Looks like they'll take it no further:
Seabridge Resources Inc. - Borealis Acquisition Terminated
Toronto, Ontario
Trading Symbol: SEA.V
Following technical due diligence, Seabridge Resources Inc. has elected not to proceed with a proposed acquisition of a 100% interest in the Borealis gold project located in Nevada. Although the Borealis project has merit, Seabridge concluded that it does not meet its acquisition criteria at this time.
Last week, Golden Phoenix Minerals Inc., owner of the Borealis project, and Seabridge agreed to proceed with technical due diligence while recognizing that closing of a transaction on the terms originally announced on February 12, 2002 would require approval of the underlying lease holders.
Seabridge has been designed to provide its shareholders maximum leverage to the price of gold. The Company has entered into agreements covering 7.1 million ounces of gold resources in North America, of which 5.6 million ounces are measured and indicated. (see seabridgegold.net and press releases dated February 4, 2002, January 30, 2002, June 14, 2001; November 7, 2000; October 10, 2000 and April 27, 2000). The Company is searching for additional gold resources during the current period of depressed gold prices.
ON BEHALF OF THE BOARD
``Rudi Fronk,'' President & C.E.O. |
