SEABRIDGE GOLD INC. - CANADA

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So, dann will ich auch mal eine Sau durchs Dorf treiben ...





http://www.seabridgegold.net/investor_kit.htm




LISTING: TSX.V (Toronto)

SYMBOL: SEA

NEWS: http://investdb.theglobeandmail.com/invest/investSQL/gx.symb…

Die Aktie wird auch in Deutschland gehandelt. (WKN 541875) Die Umsätze sind natürlich verschwindend gering ...







Der nachfolgende Text entstammt auszugsweise der website:

http://mitglied.lycos.de/outperform/Gold.htm

Gruß an den anonymen Betreiber, der sich vermutlich auch hier im WO Goldforum herumtreibt ...

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Kanada etwa ist einer der groessten Goldproduzenten der Welt. Eines dieser Unternehmen ist die kanadische Seabridge Gold. Die Gesellschaft ist an der Boerse in Toronto unter dem Kuerzel SEA.V notiert.

Um das Geschaeftsmodell der Firma zu verstehen, muss man folgendes wissen: Waehrend des 20jaehrigen Baerenmarktes hat bei den Goldproduzenten das grosse Aufraeumen stattgefunden. Zahllose unrentable Minen mussten ihre Pforten schliessen, viele fuer immer. In dieser Zeit gab es fuer weitblickende Investoren die Moeglichkeit, die nun zum Verkauf anstehenden Goldvorkommen der Konkurs-Firmen zu absoluten Schnaeppchenpreisen zu erwerben. Und genau dies hat die Fuehrungsriege von Seabridge Gold getan.

Heimlich still und leise wurden in Nordamerika und Kanada zahlreiche Qualitaetsvorkommen zu Spottpreisen aufgekauft, und zwar nur dann, wenn Menge und Guete des Edelmetalls zweifelsfrei nachgewiesen werden konnten. Das Resultat kann sich sehen lassen. Heute verfuegt das Unternehmen ueber Vorraete von 14 Millionen Unzen Gold. Da die Vorkommen haeufig aus der Konkursmasse von Pleitefirmen uebernommen wurden, hat man im Durchschnitt pro Unze weniger als einen US-Dollar bezahlt.

Zusammengerechnet haben die frueheren Eigentuemer des Goldes jedoch mehr als 140 Millionen US-Dollar in die Projekte investiert, ehe sie an Seabridge verkauft wurden. Die durchschnittlichen Unterhaltskosten belaufen sich pro Jahr auf weniger als zehn US-Cent je Unze.

Noch interessanter wird das Ganze, setzt man die Bewertung der Gesellschaft mit den Goldvorkommen in Relation: Bei einer Marktkapitalisierung von gerade einmal 31 Millionen US-Dollar gibt es rund 16 Millionen Seabridge-Aktien, davon etwa acht Millionen im freefloat.

Anders gesagt: Fuer jede Aktie erhaelt man fast eine Unze Gold.

Beruecksichtigt man nur die im freien Handel verfuegbaren Anteilscheine, so sind es fast zwei Unzen je Aktie. Dies bei einem Aktienkurs von rund 1,80 US-Dollar und einem aktuellen Goldpreis von 316 US-Dollar je Feinunze.

Doch natuerlich hat die Sache einen Haken. Fuer Seabridge, oder einen moeglichen Kaufinteressenten der Goldvorraete, waere es erst bei einem Goldpreis von mehr als 350 US-Dollar rentabel, das im Boden schlummernde Metall abzubauen. Lohnen wuerde sich das in diesem Fall freilich allemal. Die 14 Millionen Unzen Gold repraesentierten dann einen Wert von fast fuenf Milliarden US-Dollar.

Was dann mit dem Aktienkurs geschehen wuerde, kann man sich leicht ausrechnen....


Risiko!

