Goldcorp. Beginning in the fifth year after closing, Primero will deliver to the Company a per annum amount equal to the first 6 million ounces of payable silver produced at San Dimas and 50% of any excess. Goldcorp will continue to guarantee the delivery by Primero of all silver produced and owing to the Company until 2029, and a payment of US$0.50 per ounce for any shortfall below 215 million cumulative silver ounces delivered to Silver Wheaton by the end of 2031. Primero has provided Silver Wheaton with a right of first refusal on any metal stream or similar transaction it enters into.

—————————————
(1) Refer to discussion on non-GAAP measures at the end of this press release.

“Another very solid quarter resulted in record sales and earnings,” said Peter Barnes, Chief Executive Officer of Silver Wheaton. “With Goldcorp’s Penasquito mine in Mexico, the first of our cornerstone assets, continuing to ramp up silver production ahead of schedule, we look forward to an even stronger second half to the year and maintain our annual attributable silver equivalent production guidance of 23.5 million ounces. In the face of continued global economic uncertainty, the price of silver performed very well in the quarter, leading to record cash operating margins of US$14.45 per ounce, and clearly demonstrating the advantages of Silver Wheaton’s business model of low fixed operating costs.”

“Two transactions, both having potential to further increase Silver Wheaton’s industry leading production growth profile, were also completed in the quarter. First, in connection with Goldcorp’s sale of its San Dimas mine to Primero Mining, an emerging mid-tier gold producer, Silver Wheaton agreed to amend its silver purchase agreement to the benefit of both parties. The final agreement provides Silver Wheaton with a Goldcorp guarantee, extends the agreement from a fixed term to life-of-mine and, most importantly, incentivizes Primero Mining to increase silver production at this high-quality, low-cost, mine.”

“Second, Silver Wheaton acquired a right of first refusal over any silver streams relating to Ventana Gold Corp.’s Colombian properties, including its flagship high-grade gold-silver La Bodega project, one of the most exciting gold discoveries in the last decade. As Ventana continues to advance this potential world-class project closer to production and evaluates project financing options, we anticipate working towards completing a silver streaming agreement.”

This earnings release should be read in conjunction with Silver Wheaton’s unaudited MD&A and Financial Statements, which are available on the Company’s website at www.silverwheaton.com and have been posted on SEDAR at www.sedar.com.

A conference call will be held Thursday, August 12, 2010, starting at 11:00 am (Eastern Time) to discuss these results. To participate in the live call use one of the following methods:

    <<
    Dial toll free from Canada or the US:             1-888-231-8191
    Dial from outside Canada or the US:               1-647-427-7450
    Pass code:                                        80637046
    Live audio webcast:                               www.silverwheaton.com

    Participants should dial in five to ten minutes before the call.

    The conference call will be recorded and you can listen to an archive of
    the call by one of the following methods:

    Dial toll free from Canada or the US:             1-800-642-1687
    Dial from outside Canada or the US:               1-416-849-0833
    Pass code:                                        80637046
    Archived audio webcast:                           www.silverwheaton.com
    >>

About Silver Wheaton

Silver Wheaton is the largest silver streaming company in the world. Forecast 2010 production, based upon its current agreements, is 22.2 million ounces of silver and 20,000 ounces of gold, for total production of 23.5 million silver equivalent ounces. By 2013, annual production is anticipated to increase significantly to approximately 38 million ounces of silver and 59,000 ounces of gold, for total production of over 40 million silver equivalent ounces. This growth is driven by the Company’s portfolio of world-class assets, including silver streams on Goldcorp’s Penasquito mine and Barrick’s Pascua-Lama project.

Silver Wheaton has included, throughout this document, certain non-GAAP performance measures, including total cash costs of silver and gold on a sales basis, as well as operating cash flows per share and cash operating margin. These non-GAAP measures do not have any standardized meaning prescribed by GAAP, nor are they necessarily comparable with similar measures presented by other companies. Cash costs are presented as they represent an industry standard method of comparing certain costs on a per unit basis. Cash operating margin is defined as the realized selling price less total cash cost per silver equivalent ounce. The Company believes that certain investors use this information to evaluate the Company’s performance. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. During the three months ended June 30, 2010, the Company’s total cash costs, which were equivalent to the Company’s cost of sales in accordance with GAAP, were US$3.97 per ounce of silver and US$300 per ounce of gold (three months ended June 30, 2009 – US$3.97 per ounce of silver and US$300 per ounce of gold).

Source: Company website, you can find all the numbers here as well.

