Seabridge Gold Extends Deadline; Cortez Gold Secures Extension for Acquisition of Mineral Properties in Nevada

VANCOUVER, BRITISH COLUMBIA, Oct 01, 2009 (MARKETWIRE via COMTEX) --
SA | Quote | Chart | News | PowerRating -- Cortez Gold Corp. (TSX VENTURE: CUT.P) ("Cortez") has obtained an
extension from Seabridge Gold Inc. ("Seabridge") to the deadline for
completing the acquisition by Cortez of Seabridge's mineral
properties comprised of 2,174 claims located in various counties in
Nevada, including Churchill, Elko, Esmeralda, Humboldt and Nye, and
includes Seabridge's Castle-Black Rock Property (the "Acquisition").
Details of the Acquisition are set out in Cortez's August 10, July 9
and March 26, 2009 news releases.

The Definitive Agreement entered into by Seabridge and Cortez has now
been amended to reflect the parties' agreement to extend the deadline
for the Acquisition to October 30, 2009.

Cortez is a capital pool company and the Acquisition will constitute
its Qualifying Transaction (as such term is defined in the policies
of the Exchange). The 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 Cortez has any direct or
indirect beneficial interest in the Properties or the shares of
Seabridge.

Description of Significant Conditions to Closing

Pursuant to Section 2.1 of Exchange policies, as the proposed
Qualifying Transaction is not a Non Arms Length Qualifying
Transaction, the Company will not be required to obtain shareholder
approval of the Qualifying Transaction but has submitted a Filing
Statement for Exchange acceptance. Sponsorship for this Qualifying
Transaction is not required under the policies of the Exchange.

The remaining conditions to closing the Acquisition include approval
of the Acquisition as a Qualifying Transaction by the Exchange. In
order to meet the requirements of the Exchange, Cortez will need to
complete a significant financing in order to have sufficient funds to
complete the Acquisition, complete the estimated first year work
program on the Castle-Black Rock Property, maintain all of the
Properties in good standing, and meet its first year general and
administrative requirements. There can be no assurance that the
transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management
information circular or filing statement to be prepared in connection
with the transaction, any information released or received with
respect to the transaction may not be accurate or complete and should
not be relied upon. Trading in the securities of a capital pool
company should be considered highly speculative.

ON BEHALF OF THE BOARD of Cortez Gold Corp.

Robert Eadie, President & Chief Executive Officer

The TSX Venture Exchange has in no way passed upon the merits of
the proposed transaction. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.

Contacts:
Cortez Gold Corp.
Robert Eadie
President and CEO
(604) 602-4935
(604) 602-4936 (FAX)
info@cortezgold.com

SOURCE: Cortez Gold Corp.

mailto:info@cortezgold.com

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