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11/5/16

Proof if need be that you gringos will buy anything

Seabridge Gold (SA) (SEA.to) filed the 43-101 compliant PEA for its KSM project Friday evening. Initial capex is U$5.5Bn. The post-tax IRR at spot gold is 8.0%, if you use U$1,500/oz gold it moves up to 11.4%. I downloaded it at 8:15pm last night. Went to bed laughing. Woke up laughing. Still laughing now.