VANCOUVER, Aug. 6 /CNW/ – Silver Wheaton Corp. (“Silver Wheaton” or the “Company”) (TSX, NYSE:SLW) is pleased to announce that, further to the Company’s June 2, 2010 press release, it has amended its silver purchase agreement relating to the San Dimas mine (“San Dimas”). The agreement was amended pursuant to the August 6, 2010 completion of Goldcorp Inc.’s (“Goldcorp”) sale of San Dimas to Primero Mining Corp. (“Primero”), formerly known as Mala Noche Resources (see Goldcorp and Primero press releases dated August 6, 2010). Key amendments to the silver purchase agreement are as follows:
– The term of the silver purchase agreement, which previously ended in
2029, has been increased to life-of-mine;
– During the first four years following closing, Primero will deliver
to Silver Wheaton a per annum amount equal to the first 3.5 million
ounces of payable silver produced at San Dimas and 50% of any excess,
plus Silver Wheaton will receive an additional 1.5 million ounces of
silver per annum to be delivered by Goldcorp;
– Beginning in the fifth year after closing, Primero will deliver to
Silver Wheaton a per annum amount equal to the first six million
ounces of payable silver produced at San Dimas and 50% of any excess;
– Goldcorp will continue to guarantee:
i. The delivery by Primero of all silver produced and owing to
Silver Wheaton, until 2029; and,
ii. A payment of US$0.50/oz for any shortfall below 215 million
cumulative silver ounces delivered to Silver Wheaton by the
end of 2031.
– Primero has provided Silver Wheaton with a right of first refusal on
any metal stream or similar transaction it enters into; and
– Silver Wheaton has obtained an increased security package over the
properties and assets of Primero.Under the terms of the amended silver purchase agreement, Silver Wheaton will continue to pay the lesser of US$4.04 (subject to an inflationary adjustment) or the prevailing market price per ounce of silver delivered.
About San Dimas

San Dimas has been in continuous production for well over 100 years and operates in the lowest cost quartile of gold-silver producers in the world. Over the substantial mine life to date, the operating team at San Dimas has demonstrated an exceptional track-record of converting resources into reserves and the mine continues to exhibit excellent exploration upside.

Current exploration programs at San Dimas are focused on locating the western extension of the Central Block region, where the majority of mining currently takes place. These programs met with considerable success late in 2009, and continue into 2010, positioning the mine for a new phase of long-term production growth.

About Silver Wheaton

Silver Wheaton is the largest silver streaming company in the world. Forecast 2010 production, based upon its current agreements, is 22.2 million ounces of silver and 20,000 ounces of gold, for total production of 23.5 million silver equivalent ounces. By 2013, annual production is anticipated to increase significantly to approximately 38 million ounces of silver and 59,000 ounces of gold, for total production of over 40 million silver equivalent ounces. This growth is driven by the Company’s portfolio of world-class assets, including silver streams on Goldcorp’s Penasquito mine and Barrick’s Pascua-Lama project.

Toronto, Canada – The first 11 holes drilled this season by Seabridge Gold on the FAT deposit at its 100% owned Courageous Lake gold project have exceeded expectations, increasing confidence in the current resource and potentially expanding it. The Courageous Lake project is located in Canada’s Northwest Territories. Drilling continues with another 30 holes planned for this summer.

Seabridge President Rudi Fronk noted that the primary objective of this year’s Courageous Lake program is to enhance the value of the project by upgrading its existing resources so that they can qualify as reserves in a planned Preliminary Feasibility Study. “The results to date indicate that we are having success upgrading inferred resources to higher categories. Mineralization is where we expect it to be, demonstrating that our resource model is predictive. Furthermore, grades are somewhat better than predicted by the model and we are also finding new mineralized zones. Overall, the data suggests that resource ounces and perhaps grade could increase as a result of this program, in addition to upgrading resource categories.”

The FAT deposit is located geologically in the Slave Province. The deposit’s name is an acronym for its dominant rock type, Felsic Ash Tuff. This gold occurrence, hosted by Archean rocks, was formed in a rhyolite/dacite dome complex that measures about 2km along strike and about 800m of stratigraphic section in width. Although tuffaceous rocks are the most common in the deposit there are also clear intervals of clastic and chemical sedimentary rocks and a few late intrusives.

