Seabridge Gold Receives its KSM Substantially Started Designation from the BC Government
Rhea-AI Summary
Seabridge Gold (TSX: SEA) (NYSE: SA) announced that its subsidiary, KSM Mining ULC, has received a 'substantially started' designation from the BC Government for its KSM Project. This designation affirms the validity of the BC Environmental Assessment Certificate (EAC) for the project's lifetime, overriding the original July 29, 2026 expiry date.
The company has invested over $1 billion in the KSM Project since 2001, with more than $800 million spent after receiving the EAC in July 2014. This milestone positions KSM to become a significant economic contributor to northwestern BC and supports the development of critical mineral supply chains for North America's technology, defense, and security needs.
Seabridge Gold's CEO, Rudi Fronk, emphasized the regulatory significance of this decision and its potential to facilitate joint venture discussions for the KSM Project.
AI-generated analysis. Not financial advice.
Positive
- Received 'substantially started' designation, affirming EAC validity for the project's lifetime
- Over $1 billion invested in the KSM Project since 2001
- Positions KSM to become a major economic contributor to northwestern BC
- Supports development of critical mineral supply chains for North America
- Facilitates joint venture discussions for the KSM Project
Negative
- None.
News Market Reaction – SA
On the day this news was published, SA gained 5.46%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Toronto, Ontario--(Newsfile Corp. - July 26, 2024) - Seabridge Gold (TSX: SEA) (NYSE: SA) announced today that its wholly owned subsidiary, KSM Mining ULC ("KSM Co"), has received its "substantially started" designation from the BC Government for its
Under the B.C. Environmental Assessment Act, a project's EAC expires if the project has not been substantially started by the deadline specified in its EAC. However, the B.C. Minister of Environment and Climate Change Strategy may determine that a project has been 'substantially started' before the deadline, in which case the EAC is no longer subject to expiry. KSM's EAC deadline was July 29, 2026. KSM Co. has spent over
Seabridge Chairman and CEO Rudi Fronk stated: "This is a significant regulatory milestone for the KSM Project, positioning it to become a multigenerational economic anchor for northwestern BC. We thank the Government of British Columbia, and especially the Environmental Assessment Office, for their recognition of the significant work already completed at KSM. This decision reaffirms BC's support of responsible mining projects and the development of a stronger critical mineral supply chain needed for effective climate action. KSM's large copper reserve can contribute to meeting North America's technology, defense, and security objectives while the project can also promote the economic wellbeing of our Indigenous partners. We greatly appreciate the support that we received from the Nisga'a and Tahltan Nations, the Gitxsan Hereditary Chiefs Office, the Village of Hazelton, the District of New Hazelton, the Town of Smithers, the District of Stewart, the City of Terrace, the Regional District of Kitimat-Stikine, B.C. Hydro and the Mining Association of British Columbia."
Mr. Fronk concluded: "This decision provides the regulatory assurance we have needed to move forward with joint venture discussions for the KSM Project."
About Seabridge Gold
Seabridge holds a
Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This document contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements" are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, interpretations, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the decision opening opportunities for faster advancement of the KSM Project; (ii) KSM's large copper reserve being able to contribute to meeting North America's technology, defense, and security objectives while also promoting the economic wellbeing of our Indigenous partners; and (iii) the decision providing the regulatory assurance needed to support joint venture discussions for the KSM Project.
All forward-looking statements are based on Seabridge's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Seabridge's plans or expectations include the risk that: (i) the opportunities for the faster advancement of the KSM Project may not materialize; (ii) the KSM Project does not ultimately go into production; (iii) other factors may result in potential joint venture partners not favourably concluding joint venture discussions, and other risks outlined in statements made by Seabridge from time to time in the filings made by Seabridge with securities regulators. Seabridge disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements.
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: info@seabridgegold.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217820