Seabridge 3Q Offers No Surprises, Dahlman Rose Reports

According to Dahlman Rose, Seabridge Gold, Inc. (SA) reported a net loss of ($0.01)/sh vs ($0.03)/sh a year ago. “The company spent $19.9MM in mineral interests and ended the quarter with $27.3MM in net working capital,” Dahlman Rose writes. “The 2010 drill program at the KSM project has been completed and confirms Iron Cap as a new large gold-copper deposit with the potential to improve project economics.” Dahlman Rose is now examining a redesign of the project for a graduated increase in throughput to 180,000 tons per day, representing a 50% increase from expectations announced in March 2010. Seabridge Gold currently trades at $29.19.