| Type | Public |
|---|---|
| Traded as | TSX: SEA AMEX: SA |
| Industry | Mining |
| Founded | 1979 as Copper Mines Ltd. |
| Headquarters | Toronto, Ontario, Canada |
| Key people | James S. Anthony, Chair |
| Products | Gold Silver Copper Molybdenum |
| Net income | C$12.58 million (1st half 2011) |
| Total assets | C$209.184 million (June 2011)16%[1] |
| Total equity | C$200.381 million (June 2011)15%[1] |
| Website | www.seabridgegold.net |
Seabridge Gold is a Toronto-based North American resource exploration company. It owns Kerr-Sulphurates-Mitchell, a copper-gold-silver-molybdenum porphyry project in northern British Columbia. The deposit's proven-probable reserves includes 38.5 million ounces of gold, 214 million ounces of silver, 9.985 billion pounds of copper and 257 million pounds of molybdenum. The property is part of a bigger deposit containing another gold project known as Snowfield (Pretium Resources), the entire deposit is the largest undeveloped gold deposit in North America.[2] The KSM project will cost more than $4.7 billion but funding is not yet in place.[3]
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Between its seven projects only KSM has proven reserves.[4] KSM contains gold, silver, copper and molybdenum. Molybdenum is one of the main metals found in the area of Stewart, British Columbia, Avanti Mining is one of the companies developing those deposits.[5][6][7] Total gold measured and indicated resources was six times higher in 2010 than in 2004 (eight gold projects had 8.7 million ounces in 2004, six projects currently have 55.3 million ounces).[8][4]
Originally, it was incorporated as Copper Mines Ltd. on September 14, 1979. It renamed two more times before adopting its current name on June 20, 2002 (Dragoon Resources Ltd on November 9, 1984 then Seabridge Resources Ltd on May 20, 1998).[6] In October 1999 it converted over to a gold company from a diversified one.
In June 2000 it purchased the Kerr Sulphurets Mitchell property from Placer Dome but didn't begin exploratory activity there until 2006. Since 2006 about 20 million ounces of gold have been added to resources.[9] The deal cost 500,000 common shares and royalty payments capped at C$4.5 million.
In May 2002 Seabridge purchased 100% of its second largest gold property, Courageous Lake in the NWT from Newmont Mining and Total Resources for $5.5 million plus a 2% NSR royalty. Courageous Lake holds 15% of Seabridge's indicated resources (5.7 million ounces of gold).[4]
May 2011 - 2P reserves at KSM increase by 8.5 million ounces for gold and 3.0 billion pounds for copper. The difference is a result of a decision by the company to mine in the Iron Cap region. Iron Cap has 86% as much gold as Kerr and Sulfurets combined. The change expanded the mine life to 52 years from 37. High startup costs ($4.68 billion) has limited the company's ability to develop the project into a producing mine.[10]
Only KSM has proven and probable reserves of any metal and only gold is present at all other properties. Mitchell is home to all of KSM's proven reserves of gold (12.6 million ounces) and 75% of all the proven and probable reserves within the property. KSM is located near the headwaters of a tributary of the Unuk River, which flows into Behm Canal near Ketchikan. Seabridge unveiled its development plan during a public meeting in Ketchikan in October 2011 before a crowd of skeptical residents.[11]
Wholly owned gold property located in the Northwest Territories. Since 2002 resources have doubled.[12]The company has to cease operations when caribou are within 500 metres of any area where exploration work is proceeding.[13]The Yellowknives Dene First Nation have concerns and in their opinion, the drilling permit decision issued on March 4, 2011 is incorrect at law.[14]
Red Mountain (Stewart, British Columbia) - Acquired in 2001 from North American Metals Corp. for 800,000 common shares.[6]
Grassy Mountain (Vale, Oregon) - The deposit was discovered by Atlas Mining in 1987 and planned as an underground operation. Sold to Newmont Mining in 1992 for $30 million plus royalties (5% NSR) five years before it was sold back to Atlas. Seabridge took interest in it in 2000. Reserves have barely changed in the last 20 years (in the 1990's it was near 800,000 ounces, in 2011 it was just over 920,000 ounces).
Quartz Mountain (Oregon) - Acquired December 2001, the same month it purchased 100% of Red Mountain. Another company, Quincy Energy Group is helping fund and develop the project.
Nevada Exploration - Nevada USA
Castle-Black Rock - Walker Lane gold belt of Nevada.