Seabridge Updates Resource Estimate for Mitchell and East Mitchell Deposits

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The combined open pit resources of the two deposits now total 4.11 million tonnes grading 0.54 g/t gold, 0.13% copper, 2.4 g/t silver and 71 ppm molybdenum in measured and indicated categories. There are also 1.56 million tonnes grading 0.30 g/t gold, 0.13% copper, 2.5 g/t silver and 50 ppm molybdenum in the inferred category.

Commenting on the mineral resource update, Seabridge Chief Executive Officer Rudi Fronk said: “We are very excited to see how this new resource estimate fits into our revised PFS.

“We expect the combination of East Mitchell and Mitchell to create a single, very large surface mining opportunity with better economic projections, including likely increases in proven and probable gold reserves, better grades in the early years of production and the deferral of the need to pay for capital-intensive underground development,” Fronk added.

Prior to the update, the KSM Project’s total measured and indicated resources were approximately 3.04 billion tonnes grading an average of 0.52 g/t gold, 0.21% copper, 2.8 g/t silver and 48 ppm molybdenum. Inferred resources were 4.6 billion tonnes grading an average of 0.38 g/t gold, 0.32% copper, 2.4 g/t silver and 29 ppm molybdenum.

Proven and probable reserves totaled 2.2 billion tonnes grading an average of 0.55 g/t gold, 0.21% copper, 2.6 g/t silver and 42.6 ppm molybdenum, for 38.8 million ounces. of gold, 10.15 million pounds of copper, 183 million oz. of silver and 207 million pounds of molybdenum. These numbers make Seabridge’s KSM one of the largest undeveloped gold projects in the world today.

The company recently closed a $225 million financing to move the KSM project closer to construction. Funding was provided by Sprott Resource Streaming and Royalty and the Ontario Teachers’ Pension Plan.

In early March, Seabridge announced that it would use hydroelectric power supplied by BC Hydro for construction activities at the KSM project.

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