Gold and Copper Resources

Resource Modeling Inc. ("RMI") has completed independent National Instrument 43-101 resource estimates for the Kerr, Sulphurets and Mitchell zones.

Seabridge acquired a 100% interest in Kerr-Sulphurets-Mitchell ("KSM") from Placer Dome in June 2000 when the prices of gold and copper were significantly lower than today. At the time of acquisition, Placer Dome had prepared resource estimates for the Kerr and Sulphurets zones which pre-dated National Instrument 43-101, and as such, were reported by Seabridge as "historic estimates". The Placer Sulphurets model used a gold only cutoff grade and their Kerr model used a copper only cutoff grade. RMI remodeled these deposits using a gold equivalent cutoff grade (which converts copper values to gold values at set prices) and incorporating holes drilled by Seabridge at Sulphurets in 2006.

The following table summarizes RMI's estimate of gold and copper resources for the Kerr and Sulphurets zones as of January 9, 2008 using a 0.50 gram per tonne (g/t) gold equivalent cutoff grade:

These estimates for contained gold and copper are higher than the historic estimates previously reported for these zones.

The Kerr and Sulphurets zones are located in close proximity to the Mitchell zone and the three comprise a single operation of considerable scale. The Sulphurets and Mitchell deposits are mineralogically similar and appear to be part of the same mineralized system. All three zones have been incorporated into the Preliminary Assessment now in progress and scheduled for completion at the end of 2008.

RMI estimated gold and copper grades using inverse distance weighting methods within grade envelopes that were constructed for each zone. The estimated block grades were classified into Indicated and Inferred Mineral Resource categories based on mineralized continuity that was determined both visually and by variography together with proximity to drill hole data. The stated resources are contained within conceptual pit shell envelopes developed for each deposit using the Lerchs-Grossmann algorithm and operating input parameters that were deemed to be appropriate for these deposits. These pit shell envelopes suggest a waste-to-ore strip ratio for the two zones of less than two to one. The gold equivalent grade was calculated using gold and copper prices of US$650/ounce and US$2.00/pound, respectively. Gold and copper metal recoveries of 70% and 85%, respectively, were also used to calculate gold equivalent grades.

The database for the Kerr zone incorporates 144 core drill holes totaling 26,409 meters. The database for the Sulphurets zone incorporates 60 core drill holes totaling 13,033 meters. The majority of the drilling data for the Kerr deposit were collected by Placer Dome during the early 1990s. Placer implemented quality assurance-quality control (QA-QC) protocols that included the submission of standard reference materials, blanks, and duplicates, which were assayed at their research facility in Vancouver, BC. A significant number of pulps were re-assayed by an independent lab, which corroborated the Placer data. Based on these results, the assay data for the Kerr deposit are reliable for estimating resources. RMI notes that there is some uncertainty in local gold and copper grades along the margins of the deposit in rubble zones due to poor core recovery. Like the Kerr deposit, the majority of the Sulphurets assay data were collected by Placer Dome and Esso Minerals Ltd. RMI has been able to review the Placer Dome QA/QC data for the Sulphurets deposit and found the data to be reliable. No Esso QA/QC data were available for review. Seabridge drilled five core holes into the Sulphurets deposit in 2006 (about 12% of the total drilled meterage at Sulphurets) and implemented a QA/QC program consisting of the submission of standards, blanks, and duplicates. The results from Seabridge’s Sulphurets QA/QC program show the assay data to be reliable for estimating resources.

At Mitchell, RMI filed an NI 43-101 resource estimate in April, 2007. This report estimated an Inferred Mineral Resource of 564 million tonnes grading 0.72 grams per tonne gold (13.1 million ounces) and 0.18% copper (2.23 billion pounds) at an equivalent gold cut-off grade of 0.50 grams per tonne gold. Equivalent grades were determined using a gold price of US$475 per ounce and a copper price of US$1.50 per pound. The deposit was defined by diamond core holes that were drilled on approximately 200-meter centers. The estimate of Mineral Resources was based on 9,530 meters of core drilling, including 23 holes (7,476 meters) drilled by Seabridge at Mitchell during 2006.

The Mitchell zone is situated at the base of the Mitchell Glacier within an erosional window through the major fault complex that crosses the property. The volcanic rocks exposed in the erosional window are affected by intense phyllic alteration which diminishes to the west. This conspicuous alteration is characterized by abundant sericite, 5 to 20% pyrite and quartz stockwork veins that locally exceed 80% of the rock mass. Gold and copper are associated with fine grained sulfide minerals, dominated by chalcopyrite, disseminated in the rock and stockwork veins. Gold and copper grades in the drill results are remarkably consistent down hole, along and across strike. This homogeneity of grades and the lack of sharp grade contrasts across the Mitchell deposit probably resulted from widespread regional deformation subsequent to mineralization.

