Seabridge Gold Reports Application for Rescission of KSM Licence of Occupation and Mines Act Permit Was Unsuccessful
N
EWS
R
ELEASE
Trading Symbols: TSX: SEA
F
OR
I
MMEDIATE
R
ELEASE
NYSE: SA
November
20,
2023
Seabridge Gold
Reports Application for
Rescission
of KSM
Licence of Occupation and Mines Act Permit
Was Unsuccessful
Toronto, Canada
...
Seabridge Gold (TSX:SEA) (NYSE:SA)
(“Seabridge”)
provided an update
today
to
its news
release of July 17, 2023, announcing that
Tudor Gold Corp.
had submitted a request
to the BC Government
to cancel
a
certain license
of occupation (the “Licence”)
and
a
permit held by Seabridge’s wholly-owned
subsidiary, KSM Mining ULC (KSMCo). Tudor’s request
was not successful.
In
its
response
to
Tudor’s
application
to
cancel
the
permit,
the
BC
Ministry
of
Energy,
Mines
and
Low
Carbon
Innovation
confirmed
the
BC
Government’s
authority
to
issue
permits
within
an
area
where
mineral title is held by a third party. In its response to Tudor’s application to cancel the Licence, the BC
Ministry of
Water, Land and Resource Stewardship confirmed there is no basis to cancel the Licence under
the provisions of the
relevant legislation
or the terms of the Licence.
Mines Act permit M-245, held by KSMCo,
authorizes various activities, including activities
on
mineral
claims
held by
Tudor
along the route
of the
proposed
tunnels
connecting the
east and west sides of the KSM
Project
(the
“MTT”).
The
Licence
provides
KSMCo
the
right
to
occupy
the
area
in
which
it
intends
to
construct the MTT
for the purpose of constructing the MTT. Once the MTT are constructed, the Licence
will be converted into a statutory right of way for the entire length of the MTT, including the 12.5 km of the
MTT
that
pass
through
mineral
claims
owned
by
Tudor.
The
rights
conveyed
by
this
Licence
and
the
authorization of the
MTT
portal
construction
activities were initially conveyed and authorized in September
2014.
Commenting on the
BC Government’s responses
to
Tudor’s request, Seabridge’s CEO, Rudi Fronk,
stated,
“We are pleased
that the B.C.
Government
is
taking no action on Tudor’s request. We
understand that in
granting authorizations such as the Licence and the
permit the BC Government
will
consider the impacts
on
third parties such as
Tudor and protect the rights of
third parties,
which it has
done,
but in
confirming
our
Licence
and
the
permit we
believe
it is acting in accordance with the best
interests of the people of
BC.”
Seabridge holds a 100% interest in several North American gold projects. Seabridge's assets include the
KSM
and
Iskut
projects
located
in
Northwest
British
Columbia,
Canada’s
“Golden
Triangle”,
the
Courageous Lake project located in Canada's Northwest Territories, the Snowstorm project in the Getchell
Gold
Belt
of
Northern
Nevada
and
the
3
Aces
project
in
the
Yukon
Territory.
For
a
full
breakdown
of
Seabridge's Mineral Reserves and Mineral Resources by category please visit the Company's website at
http://www.seabridgegold.com
.
Neither the Toronto Stock
Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts
responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
"Rudi Fronk"
Chairman & 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:
106 Front Street East, Suite 400, Toronto,
ON
M5A 1E1, Canada
416-367-9292 www.seabridgegold.com