Wie ist es nun um die charttechnische Verfassung des Titels bestellt?
Die Rallye der vergangenen Monate hat die Anteilsscheine um fast 700 Prozent nach oben katapultiert. Aktuell befindet sich das Papier in einer Konsolidierungsphase knapp unterhalb von drei Can-Dollar. Sollte der Goldpreis weiter zulegen und dabei auch die charttechnisch wichtige Marke von 350 US-Dollar passieren, waere das allerdings erst der Anfang.

Umgekehrt ist das Risiko bei einem fallenden Goldpreis natuerlich betraechtlich. In diesem Fall kann man getrost davon ausgehen, dass der Kurs regelrecht "absaufen" wuerde - fast wie bei einem Optionsschein. Aber eben nur fast. Denn schliesslich haette der Anleger immer noch die Moeglichkeit, das Ganze auszusitzen und zu warten, ob es sich der Goldpreis nicht doch wieder anders ueberlegt. Dass man ein derartiges Engagement nur mit streng begrenztem Kapitaleinsatz eingeht, versteht sich von selbst. Ein Problem sind allerdings die in Deutschland praktisch nicht vorhandenen Umsaetze. Zwar wird das Papier in Berlin gehandelt (WKN 541875), es wurden jedoch in den vergangenen Monaten nur wenige Stuecke umgesetzt. Anleger muessen daher in den sauren Apfel beissen und die Papiere direkt in Toronto erwerben. Sollte die Spekulation allerdings aufgehen, dann fallen die paar Euro an zusaetzlichen Gebuehren nicht ins Gewicht.




aus dem Unternehmensprospekt:

Company Comparisons
Ounces of Gold Ownership per Fully Diluted ("FD" ) Share






Value Comparisons



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Had you invested $1,000 in Nevsun and Seabridge at the start of the year – companies Bob Bishop’s Gold Mining Stock Report had fingered for profit – you would have gained an additional $17,000 by the end of the year (+858%). In addition, GMSR told clients to go long on Glamis Gold (+214%) and Goldfields (+191%) among some of its best picks.

[aus: Finding the top gold stock picker - Tim Woods /mineweb 13.01.2003 )

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Seabridge Gold is designed to provide its shareholders with maximum leverage to a rising gold price. Over the past three years, when the gold price was low, Seabridge acquired 13.8 million ounces of gold resources, all in North America, including the 5.7 million ounce Courageous Lake deposit. More recently, as the gold price has risen, Seabridge has “banked” more than 25 high grade gold exploration projects in Nevada. The aim is to continue adding gold resources through further acquisitions and exploration funded largely by partners.

Our research shows that a dollar invested in Seabridge current shares at common prices provides ownership of more gold resources than a dollar invested in any other public North American gold vehicle. Each Seabridge share represents an industry-leading 0.5 ounces of gold fully diluted. The Company’s largest shareholder is Friedberg Mercantile Group, a prominent investment dealer and futures commission merchant.

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Value Creation in a Rising Gold Market:


Gold less than $325 (Acquire)
- Acquiring non-producing resources is more cost effective than investing in exploration or production


Gold at $325 to $400 (Upgrade, Explore and Acquire)
(i) Value created by upgrading resources to reserves
(ii) Finding ounces adds more value than acquiring them:
-- Non-producing resources become expensive
-- Market rewards successful exploration


Gold above $400 (Produce/Sell, Upgrade and Explore)
– Producing assets command premium prices. Higher price provides reasonable margin for associated risk and reserve replacement costs.


