Canadian Mining Journal

News

GOLD-COPPER: Seabridge raises $34M for exploration at KSM and Iskut



BRITISH COLUMBIA – Seabridge Gold of Toronto has raised a total of $34.3 million for exploration at its KSM gold-copper project 65 km northwest of Stewart and the Iskut gold-base metals project a further 50 km to the northwest.

A syndicate of underwriters has agreed to purchase 1.0 million common shares at a price of $14.30 each, for a gross proceeds of $14.3 million. A 10% overallotment has been granted at the same terms.

The same underwriters have agreed to purchase 1.0 million flow-through shares at a price of $20.00 each for gross proceeds of $20 million. Another 10% overallotment has been granted. The flow-through funds will be used exclusively for exploration expenses at KSM and Iskut.

The KSM gold-copper project has been much in the news lately as Seabridge makes new high grade discoveries. Proven and probable reserves now stand at  2.2 billion tonnes averaging 0.5 g/t gold and 0.21% copper, containing 38.8 million oz. of gold and more than 10.0 billion lb. of copper.

Last year’s drilling targets at the KSM project.

The Iskut gold-base metal property includes the former high grade Johnny Mountain gold and the Bronson Slope gold-copper deposit. Bronson Slop has measured and indicated resources of 186.9 million tonnes at 0.36 g/t gold and 0.12% copper, containing 2.1 million oz. of gold and 503 million lb. of copper.

Seabridge has posted plans for these properties at www.SeabridgeGold.net.