Mr. Rudi Fronk reports
SEABRIDGE GOLD FILES SECOND QUARTER REPORT TO SHAREHOLDERS AND ITS FINANCIAL STATEMENTS AND MD&A
Seabridge Gold Inc. has filed its report to shareholders, interim financial statements, and management's discussion and analysis for the three and six months ended June 30, 2019, on SEDAR. To view the report, please see the company's website.
- Multipronged program identifies high-value targets at Snowstorm project, Nevada; drilling to commence shortly;
- Agreement reached to acquire Goldstorm project in northern Nevada to amplify Snowstorm property;
- KSM exploration focus shifts to include new high-grade target;
- Seabridge and the Tahltan Nation enter into impact benefits agreement for KSM;
- $17-million private placement financing secured from a single purchaser.
During the three-month period ended June 30, 2019, Seabridge posted a net loss of $2.0-million (three cents per share) compared with a loss of $2.4-million (four cents per share) for the same period in 2018. During the second quarter, Seabridge invested $4.3-million in mineral interests project spending compared with $7.4-million in the second quarter of 2018. At June 30, 2019, net working capital was $11.0-million compared with $18.0-million at Dec. 31, 2018. Subsequent to the end of the second quarter, Seabridge closed a non-brokered private placement with a single purchaser, consisting of 1.0 million shares at $17.02 per share for gross proceeds of $17.02-million.
Seabridge Gold holds a 100-per-cent interest in several North American gold resource projects. The company's principal assets are the KSM and Iskut properties located near Stewart, B.C., Canada, and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral reserves and resources by project and category, please visit the company's website.
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