Seabridge Gold - Courageous Lake Project

Courageous Lake Project

Courageous Lake: HIGHLIGHTS

[Courageous Lake Regional Location Map]

100% owned by Seabridge.
52 km long land position covers 85% of Matthews Lake Greenstone Belt.
FAT deposit one of Canada's largest undeveloped gold projects. Gold resources of 8.0 million ounces in the measured and indicated categories plus an additional 3.4 million ounces in the inferred category (see Reserves/Resources Table).
A total of 589 holes have been drilled on the FAT deposit by Seabridge, Placer Dome and Noranda totaling 169,000 meters.
An updated Preliminary Economic Assessment ("PEA") was released in June 2011. The study predicts annual production of 383,000 ounces of gold for 16 years at our estimated cash cost of US$599 per ounce (see news release of June 2, 2011).
A $16 million exploration, engineering and environmental program was successfully completed in 2011 to raise the PEA to a Preliminary Feasibility Study (PFS). (See news release of March 30, 2011 for details).
An updated NI 43-101 compliant mineral resource model (effective Jan. 9, 2012) significantly increased measured and indicated gold resources and expanded the size of the deposit (see news release of January 10, 2012).
A PFS completed in July, 2012 estimated proven and probable reserves of 6.5 million ounces of gold, an average annual production of 385,000 ounces at an average cost of $780 per ounce and a mine life of 15 years (see news release of July 24, 2012).
An $8.5 million exploration program in 2012 focused on finding a second major deposit along the Greenstone Belt (see news release of March 14, 2012). This program discovered the Walsh Lake deposit (see news releaseof November 28, 2012).
An initial resource for the Walsh Lake deposit was announced in early 2014 totaling 4.62 million tonnes grading 3.24 g/T and containing 482,000 ounces of gold, all inferred (see news release of March 11, 2014).

All disclosure of a scientific or technical nature was prepared by, or under the supervision of, William E. Threlkeld (Licensed Registered Geologist #790 in the State of Washington), a Vice President of Seabridge. Mr. Threlkeld is a "Qualified Person" under National Instrument 43-101.