Gold Less Than $325
In late 1999 Seabridge began acquiring non-producing gold resources in North America when no one else wanted them
Acquisition strategy was to find North American projects with:
(i) Low up-front costs (less than US$1.00/ounce);
(ii) Low holding costs (less than US$0.10/ounce per year);
(iii) Significant up-side exploration potential


Results to Date
8 projects purchased (100% ownership)
Nearly 14 million ounces of gold acquired from major gold companies (low technical risks) at less than US$1/ounce
Each project has significant exploration upside for value enhancement in a rising gold market
Holding costs average about US$0.08/ounce per year
Total spent by previous owners on 8 projects = US$270 million


With Gold at $325 to $400
Advance best projects towards production
Joint Venture higher risk projects
Acquire early stage exploration plays
Conduct exploration on selected targets
Continue to search for accretive acquisitions


With Gold at $325 to $400 - Advance Best Projects Towards Production
Program initiated to convert resources to reserves starting with Courageous Lake and Red Mountain
Hatch (a leading independent engineering firm) undertaking detailed pre-feasibility study to determine mining method, metallurgical process, capital and operating costs for Courageous Lake
SRK undertaking pre-feasibility study on Red Mountain
Grassy Mountain next


With Gold at $325 to $400 - Joint Venture Higher Risk Projects
First joint venture signed with Noranda to explore Kerr-Sulphside project, and if warranted, to take it to final feasibility
Internal review in progress to differentiate joint venture prospects from properties to be explored or developed by Seabridge


With Gold at $325 to $400 - Conduct Exploration on Select Targets
Existing resource projects all have significant exploration upside
Seabridge prioritizing exploration programs for 2003


With Gold at $325 to $400 - Acquire Early Stage Exploration Plays
From 1997-2001 90% of staked ground in Nevada was dropped
75% owned Pacific Intermountain Gold (“PIGCO”) subsidiary formed with leading U.S. prospector who has assembled significant exploration data base on U.S. gold projects
PIGCO “ahead of the curve” in staking early stage exploration plays in Nevada (+50,000 acres already acquired)
PIGCO will farm out projects to capable joint venture partners and may fund selected projects itself

With Gold above $400
Advance best projects into production with experienced partners
Continue exploration on selected projects
Sell lower “IRR” and smaller projects
Consider other jurisdictions



Seabridge Gold: Courageous Lake Gold-Sulphur Review Yields Encouraging Results

10:29 EDT Thursday, May 22, 2003

TORONTO, ONTARIO--Seabridge Gold announced today that a gold to sulphur data review on its 100% owned Courageous Lake gold deposit, located in the Northwest Territories, demonstrates favourable gold to sulphur ratios which are better than some presently operating refractory gold projects. The review, prepared by Hatch, supports Seabridge`s decision to proceed with the collection and testing of a 600 kilogram metallurgical sample as the next phase of the project`s Scoping Study.


Seabridge commissioned a Scoping Study from Hatch in late 2002. As a first step in the program, Hatch engaged Roscoe Postle Associates ("RPA" ) to examine both underground and open-pit mining options and recommend a preferred mining method. After review of available project data, RPA concluded that a large-scale open-pit operation would provide the best potential to recover the known resource. From the RPA cost sensitivity study, Hatch concluded that one of the critical parameters to be evaluated next was the determination of the gold to sulphur ratio that can be achieved in a sulphide concentration process. This ratio is a significant factor in determining the treatment costs and economics of the Courageous Lake project.

In its gold to sulphur ratio review, Hatch and RPA analyzed gold-arsenic-iron-sulphur data developed from previous work performed by Battle Mountain Gold Inc. and Placer Dome Inc. Key findings by Hatch are as follows:


1. Much of the data is consistent with a gold to sulphur ratio of more than 5 to 1. From the cost sensitivity study prepared by RPA, Hatch determined that a ratio of 2 to 1 or better would be required to achieve favourable processing costs.

2. Within the resource, there appear to be relatively minor variances in the gold to sulphur ratio. This consistency suggests that that a predictable mill feed grade and operating cost may be achievable.

3. Most of the gold appears to be associated with arsenopyrite mineralization and not with pyrite. This distribution could support removing the pyrite at an early stage, reducing overall processing costs.