In constructing a geological model for resource estimation, unique stratigraphic intervals were defined and labeled as domains 1 though 9 and domain 14. Each domain contains specific and unique tuff and sedimentary units arranged in particular stratigraphic sequences. The defined geological domains are relics of the depositional environment in which they were formed. Consequently, within these domains the style of hydrothermal alteration, vein occurrences and sulfide mineralogy are consistent across the length and breadth of each specific domain. Distribution of gold within a domain and the surrounding rock is treated differently from other domains in resource modeling. Although ten separate geological domains have been recognized in the FAT deposit, domains 3, 4 and 5 contain about 80% of the gold in the deposit.

Results of the first 11 core drill holes from the current program are as follows:

Geologic descriptions of the 11 holes are as follows:

CL-081:  Drilled at an azimuth of 98^o and an inclination of minus 52^o and designed to test the down-dip projection in domain 5 and fill a gap in domain 4. The only lithology encountered in the hole was felsic tuff. Alteration of the tuff varied significantly with the most common being sericite and carbonates. The geology encountered in domain 4 consisted of coarse tuff and intense sericite-silica alteration characteristic of this zone with better grades than expected in the resource model (4.0 g/t versus 2.5 g/t). Textures, alteration and sulfide minerals in domain 5 were indicative of gold mineralization but grades were lower than expected in the model.

CL-082:  Drilled at an azimuth of 277^o and an inclination of minus 60^o and designed to in-fill gaps in domains 3 and 4. Due to ground conditions, the hole deviated immediately and did not fully test these targets. The entire hole was in felsic tuff with variable intensity of sericite and carbonate alteration. An unexpected mineralized zone was encountered in domain 2 beyond the limits of our resource model for this domain. The upper part of domain 3 was intersected in the drill hole yielding mineralization and geology consistent with the model.

CL-083:  Drilled at an azimuth of 98^o and an inclination of minus 47^o and designed to upgrade near surface inferred resources in domains 5 and 4 and to test domain 3 to a depth of 200 meters. The grade encountered was significantly higher than predicted, with slightly narrower zones. Alteration and rock types were consistent with the model, including moderate to intense sericite alteration and intervals of intense silicic alteration, especially in domain 4. The bottom 33.0 meter interval grading 3.18 grams per tonne likely represents the eastern margin of domain 3, with grades better than expected.

CL-084: Drilled at an azimuth of 98^o and an inclination of minus 55^o and designed to upgrade shallow inferred blocks in domains 4 and 5 at relative elevations between 200 and 350 meters. Felsic tuff was the only lithology encountered in this drill hole with moderate to intense sericite and silica alteration. The upper 110 meters of the hole corresponded to rock types associated with domain 5 but with much less lithological variation, which may indicate the up-dip limits of this zone. In the deeper part of the drill hole, the felsic tuff is characteristic of domain 4 with well developed imbricated lapilli and distinctive primary quartz phenocrysts. Grade is distributed at the bottom and the top of zone 4 and in minor intervals through the center of the zone.

CL-085:  Drilled to replace hole CL-082 at an azimuth of 274^o with inclination of minus 65^o. This hole also deviated from plan and did not fully test the target in domains 3 and 4. Geology of this hole was as predicted, felsic tuff with low to moderate intensity sericite alteration and few quartz veins with associated silicic alteration. The same unexpected mineralized zone found in hole CL-082 was encountered and is interpreted to be domain 2. Grade was also intercepted on the upper margin of domain 3 (14.4 meters at 2.19 gpt) which was not predicted in the resource model.

CL-086:  Drilled at an azimuth of 277^o and an inclination of minus 65^o and designed to fill inferred gaps in domains 3 and 4 and test the down dip potential of domain 5. In domain 3, the tuffs were less intensely altered and sulfide content was low, indicating that this zone is weakening to the north. The eastern portion of domain 4 showed the strongest alteration and sulfides with the remainder of the domain being more erratic. Domain 5 was characterized by patchy alteration and sulfides in felsic tuffs, which may indicate the down-dip limits of this zone.

CL-087:  Drilled at an azimuth of 95^o and an inclination of minus 50^o and designed to fill a potential gap of blocks in domain 5 (represented in the current model as waste) and an inferred gap in domain 4. The bottom of zone 5 was intercepted at the predicted depth and was characterized by fine-grained felsic tuff with a restricted size range of lapilli fragments. Moderate intensity sericite and silica alteration was accompanied by vein-controlled carbonate alteration. Results from this hole indicate that zone 5 is pinching up-dip. Below 200m the drill hole passed into domain 4 with the typical lapilli tuff units containing primary quartz eyes. Sericite and silica alteration is not intense, with the key mineralization in this part of domain 4 found near the base of the zone.

