Seabridge Gold Files 2012 Year End Audited Financial Statements and MD&A
TORONTO, CANADA -- (Marketwire) -- 03/26/13 -- 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
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
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.
Seabridge Gold Inc.
Rudi P. Fronk
Chairman and C.E.O.
(416) 367-2711 (FAX)
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