RMI constructed a three-dimensional computer block model using MineSight® software. A block size of 25 meters by 25 meters by 15 meters was selected and is thought to be appropriate at this stage of the project. Several high-grade gold and copper outlier values were cut to 2.5 grams per tonne and 0.80%, respectively prior to creating 15 meter-long drill hole composites. Grade and indicator variograms were calculated and interpreted for both gold and copper. RMI notes that gold and copper display exceptionally long ranges but additional infill drilling will be required in order to evaluate short range grade variability. Block grades were estimated using several interpolation methods including nearest neighbor, inverse distance squared, and ordinary kriging. Seabridge geologists constructed a three-dimensional wireframe which represents a zone of intense sericitic alteration and appears to be one of the primary controls associated with gold and copper mineralization at Mitchell. This wireframe was used to constrain the estimate of block grades. After visual and statistical reviews of the estimated block grades, RMI selected the inverse distance squared and ordinary kriged estimates for the gold and copper grade models, respectively. Block grades that were estimated by two or more drill holes with at least one hole within 125 meters of the block were classified as Inferred Mineral Resources. All other estimated blocks remain unclassified at this time. Additional drilling, more density determinations, updated topography, and ongoing metallurgical testwork will be required to upgrade the current Inferred Mineral Resources to higher confidence categories. Inferred Mineral Resources for the Mitchell zone are summarized in the table below at a variety of gold equivalent cutoff grades.

In February, 2008, RMI completed an updated independent National Instrument 43-101 mineral resource estimate for the Mitchell zone. The updated independent resource estimate incorporated results from 37 core holes totaling approximately 15,300 meters drilled by Seabridge during 2007. The 2007 drill program was designed to upgrade much of the then existing 564 million tonne inferred mineral resource to the indicated category and to pursue extensions of the deposit to the south, north and at depth.

The following table summarizes RMI’s updated global mineral resource estimate of gold and copper resources for the Mitchell zone as of February 18, 2008 using a 0.50 gram per tonne (g/t) gold equivalent cutoff grade:

Mitchell Zone Mineral Resources at 0.50 g/t Gold Equivalent Cutoff-Grade

RMI estimated gold and copper grades using inverse distance weighting methods within gold and copper grade envelopes that were constructed for the Mitchell zone. RMI notes that kriging results compare very favorably with the inverse distance estimate. The grade models were validated visually and by comparisons with nearest neighbor models. The estimated block grades were classified into indicated and inferred mineral resource categories based on mineralized continuity that was determined both visually and statistically (i.e. variogram ranges) together with the proximity to drill hole data. As part of the analysis, RMI constructed numerous conceptual pit shell envelopes using the Lerchs-Grossmann algorithm. The various conceptual pits were generated by varying metal price, recovery, cost, and slope angle parameters, which were deemed to be appropriate for this project. The base case pit shell captured 83% of the stated global resource at a waste-to-ore strip ratio of 1.3 to 1. The key parameters for the base case conceptual pit included gold and copper prices of US$650/ounce (70% recovery) and US$2.00/pound (85% recovery). Mining costs of US$1.25/tonne and processing, smelting/refining and general and administrative costs of US$8.20/tonne were used for the base case pit along with a constant slope angle of 45 degrees. The gold equivalent cutoff grade that was used for summarizing mineral resources was calculated using the base case gold and copper prices and recoveries.

The database for the Mitchell zone now incorporates 69 core holes totaling 24,824 meters. Seabridge Gold collected 92% of the Mitchell drill hole data from its 2006 and 2007 drilling campaigns. RMI has reviewed the quality assurance/quality control (QA/QC) protocols and results from Seabridge’s 2007 Mitchell drilling program and has deemed that the number and type of gold and copper standard reference materials (standards, blanks, and duplicates) were reasonable. Based on the performance of those standard reference materials, RMI believes that the 2007 drill samples are reproducible and suitable for estimating mineral resources.

Mineral resources for the Mitchell zone are summarized in the table below at a variety of gold equivalent cutoff grades.

The following table summarizes 43-101 compliant mineral resources for all three zones at the KSM project using a 0.50 gram per tonne (g/t) gold equivalent cutoff grade (SEE news release dated January 10, 2008 for details on the resource estimates for the Kerr and Sulphurets zones):

The resource estimates contained herein were prepared by Michael Lechner, President of RMI. Mr. Lechner is independent of Seabridge and a Qualified Person as defined by National Instrument 43-101.