Gold commentary from Seabridge A great read from Seabridge management:
https://seabridgegold.net/Case4gold/Article/374/the-gold-market
Recall that Seabridge traded $525,000 of cash owed to it by ICN for Hog Ranch for 1,750,000 ICN shares priced at 30 cents. (news release 10-20-11)
(Additionally, Seabridge was issued 1,000,000 ICN shares on 4-13-10 for the initial payment for Hog Ranch)
Further detail from 10-20-11 news release:
Carl Hering, President and CEO of ICN Resources, commented that "We are pleased to announce that Seabridge has, at their election, chosen to receive shares of ICN rather than a cash payment. I believe that this demonstrates the confidence that they have in the Company and the Goldfield Project currently being drilled by ICN."
The Hog Ranch property was optioned earlier this year to Pacific Rim Mining (see ICN news release of June 28, 2011), and Pacific Rim is pursuing an aggressive exploration program on the project as part of their option earn-in commitment, whereby they may earn a 65% interest in the property by expending an aggregate of US$8 million in exploration work and issuing an aggregate of 1 million common shares of Pacific Rim over a five year period.
Of course, Michael Savell, who is Sr. Geologist at Seabridge, is on the ICN Board.
...Amazing that the 35% interest in the $8,000,000 worth of Hog Ranch work now, monetarily, represents over half of ICN's market cap...
Own 425,000+ shares and continuing to gather when and where I can.