Monday, 28th January 2008 (2714 views)

Indicated gold resources at the Noche Buena project in Sonora, Mexico, have been estimated at 633,000 ounces, according to updated independent research.

Seabridge Gold, the company behind the scheme, said Resource Modelling had come up with the figures after working on 8,000 metres of drilling over 33 holes that was carried out in 2007.

Noche Buena is located within the same terrain as La Herradura and Mesquite Mines, which have provide yielded large gold deposits.

Seabridge Gold president and chief executive Rudi Fronk said that the Noche Buena deposits has "significant potential as a low-cost, heap-leach, run-of-mine operation".

Noche Buena is one of Seabridge's smaller operations and the company plans on selling the property. JP Morgan has been instructed to handle the process.

Seabridge's other projects include the 67,000-acre Courageous Lake property in the Northwest Territories in Canada and the Kerr-Sulphurets-Mitchell scheme in British Columbia.

These projects contain more than 83 per cent of the company's total gold resources.

 

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