Highlights

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100% owned by Seabridge

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53 km long land position covers 85% of Courageous Lake Greenstone belt

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More than $100 million in work by previous operators including 150,000 meters of drilling

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FAT deposit defined as Canada's largest undeveloped gold project. Gold resources of 4.2 million ounces in the measured and indicated categories plus an additional 6.0 million ounces in the inferred category, confirmed by independent engineering consultants (See news release of January 9, 2007)

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New Preliminary Assessment estimates 11.6 year mine life with average annual production of 500,000 ounces of gold at average cash costs of US$435 per ounce and initial capital costs of US$848 million (See news release of March 10, 2008.