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Seabridge Gold Files Third Quarter 2010 Financial Statements and MD&A

One of the newest members of our portfolio is Seabridge Gold. We think this stock is still undervalued big-time, and keep it in our portfolio, below US$29,50 Seabridge is still a good buy. Our longer term target for Seabridge Gold is $US 75,00

Seabridge Gold Press Release:

Toronto, Canada…Seabridge Gold announced today that it has filed its Third Quarter Financial Statements and Management’s Discussion and Analysis for the three and nine month periods ended September 30, 2010 on SEDAR (www.sedar.com). To review these documents on the Company website, please see http://www.seabridgegold.net/2010-Q3-Report.pdf.

Highlights

  • Drill programs completed at Courageous Lake and KSM
  • Drilling at KSM confirms Iron Cap as new large gold-copper deposit with the potential to improve project economics
  • New metallurgical test work increases concentrate grades and reduces grinding costs for KSM ore
  • Courageous Lake drilling continues to increase confidence in the resource and finds potential expansions
  • Residual interest in Noche Buena project to be sold for US$10.12 million

Financial Results

During the three month period ended September 30, 2010 Seabridge posted a net loss of $527,000 ($0.01 per share) compared to a loss of $1,135,000 ($0.03 per share) for the same period last year. During the 3rd quarter, Seabridge invested $19,867,000 in mineral interests, primarily at KSM and Courageous Lake, compared to $13,450,000 during the same period last year. At September 30, 2010, net working capital was $27,319,000 compared to $9,140,000 at December 31, 2009. In addition, at September 30, 2010 the Company had $11,000,000 invested in a two-year Canadian bank guaranteed note at interest rates higher than its short term investments.

Seabridge holds a 100% interest in several North American gold resource 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 resources by project and resource category please visit the Company’s website at http://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, 2009 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”
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

Source: Company website

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