Based on these results, Hatch recommends that Seabridge proceed with collecting existing drill core samples from the project for further metallurgical testing including mineralogical studies and flotation tests to be conducted at SGS-Lakefield Research Limited. In compliance with National Instrument 43-101, RPA has designed the protocols to be implemented in the collecting and handling of the samples to satisfy quality assurance and quality control.

Seabridge President and CEO Rudi Fronk said that the Company is proceeding step by step to reduce the risk and enhance the potential economics of the Courageous Lake deposit. "This sulphur study addresses one of the most important economic parameters for Courageous Lake and arrives at conclusions favourable to the project. We are now examining the possibility of a field program for later this summer to coincide with the metallurgical sample collection."

Seabridge has been designed to provide its shareholders maximum leverage to the price of gold. The Company has acquired a 100% interest in 13.8 million unhedged ounces of gold resources in North America, of which 8.0 million ounces are measured and indicated. (see http://www.seabridgegold.net/gold--resources.htm and press releases dated July 18, 2002, April 17, 2002, April 15, 2002, June 14, 2001; November 7, 2000; October 10, 2000 and April 27, 2000). The Company continues to seek expansion of its gold resource base by acquisition of new projects and exploration programs largely funded by partners.

ON BEHALF OF THE BOARD
Rudi Fronk, President & C.E.O.
© CCNMatthews


Seabridge Gold Options Stonewall Project to Placer Dome
TORONTO, ONTARIO, Mar 10, 2003 (CCNMatthews via COMTEX) –


Seabridge Gold announced today that its 75% owned subsidiary, Pacific Intermountain Gold Company ("PIGCO" ), has granted Placer Dome U.S., Inc. (a wholly-owned subsidiary of Placer Dome Inc.) an option to acquire a 100% interest in the 1,500 acre Stonewall project located in Nye County, Nevada. The property is one of more than 30 gold prospects staked by PIGCO during 2002 in the Tonopah Trend.

The 73 claim Stonewall project covers the northern flank of the Stonewall mountains, 15 miles southeast of Goldfield, Nevada. During the early 1900s, the Stonewall district witnessed significant precious metals production from high-grade veins which remain untested by modern exploration. The current exploration focus at Stonewall is on a series of generally parallel quartz veins occupying concentric ring fractures of a resurgent Tertiary caldera. These veins range from 1 to more than 60 feet in thickness with strike lengths of up to 8,000 feet. Textural evidence suggests these veins could represent the upper levels of an epithermal bonanza deposit.

The agreement provides Placer a three-year period to explore the project with option payments totaling US$300,000. Within the option period, Placer must either purchase the project or return it to PIGCO. The purchase price is 10,000 ounces of gold or its cash equivalent at the time of exercise plus a sliding scale net smelter royalty based on the gold price which ranges from 2.0% with the gold price less than US$300 per ounce to 9.0% with the gold price above $900 per ounce. The option agreement is subject to a due diligence period which terminates on June 30, 2003.

Seabridge Gold President and CEO Rudi Fronk said the form of the agreement with Placer is typical of the structure Seabridge is seeking from other major industry partners. "With junior companies, we are entering into traditional JV agreements whereby our partner can acquire a working interest in the property by making option payments in cash and/or shares and funding exploration work on the property. With companies that are proven producers, our aim is to generate gold flow from our exploration projects. We have now concluded a transaction of each type and more are expected in the coming months."
Seabridge has been designed to provide its shareholders maximum leverage to the price of gold. The Company has acquired a 100% interest in 13.8 million unhedged ounces of gold resources in North America, of which 8.0 million ounces are measured and indicated. (see http://www.seabridgegold.net/gold_resources.htm and press releases dated July 18, 2002, April 17, 2002, April 15, 2002, June 14, 2001; November 7, 2000; October 10, 2000 and April 27, 2000). The Company continues to seek expansion of its gold resource base by acquisition of new projects and exploration programs largely funded by partners.


ON BEHALF OF THE BOARD
"Rudi Fronk,"
President & C.E.O.