CL-088: Drilled at an azimuth of 277^o and an inclination of minus 54^o and designed to convert inferred blocks in domains 2, 3, 4 and 5. Typical FAT lithologies were intersected in this hole, primarily variably altered felsic tuff with minor intercalations of sedimentary rocks. Domain 2 was better than expected. Domain 3 showed continuing strong mineralization along its margins but the core was weaker than expected. Domain 4 alteration and mineralization were weaker than expected but still maintained a high-grade core. Domain 5 was consistent with expectations.

CL-089:  Drilled at an azimuth of 98^o and an inclination of minus 50^o and designed to fill a gap of shallow inferred blocks in domains 5 and 4. Lithologies of domain 5 are as expected, with decreased sericite and silica alteration and increased chlorite-carbonate alteration. These results indicate that domain 5 has pinched out up-dip. Domain 4 was encountered where expected showing intense sericite and silica alteration. The alteration intensity decreases toward the top of domain 4.

CL-090:  Drilled at an azimuth of 98^o and an inclination of minus 54^o and designed to upgrade blocks in domain 5 and 4. The lithologies of domain 5 were encountered from 263 to 300 meters, exactly as predicted. Grades were as expected. Domain 4 started a few meters earlier than expected at 314 meters and continued to the end of the hole. The unexpected start of domain 4 may link up with portions of domain 4 above and below that were too far apart to be interpolated previously. The other mineralized intercepts in domain 4 correspond well with the model.

CL-091:  Drilled at an azimuth of 277^o and an inclination of minus 57^o and designed to upgrade inferred resources in domains 3, 4 and 5 at relative depths of 170 meters, 300 meters and 370 meters respectively. Domain 3 was intersected slightly deeper than expected at 161 meters, due to some intercalated sediments. Mineralization was expected to be spotty as this domain is weakening to the north. Domain 4 was intercepted where expected, with lithology and alteration indicative of domain 4. Overall results for this zone exceeded expectations, with wider intercepts and better grades. Domain 5 was much weaker than expected both in alteration and grades but a full cut of the zone was not achieved due to some deviation in the hole.

The above reported drill holes were designed to intersect the true width of the FAT deposit.

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):

In March 2008, Seabridge released the results of a Preliminary Assessment (see news release dated March 10, 2008) in which the independent consultants concluded that an open-pit mining operation, with on-site processing, is the most suitable development scenario for the Courageous Lake project. A base case scenario was developed proposing a 25,000 tonne per day operation (9.125 million tonne per year throughput) resulting in a projected 11.6 year operation with average estimated annual production of 500,500 ounces of gold at an estimated average cash operating cost of US$435 per ounce recovered. The base case scenario utilized measured, indicated and inferred resources in the mine plan. Initial capital costs for the project were estimated at US$848 million, including a contingency of US$111 million. The total cost of gold production (including cash operating costs and total capital costs over the life of the mine) was estimated at US$590 per ounce.

At a gold price of US$690 per ounce, the base case cumulative pre-tax net cash flow over the life of the project was estimated at US$500 million. At a gold price of US$800 per ounce, the cumulative pre-tax net cash flow over the life of the project was estimated at US$1.13 billion and at US$1,000 gold pre-tax cumulative net cash flow was estimated at US$2.27 billion.

Seabridge notes that the Courageous Lake Preliminary Assessment incorporated inferred mineral resources which are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Therefore, Seabridge advises that there can be no certainty that the estimates contained in the Preliminary Assessment will be realized.

National Instrument 43-101 Disclosure

The 2010 Courageous Lake exploration program is being conducted under the direction of William E. Threlkeld, Senior Vice President of Seabridge and a Qualified Person under National Instrument 43-101. Mr. Threlkeld has reviewed and approved this news release.

An ongoing and rigorous quality control/quality assurance protocol is being employed during the 2010 Courageous Lake drill program including blank and certified reference standards inserted by the Company in every batch of assays. Repeats and re-splits of the sample reject are analyzed at a rate of not less than one sample in every 25 for each type. Samples are being assayed at Acme Laboratories, Vancouver, B.C. using fire assay atomic adsorption methods for gold and total digestion ICP methods for other elements. Cross-check analyses are being conducted at a second external laboratory on at least 10% of the samples.

Seabridge holds a 100% interest in several North American gold 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 mineral resources by category please visit the Company’s website at http://www.seabridgegold.net/resources.php.

Source: Company website