Seabridge Gold (TSX VENTURE:SEA - News; AMEX:SA - News) announced today that Xstrata plc has completed the exercise of all two million Seabridge share purchase warrants it held at C$13.50 per share. Xstrata has also advised Seabridge that it has sold all of the Seabridge shares obtained by way of the warrant exercise.
Seabridge President and CEO Rudi Fronk noted that the C$27 million received is more than sufficient to meet the Company's foreseeable needs. "We are now exploring how these funds could best be invested to improve our gold ownership per common share which is our main objective on behalf of our shareholders. We are considering expansion of this year's drill programs at Noche Buena and Kerr-Sulphurets where there is considerable opportunity to expand resources. We are also considering initiating a buy-back program in our own shares."
The two million warrants were issued to Xstrata as part of the consideration by which Seabridge repurchased a 100% interest in its Kerr-Sulphurets project. (See news release of September 5, 2006).
Seabridge has acquired a 100% interest in nine North American gold resource projects. For a breakdown of the Company's mineral resources by project and resource category please visit the Company's website at http://www.seabridgegold.net/Resource.htm.
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