Seabridge Gold Completes Land Expansion at KSM Project
TORONTO, ON - Seabridge Gold Inc. reported that it has completed the acquisition of 22 mineral claims totaling 8,975 hectares (approximately 22,160 acres) immediately adjacent to its 100% owned KSM project located in British Columbia, Canada from Max Minerals Ltd. At closing Seabridge paid Cdn$1.0 million in cash to Max, issued 75,000 of its common shares (the "Shares") to Max, and granted a 2.5% net smelter royalty to Max on the claims purchased, the same terms as previously announced.
Seabridge President and CEO Rudi Fronk said this transaction "is an important step toward the development of the KSM project. The added claims significantly increase our land position, adding prospective ground for additional exploration, needed room for waste rock storage and project infrastructure and securing mineral rights to a part of the proposed tunnel route between the planned mining and milling facilities."
Seabridge has the right to acquire 50% of the Max NSR and thereby reduce it to a 1.25% NSR at any time upon payment of Cdn $1.5 million to Max.
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