1 Nov 2011drilling result▲ Good
Third batch of 2011 Courageous Lake infill results, which the CEO called among the best yet and said should raise both the grade and size of the FAT deposit's resource ahead of the mid-2012 feasibility study.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Oct 2011material agreement▲ Good
Optioned the Quartz Mountain project in Oregon, and its 50% interest in the adjacent Angel's Camp property, to Orsa Ventures for staged payments of $500,000 cash, then $2 million, then $3 million on a feasibility study and $15 million (or a 2% royalty, at Seabridge's election) once a mine there is permitted and bonded. Another non-core property handed to a junior to fund rather than sold outright.
20 Oct 2011drilling result▲ Good
Twelve more Sulphurets holes at KSM, part of 34 holes and 11,480 metres drilled there in 2011; Seabridge expects the results to convert in-pit waste into measured and indicated resources and to lower the deposit's strip ratio. Assays from a further 15 holes were still outstanding.
22 Sept 2011drilling result▲ GoodMajor
Five geotechnical holes at KSM's Mitchell deposit supported mining the deeper part of the deposit by underground panel caving after an initial open pit, which Seabridge said would cut the strip ratio, waste rock volumes and environmental footprint. This design change is the one the company cited in December when it pushed its permit application back to the third quarter of 2012.
13 Sept 2011drilling result▲ Good
Second batch of 2011 Courageous Lake infill results, 13 core holes, which Seabridge said confirm the resource model with some intercepts wider and better grade than predicted - the same upgrade-to-reserves exercise begun with the 10 holes reported in August.
16 Aug 2011quarterly activities report▲ GoodMajor
Quarterly report whose real content is the cash: Royal Gold bought 1,019,000 Seabridge shares at C$29.44 (C$30 million, a 15% premium) and took an option over a 1.25% gold and silver royalty on KSM for a further C$100 million, exercisable only after KSM is fully permitted and financed - so the royalty money only arrives if a mine is ever approved. The quarter also brought a new economic study for Courageous Lake and an agreement to sell the early-stage Nevada properties.
9 Aug 2011drilling result▲ Good
First 10 infill holes of a $16 million summer campaign at the 100%-owned Courageous Lake project in the Northwest Territories, drilled to convert inferred ounces into reserves for a preliminary feasibility study due in the second quarter of 2012; 38 more holes were planned before the program ended in September.
27 July 2011drilling result▲ Good
First seven holes of the 2011 program at the Sulphurets deposit on Seabridge's 100%-owned KSM project in northwest British Columbia, drilled specifically to move about 3 million ounces of higher-grade inferred gold that the 2011 study counts as waste into the reserve category; hole S-11-34 cut 64.6 metres at 1.28 g/t gold and 0.13% copper. The company said the intercepts were wider and better grade than expected and should increase reserves.
30 June 2011capital raising announcement▲ GoodMajor
Closed the Royal Gold partnership: 1,019,000 shares at C$29.44 for C$30 million, a 15% premium, plus Royal Gold's option over a 1.25% gold and silver royalty on KSM for a further C$100 million exercisable only once the project is permitted and financed. The largest single raise in Seabridge's record until the US$105 million bought deal of December 2020.
What it means for a shareholder
1.0m new shares at C$29.44 to raise about C$30.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
20 June 2011resource reserve update▲ GoodMajor
Filed the 2011 KSM prefeasibility study, prepared by Wardrop, which identified two higher-throughput scenarios said to improve the economics substantially. This is the study whose reserves - 38.5 million ounces of gold and 10 billion pounds of copper - anchor everything that follows.
10 June 2011drilling progress report● Neutral
Started the 2011 drill program at KSM.
13 Jan 2010resource reserve update▲ GoodMajor
KSM measured and indicated resources rose 13% to 38.9 million ounces of gold and 17% to 10.0 billion pounds of copper, with Mitchell alone at 33.7 million ounces - which the company called the largest gold deposit ever found in Canada.
22 Dec 2009resource reserve update● Neutral
Confirmed the KSM prefeasibility study was on schedule for the end of March 2010 and that design changes recommended by Thyssen Mining were likely to cut capital and operating costs.
3 Dec 2009asset acquisition disposition● Neutral
Signed a non-binding letter of intent to sell its Nevada exploration properties, including Castle-Black Rock, to Constitution Mining for more than US$7 million in staged cash and other consideration. That sale did not happen: the same Nevada ground went into Wolfpack Gold with Golden Predator in 2012, for shares.
3 Nov 2009drilling result▲ Good
Kerr drilling completed the 2009 upgrade exercise across all three KSM deposits, with a new resource estimate promised before year end.
27 Oct 2009drilling result▲ Good
Mitchell drilling was expected to upgrade in-pit inferred resources and to improve the ore-to-waste ratio by reclassifying material previously counted as waste.
14 Oct 2009drilling result▲ Good
Sulphurets drilling came in better than expected and was expected to convert substantially all the remaining in-pit inferred material to measured and indicated.
30 July 2009resource reserve update▲ GoodMajor
An updated economic study for KSM cut initial capital 10% and unit operating costs 11% against the 2008 version.
25 June 2009asset acquisition disposition▲ GoodMajor
Agreed to sell Red Mountain to BonTerra Resources for C$12 million - $7.0 million cash and a $5.0 million convertible debenture. Red Mountain comes back to Seabridge later and is optioned out twice more, to Banks Island in 2012 and Revolution in 2014.
7 Jan 2009drilling result▲ Good
The last two holes of 2008 confirmed a higher-grade breccia zone extension at Sulphurets.
22 Dec 2008drilling result▲ Good
Final 13 Mitchell holes of 2008 - two exploration, three infill and eight geotechnical - with an updated resource estimate expected in February 2009.
19 Dec 2008asset acquisition disposition● Neutral
Duplicate filing of the same 15 December 2008 release reporting the completed Noche Buena sale.
17 Dec 2008asset acquisition disposition▲ GoodMajor
Completed the Noche Buena sale and was paid US$25 million in cash, funding feasibility work at KSM and Courageous Lake without issuing shares.
1 Dec 2008resource reserve update▲ GoodMajor
First economic study of KSM: a 30-year mine recovering more than 19 million ounces of gold at a cash operating cost of negative US$11 an ounce after base metal credits, and US$233 an ounce in total. The number that has justified holding KSM ever since.
10 Oct 2008asset acquisition disposition▲ GoodMajor
Agreed to sell Noche Buena to the Fresnillo-Newmont joint venture for US$25 million cash at closing plus a further US$5 million if commercial production ever starts, with the money earmarked for feasibility work at KSM and Courageous Lake. A project bought for US$4.35 million two years earlier.
19 Aug 2008drilling result▲ Good
First nine holes of the 2008 program infilled the eastern side of Mitchell and tested for a northeast down-dip extension.
16 June 2008drilling progress report● Neutral
Began a 15,000 metre program at KSM to upgrade and expand Mitchell.
22 Feb 2008resource reserve update▲ GoodMajor
The rebuilt Mitchell estimate moved more than 55% of the gold into the indicated category, where the whole of the 2007 estimate had been inferred - the confidence upgrade that makes a deposit financeable rather than merely large.
28 Jan 2008asset acquisition disposition● Neutral
Noche Buena's resource grew 14% after 33 holes and about 8,000 metres of 2007 drilling, and Seabridge said the project would be sold - bought in 2006 to be improved and resold, not mined.
22 Jan 2008resource reserve update▲ GoodMajor
First independent resource estimates for the Kerr and Sulphurets zones, completing the three-deposit picture at KSM alongside Mitchell.