Updated Preliminary Economic Assessment Completed
Seabridge President and CEO Rudi Fronk stated that the updated PEA "shows that we are continuing to improve the economics of this outstanding project. Changes in design and a reduction in the strip ratio have materially reduced capital and operating costs compared to our 2008 study. The updated PEA confirms that KSM can be a significant gold producer at a total cost per ounce well below the gold industry average with the added benefits of a very long mine life within a stable political environment. We are now undertaking final in-fill drilling, engineering and environmental programs which will allow us to complete a Preliminary Feasibility Study in early 2010. At that point, we will have successfully taken the KSM project to reserve status."
Similar to the 2008 study, the updated PEA envisages a large tonnage open-pit mining operation at 120,000 metric tonnes per day of mill feed to a flotation mill which would produce a combined gold/copper/silver concentrate for transport by truck or pipeline to the nearby deep-sea port at Stewart, B.C. A separate molybdenum concentrate and gold-silver dore will also be produced at the processing facility.
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