TORONTO, ONTARIO--(April 8, 2009) - Pursuant to the terms of their agreement announced on March 25, 2009, Cortez Resources Corp. ("Cortez") (TSX VENTURE:CUT) and Seabridge Gold Inc. ("Seabridge") (TSX:SEA)(NYSE Alternext US:SA)(NYSE Amex:SA.A) announced today that they will be proceeding with the proposed transaction whereby Cortez will acquire various mineral claims in Nevada (the "Proposed Acquisition") held by Seabridge's wholly-owned subsidiaries, Seabridge Gold Corporation and Pacific Intermountain Gold Corporation. Seabridge is listed on the Toronto Stock Exchange (symbol "SEA") and on the New York Stock Exchange - AMEX (symbol "SA"). Cortez is a capital pool company listed on the TSX Venture Exchange (the "Exchange") under the trading symbol "CUT".
As provided for in the agreement with Seabridge, Cortez has issued its Notice to Proceed with the Proposed Acquisition, together with a non-refundable deposit of US$20,000 to Seabridge.
The Proposed Acquisition consists of interests in all or, at the election of Cortez, any number of Seabridge's mineral properties located in various counties in Nevada, including Churchill, Elko, Esmeralda, Humboldt and Nye (the "Properties"). For further details of the Proposed Acquisition, please see the joint press release issued by Seabridge and Cortez on March 26, 2009.
Cortez is a capital pool company and the Proposed Acquisition will constitute its Qualifying Transaction (as such term is defined in the policies of the Exchange). The Proposed Acquisition is an arm's length transaction and upon completion of the Proposed Acquisition, Cortez expects to be a Tier 2 Mineral Exploration Issuer. No Non-Arm's Length Party (as defined in the policies of the Exchange) to the CPC has any direct or indirect beneficial interest in the Properties or the shares of Seabridge.
The Proposed Acquisition is subject to regulatory approvals.
ON BEHALF OF THE BOARD of Seabridge Gold Inc.
Rudi P. Fronk, President & CEO
ON BEHALF OF THE BOARD of Cortez Resources Corp.
Robert Eadie, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Seabridge Gold Inc.
Rudi P. Fronk
President and CEO
(416) 367-9292
(416) 367-2711 (FAX)
Email: info@seabridgegold.net
or
Cortez Resources Corp.
Robert Eadie
President and CEO
(604) 602-4935
(604) 602-4936 (FAX)
Email: info@cortezresources.com
