Panama Supreme Court Voids CK Hutchison Port Concessions, Raising Geopolitical and Trade Concerns 
Climate Adaptation at Home: How Irrigreen Makes Conservation Effortless 
SpaceX Seeks FCC Approval for Massive Solar-Powered Satellite Network to Support AI Data Centers 
Nvidia’s $100 Billion OpenAI Investment Faces Internal Doubts, Report Says 
Apple Faces Margin Pressure as Memory Chip Prices Surge Amid AI Boom 
Amazon Stock Dips as Reports Link Company to Potential $50B OpenAI Investment 
Using the Economic Calendar to Reduce Surprise Driven Losses in Forex 
Apple Forecasts Strong Revenue Growth as iPhone Demand Surges in China and India 
American Airlines Plans Return to Venezuela Flights After U.S. Lifts Ban 
Chinalco and Rio Tinto Acquire Controlling Stake in Brazil’s CBA for $903 Million 
Federal Judge Signals Possible Dismissal of xAI Lawsuit Against OpenAI 
Nvidia Confirms Major OpenAI Investment Amid AI Funding Race 
Apple Earnings Beat Expectations as iPhone Sales Surge to Four-Year High 
Bob Iger Plans Early Exit as Disney Board Prepares CEO Succession Vote 
Sandisk Stock Soars After Blowout Earnings and AI-Driven Outlook 
Meta Stock Surges After Q4 2025 Earnings Beat and Strong Q1 2026 Revenue Outlook Despite Higher Capex 
TORONTO, May 26, 2017 -- Seabridge Gold (TSX:SEA) (NYSE:SA) reported today that it has completed the transfer of the Red Mountain Project to IDM Mining Ltd. (“IDM”) 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 BC as security for reclamation liabilities will be released, of which CDN$750,000 will be retained by Seabridge. The Red Mountain Project covers an area of 17,125 hectares and is located 15km northeast of the town of Stewart, BC.
According to the option agreement between Seabridge and IDM, IDM is obligated to make a CDN$1.5 million cash payment to Seabridge upon the commencement of commercial production at Red Mountain. Seabridge also retains the right to acquire 10% of the annual gold production from the project at a cost of US$1,000 per ounce up to a maximum of 500,000 ounces produced (50,000 ounces to Seabridge). Alternatively, at Seabridge's sole option, Seabridge may elect to receive a one-time cash payment of CDN$4 million at the commencement of production in exchange for the gold metal stream interest.
Seabridge Chairman and CEO Rudi Fronk said the sale is part of a continuing program of divesting non-core assets in order to focus resources on its KSM and Iskut projects.
Seabridge holds a 100% interest in several North American gold projects. The Company's principal assets are the KSM Project located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada's Northwest Territories. For a full breakdown of Seabridge's mineral reserves and mineral resources by category please visit the Company's website at http://www.seabridgegold.net/resources.php.
Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.
All reserve and resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
ON BEHALF OF THE BOARD
"Rudi Fronk"
Chairman and C.E.O.
For further information, please contact: Rudi P. Fronk, Chairman and C.E.O. Tel: (416) 367-9292 · Fax: (416) 367-2711 Email: [email protected]
