A High Leverage Perpetual Option on Gold

Seabridge Gold Inc. is designed to provide its shareholders with exceptional leverage to a rising gold price. From 1999 through 2002, when the gold price was lower, Seabridge acquired nine North American projects with substantial gold resources, including the multi-million ounce Courageous Lake and Kerr-Sulphurets deposits. Subsequent exploration by Seabridge has significantly expanded its acquired gold resource base.

Seabridge measures its performance in terms of gold ownership per common share. Project acquisitions and exploration programs are carefully chosen to ensure that share dilution required to fund these activities is more than offset by additional ounces of gold resources. In contrast to most other gold companies, Seabridge's gold ownership per share has risen for six successive years, providing its shareholders with exceptional leverage to a rising gold price. As a result, Seabridge shares have outperformed the Toronto Stock Exchange Gold Index by nearly 3400% from 2002 through 2006.

Seabridge is pursuing three value-enhancing strategies. First, the Company continues to search for gold projects in North America which would be accretive in terms of gold ownership per common share. Second, Seabridge funds exploration on projects considered likely to expand gold ownership per common share. Third, Seabridge enters into partnerships to advance its projects toward production while limiting risk and share dilution.

Our philosophy at Seabridge is to provide investors with participation in gold ownership and gold flow as a hedge against other asset classes and currencies. Our ultimate objective is to obtain gold flow from our projects for Seabridge's shareholders, effectively turning cash into gold, contrary to the gold industry's current practice of converting gold into cash flow.