Icon Industries Limited

Icon Industries Limited
Seabridge Gold Inc.
NYSE Amex : SA

Seabridge Gold Inc.

May 06, 2009 18:37 ET

Icon and Seabridge Announce Formal Option Agreement on the Hog Ranch Gold Project, Nevada, USA

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2009) - Icon Industries Limited ("Icon") (TSX VENTURE:ICN) and Seabridge Gold Inc. ("Seabridge") (TSX:SEA)(NYSE Amex:SA) and its wholly-owned subsidiary, Seabridge Gold Corporation, announce the execution of the formal Option Agreement by which Icon can acquire a 100% interest in Seabridge's claim groups known as the Hog Ranch and Estill property (the "Property"), located in Washoe County, northwest Nevada, USA.

The transaction calls for the payment to Seabridge of $500,000 (CDN) and the issuance of 1 million common shares of Icon, upon which Seabridge shall grant the Company the option to purchase 100% of Seabridge's right, title and interest in the property. Icon has made the payments to purchase this option. In order to exercise the option, the Company must pay Seabridge a further $525,000 (CDN) and issue a further 1 million common shares, on or before 12 months from the agreement date.

The Hog Ranch Property is a large gold-bearing hydrothermal system which is the westernmost of a series of gold deposits in the northern Nevada epithermal district, which includes bonanza grade gold deposits such as the Sleeper Mine, Newmont's Midas Mine and Great Basin Gold Ltd's Hollister deposit.

Icon Industries believes that the Hog Ranch property contains high exploration potential for the discovery of bonanza-grade epithermal gold mineralization comparable to that seen in other deposits of the northern Nevada epithermal district. The low grade and high level style of mineralization which was historically mined is comparable to that seen above many higher grade systems, including the Hollister deposit. The previous drilling results, and other high grade intercepts which lie beneath the historically mined pits, also indicate the potential for bonanza grade styles of mineralization, and the local occurrence of chalcedonic banded quartz-adularia veins intersected in some drill holes and pits are of the style seen in upper parts of productive epithermal vein deposits. Icon intends to continue exploration on the property by initially reviewing and modeling of the exploration and historical mining data generated to date, and to conduct additional surface mapping of structural patterns and alteration zonation, prior to diamond drilling.

On Behalf of the Board of Directors of Seabridge Gold Inc.

Rudi P. Fronk, President & CEO

On Behalf of the Board of Directors of Icon Industries Ltd.

T. Barry Coughlan, Chairman & CEO

Contact Information