NORTHWEST TERRITORIES The Courageous Lake gold project keeps looking better and better. Sole owner SEABRIDGE GOLD of Toronto has updated the resource figures and is anticipating a longer life for the mine. The latest measured resource is 6.3 million t at 2.92 g/t Au, and the indicated number is 53.0 million t at 2.14 g/t Au (using 0.83 g/t Au as a cutoff). There is also an inferred resource of 93.7 million t grading 1.98 g/t Au. Material in all three categories may contain as many as 10.2 million oz of gold.
The new resource estimate is part of an updated technical report prepared for Seabridge by RESOURCE MODELING INC. The report projects a three-year extension to the life of the mine. The Courageous Lake mine is expected to produce over 500,000 oz of gold annually for 12 to 14 years.
Seabridge has commissioned TJS MINING-MET SERVICES to co-ordinate various studies needed to update the 2005 preliminary assessment. This new study will update capital and operating cost estimates which could result in a change in cut-off grade and a revision to the open pit designs. The study is expected to be completed by mid 2007. It will be available at www.SeabridgeGold.net.