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The property is comprised of 17 federal mining leases, 42 federal mining claims and 1 optioned federal
mining claim (Red 25) having a combined area of 67,366 acres. The property is currently registered/
recorded to a wholly owned subsidiary of Seabridge Gold Inc., 5073 NWT Ltd. Minimum yearly maintenance costs
for the Courageous Lake property total $166,689 and are divided as to lease rental payments of $18,880,
minimum representation work due on claims of $97,809 plus $50,000 in option payments on the Red 25 Claim.
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