Exploration

During 2003 and 2004, Falconbridge (formerly Noranda) conducted field programs at Kerr-Sulphurets designed to explore outside the known deposits in order to expand the known resources. The programs consisted of mapping, rock and soil sampling, and IP surveys. The size of mineralized zones at Iron Cap, Mitchell and Main Copper were expanded into areas of recent glacier retreat which were not accessible by Placer Dome. In 2005, Falconbridge conducted a $1.2 million helicopter supported drill program targeting untested mineralized zones and geophysical anomalies. Falconbridge´s exploration activities at Kerr-Suphurets are being conducted under the supervision of Allan Huard, P. Geo. and Mike Savell, P. Geo., both of whom are Qualified Persons as defined by National Instrument 43-101. A brief description of exploration targets defined by Falconbridge at Kerr-Sulphurets follows. The following description was prpared by or under the supervision of Mr. Threlkeld. Mr. Threlkeld has not independently verified the data disclosed below on the belief that the quality control and quality assurance procedures completed by Falconbridge are sufficient.

Iron Cap Zone
The 500 by 1,500 meter Iron Cap Zone is a large area of well-exposed, intensely and pervasively quartz-sericite-pyrite altered intrusive and volcanic rock located in the northeast corner of the claim block. Alteration is controlled by northeast trending, near vertical structures with associated stockwork fractures and veins. Pyrite content varies from 10% to 70% and averages about 25%. To the west, the intense quartz-sericite-pyrite alteration of the Iron Cap Zone gradually weakens and primary intrusive textures can be observed. Mapping by Falconbridge (currently Falconbridge) has delineated a northeast trending intrusion intermittently exposed over 200 by 800 meters now referred to as the Iron Cap West Zone. This zone is a strongly altered granodiorite, laced with a fine to medium grained quartz stockwork of varying intensity. Fracture coating and disseminated chalcopyrite and malachite, with minor pyrite, occurs throughout the intrusion. Forty partially leached rock chip samples collected by Falconbridge over an area of 1,200 by 300 meters from the Iron Cap West and adjacent Iron Cap Zone averaged 1.0 gram per tonne (“gpt”) gold and 0.32% copper.

During 2005, Falconbridge drilled five core holes totaling 1,247 meters at Iron Cap. Each of the five holes cut long intercepts of very fine grained chalcopyrite mineralization in intensely phyllic-altered monzonite. Results are as follows:

Main Copper Zone
At the Main Copper Zone, mineralization is associated with potassic altered monzonitic porphyries which intrude quartz-chlorite-magnetite altered volcanics. Rock chip samples collected by Falconbridge over a 1,300 by 700 meter area returned from 0.42 to 1.68% copper and 0.3 to 1.1 gpt gold. The southeast slope of the Main Copper Zone is well exposed, and exhibits strong chlorite-magnetite alteration and widespread malachite and chalcopyrite mineralization. The zone lies north of the Sulphurets fault, with the Sulphurets deposit occurring immediately to the south. At the Main Copper Zone, Falconbridge drilled three holes totaling 956 meters. Long intervals of low grade copper-gold mineralization were encountered in each hole including 70.0 meters at 0.33% copper and 0.32 gpt gold in hole MC-05-01; 234.0 meters at 0.24% copper and 0.17 gpt gold in hole MC-05-02 and 153.7 meters at 0.17% copper and 0.35 gpt gold in hole MC-05-03.

Mitchell North Zone
Mineralization at the Mitchell North Zone is hosted by a distinctive, reddish-purple Kspar-quartz porphryritic granite, which is conspicuously lacking in ferromagnesian minerals. Sampling by Falconbridge in 2003 identified this style of mineralization over a 50 by 50 meter area, with analytical results of up to 3.29% copper and 0.31 gpt gold. Falconbridge's 2004 program revealed the intrusion to underlie an area of at least 600 by 400 meters. Mineralization is richest near the margins, but is widespread throughout. 26 samples taken by Falconbridge averaged 0.68% copper and 0.1 gpt gold over a 700 by 400 meter area. Quartz veins and stockworks with chalcopyrite and magnetite are locally well developed in the intrusion and persist 100 meters into the country rock to the east.

