|Seabridge Gold - SEA.t owns the flagship Kerr-Sulphurates-Mitchell property, a copper-gold-silver-molybdenum porphyry project in northern British Columbia.|
The KSM project is one of the largest undeveloped gold projects in the world. Proven and probable reserves total 38.2 million ounces of gold and 9.9 billion pounds of copper.
Seabridge Gold Inc. has completed the transfer of the Red Mountain project to IDM Mining Ltd. upon the exercise of IDM's option to acquire the project. IDM has assumed all responsibilities and liabilities related to the project. In connection with IDM taking responsibility for all environmental obligations at Red Mountain, cash held under a safekeeping agreement with the Province of British Columbia as security for reclamation liabilities will be released, of which $750,000 will be retained by Seabridge. The Red Mountain project covers an area of 17,125 hectares and is located 15 kilometres northeast of the town of Stewart, B.C.