Past year: ▲ 14%(33.46 – 53.75 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Dec 2011regulatory community update● NeutralMajor
Pushed the KSM permit application back to the third quarter of 2012 to incorporate the underground panel-cave design flagged in September and possible changes to access routes after feedback from the Nisga'a Nation and other First Nations. The redesign was to be captured in a new feasibility study due April 2012 - permitting slips to accommodate engineering, a pattern that recurs at KSM.
29 Nov 2011drilling result▲ Good
Final Courageous Lake infill batch found Zone 8 far more continuous than thought, which Seabridge said could more than quadruple that zone's contribution to measured and indicated resources and lift the deposit's average grade; an updated estimate was promised within 45 days.
23 Nov 2011drilling result▲ Good
Final 14 Sulphurets holes of 2011; every one of the year's 34 holes there hit mineralisation above the reserve cut-off grade. A new resource estimate was scheduled for January 2012 and a rebuilt KSM feasibility study for April 2012.
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.
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 private placement: 1,019,000 shares at C$29.44 for C$30 million, a 15% premium. Royal Gold also got an option over a 1.25% gold and silver royalty on KSM for C$100 million, exercisable only after full permits and project financing.
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.
9 June 2010regulatory community update● Neutral
The federal environmental agency (CEAA) released its proposed scope for the KSM environmental assessment and opened a 30-day public comment period. Seabridge says it can now keep to its plan of filing the assessment application with both governments in late 2010, which is later than the September 2010 date given in November 2009 (an inference: the schedule has slipped slightly). The release also restates the March 2010 preliminary feasibility study reserves of 30.2 million ounces of gold, down from the 38.9 million ounces of measured and indicated resources they were derived from.
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.
25 Nov 2009regulatory community update▲ Good
The BC Environmental Assessment Office issued its Section 11 Order for KSM, setting the scope and procedures of the environmental assessment and naming which Treaty and First Nations the government must consult. Seabridge says permitting is on schedule, the two-year baseline program is nearly complete, and the application document is due in September 2010, ahead of the preliminary feasibility study scheduled for March 2010. It says nearly $55 million has been spent on KSM so far, about $8 million of it on environmental studies. This starts the permitting thread that ends with the 2014 BC certificate.
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
Signed a letter of intent to sell Noche Buena to Minera Penmont, a Fresnillo-Newmont joint venture, for US$25 million cash at closing and US$5 million on commercial production. It also kept a 1.5% net smelter royalty on production sold at US$800 an ounce gold or more.