At North Mitchell, three holes were drilled in 2005 with the best intercept encountered in Hole NM-05-03 consisting of 66.3 meters of 0.26% copper and 0.25 gpt gold. The other two holes drilled at North Mitchell encountered long intercepts (100 meters plus) of low grade copper and gold mineralization.

West Mitchell Zone
The West Mitchell Zone is the westward continuation of the Mitchell Zone located 750 meters to the east. The Mitchell Zone is an area of intensely stockworked and veined, mainly phyllic altered, variably foliated volcanics and monzonitic porphyry exposed over an area of at least 200 by 1,000 meters. Three holes previously drilled by Placer Dome at the Mitchell zone encountered long intervals (+150 meters) of gold-copper mineralization grading approximately 0.70 gpt gold and 0.20% copper. Falconbridge drilled one core hole totaling 283 meters at West Mitchell with the following results:

MacQuillan Zone
The MacQuillan Zone occurs on the mostly forested slope north of the Sulphurets glacier, southeast of the Sulphurets deposit. Disseminated and veinlet chalcopyrite and pyrite is associated with an altered feldspar porphyric intrusion, and mineralization occurs in both the intrusion and surrounding hornfelsed sedimentary rocks. The intrusion is strongly quartz-sericite altered, with variable stockwork of thin quartz veinlets, and is typically weathered and partially leached. The sedimentary rocks have been pervasively silicified and form massive, prominent rusty-purple weathering outcrops. Less silicified sedimentary rocks are calcareous, with local thin limestone beds that have been marbleized. 10 partially leached rock chip samples taken by Falconbridge averaged 0.29% copper and 0.23 gpt gold over an area of at least 600 by 300 meters. At the MacQuillan zone, one hole (MQ-05-01) was drilled that encountered two zones of interest; 16.0 meters grading 0.31% copper and 0.19 gpt gold and a second zone of 153.5 meters grading 0.21% copper and 0.20 gpt gold.

Icefield Zone
The Falconbridge believes that the Icefields Zone is the northeast extension of the Sulphurets gold deposit delineated by Placer Dome. Seabridge¡s geologists note that hydrothermal alteration encountered in Icefields is different from other more copper rich-zones on the property, including more distinct silica alteration and more abundant potassium feldspar. At Icefield, disseminated chalcopyrite, minor pyrite and trace molybdenite occur in intensely silcified rocks and hydrothermal breccias similar to the Sulphurets gold deposit. The last drill hole at the Sulphurets Gold Zone is situated approximately 500 meters to the southwest of Icefields. Falconbridge core drilled two holes at Icefields. In hole IF-05-01 fine disseminated chalcopyrite occurs in variably silicified and brecciated rocks down to 121 meters. Below this depth, there is a sharp change in mineral tenor with copper values falling and gold grades increasing. Similar zones were encountered in Hold IF-05-02, however, Falconbridge terminated the hole as copper values receded. Icefields results are as follows:

Immediately east of the Main Copper Zone, a second area of mineralization was discovered by Falconbridge where melting of thin glacial ice and snowfields has exposed new outcrop. Disseminated chalcopyrite, minor pyrite and trace molybdenite occur in intensely silicified rocks and hydrothermal breccias similar to the Sulphurets deposit. Ten rock chip samples collected by Falconbridge over a 200 by 200 meter area averaged 0.41% copper and 0.6 gpt gold. Falconbridge refers to this area as Icefield”, and believes that the zone may extend under remaining thin ice cover for several hundred meters to the north and east.

In April, 2006, Seabridge entered into an agreement to reacquire 100% of the Kerr-Sulphurets project for shares and warrants conditional upon the discovery of additional gold resources. As part of the agreement, Falconbridge undertook to manage a 2006 exploration, consisting of 9100 meters of core drilling, under the direction of Falconbridge. Drilling began in July with a focus on the Mitchell Zone and the Sulphurets deposit. The drilling at Mitchell confirmed the presence of a large gold-copper porphyry system while the holes drilled at Sulphurets extended this deposit along strike and down dip. A 43-101 compliant resource calculation has estimated an inferred resource at Mitchell of 13.1 million ounces of gold and 2.2 billion pounds of copper.

In July, 2007, Seabridge commenced a 15,000 metre dril program focussed on the Mitchell zone with the aim of exploring for extensions to the deposit (south, north and at depth) and upgrading a significant portion of the inferred resource to the measured and indicated categories. Early indications are that this program will achieve its objectives.