GoldMinerPulse Report: Seabridge Gold Inc. Metal Value

Seabridge Gold Inc. (SEA) NI 43-101 Metal Value Report

The Seabridge Gold Inc. web site is at www.seabridgegold.net.

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Recent Company Headlines

Wed 8:02AM EDT Seabridge Gold Drilling Expands and Upgrades KSM Project [Marketwire more]

GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2010-04-19.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**Seabridge Gold Inc. Metric Summary**
General Metric	Value on 2010-09-08
In Situ Metal Value per Share (MVpSh)	US$2,859.18
Average Ore Value per Tonne	US$40.73
Metal Value Leverage (MVL)	95.76
Market Capitalization as a Percentage of Metal Value	1.0%
Recent Closing Stock Price	C$31.39 [note 1]
Fully Diluted Share Count	42.29 M [note 2]
Percentage In Situ Proven + Probable Reserve	0%
Percentage In Situ Measured + Indicated Resource	72%
Percentage In Situ Inferred Resource	28%

**Gold Specific Metrics**
Metric	Value on 2010-09-08
Gold Reserves + Resources	63.35 M oz
Average Gold Ore Grade	0.7 g/t
Market Capitalization per oz of Gold In Situ	US$19.93 ( C$20.95 )
Gold Equivalent Ounces Estimate	96.28 M oz
Market Capitalization per oz of Gold Equivalent	US$13.11 ( C$13.79 )

Note 1: Conversion rate used: 1 Cnd$ = 0.951156 US$
Note 2: Fully diluted share count taken from Seabridge Gold Share Structure Web page (April 2010).

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2010-09-08**
Metric / Metal	Gold	Copper
Total Counts (reserves + resources)	63.35 M oz	5.40 M t
Metal Prices in US$ (from 2010-09-08)	$1,255.80 per oz	$3.47320 per lb
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$1,881.39	$977.79
Percentage of Total Metal Value	65.80%	34.20%
Metal Value Percentage Proven + Probable	0%	0%
Metal Value Percentage Measured + Indicated	69%	77%
Metal Value Percentage Inferred	31%	23%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2010-09-08**
Project	Location	Metal Value per share (% total)	Gold	Copper	MI%	I%
KSM	British Columbia, Canada	$2,417.04 ( 84.5% )	48.46 M oz	5.40 M t	76%	24%
Courageous Lake	Northwest Territories, Canada	$303.06 ( 10.6% )	10.20 M oz		42%	58%
Quartz Mountain	Oregon, USA	$81.32 ( 2.8% )	2.74 M oz		62%	38%
Grassy Mountain	Oregon, USA	$29.24 ( 1.0% )	984.65 K oz		94%	6%
Red Mountain	British Columbia, Canada	$19.29 ( 0.7% )	649.42 K oz		62%	38%
Castle / Black Rock	Nevada, USA	$9.23 ( 0.3% )	310.82 K oz		70%	30%

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

Castle / Black Rock

Latest NI43-101 Report: Seabridge Acquires Nevada Gold Project, News Release
2000-10-10 (3 pages).

Updates: Seabridge Gold Mineral Resources web page, viewed October 19, 2009.

Project Location: Nevada, USA.

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.24	75.50 K oz	0.570 g/t	4.12 M t

Estimate notes: Seabridge Gold Mineral Resources web page, viewed October 19, 2009.
Cut-off gpt gold 0.25

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.18	140.75 K oz	0.530 g/t	8.26 M t

Estimate notes: See Measured note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.81	94.57 K oz	0.370 g/t	7.95 M t

Estimate notes: See Measured note.

Courageous Lake

Latest NI43-101 Report: Courageous Lake Preliminary Economic Assessment � 2008
2008 (215 pages).

Updates: Seabridge Gold Mineral Resources web page, viewed October 19, 2009.

Project Location: Northwest Territories, Canada. View Couragious Lake deposit on a Google Map.

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$17.55	590.79 K oz	2.920 g/t	6.29 M t

Estimate notes: Seabridge Gold Mineral Resources web page, viewed October 19, 2009.
0.83 Au Cutoff g/t

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$108.33	3.65 M oz	2.140 g/t	53.02 M t

Estimate notes: See Measured notes.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$177.18	5.97 M oz	1.980 g/t	93.72 M t

Estimate notes: See Measured notes.

Grassy Mountain

Latest NI43-101 Report: Grassy Mountain Technical Report Malheur County, Oregon
2007-04-27 (111 pages).

Updates: Seabridge Gold Mineral Resources web page, viewed October 19, 2009.

Project Location: Oregon, USA. View the Grassy Mountain project on a Google Map.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$27.43	923.75 K oz	1.540 g/t	18.66 M t

Estimate notes: Seabridge Gold Mineral Resources web page, viewed October 19, 2009.
Au Cutoff grade 0.55 g/t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.81	60.90 K oz	1.100 g/t	1.72 M t

Estimate notes: See Indicated note.

KSM

Latest NI43-101 Report: KERR-SULPHURETS-MITCHELL (KSM) PRELIMINARY ECONOMIC ASSESSMENT ADDENDUM 2009
2009-09-08 (446 pages).

Updates: Seabridge Gold Mineral Reserves web page, viewed April 19, 2010.

Project Location: British Columbia, Canada. View KSM property on a Google Map.

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$365.06	12.29 M oz	0.660 g/t	579.30 M t
Copper	$188.82	1.04 M t	1,800.000 g/t	579.30 M t

Estimate notes: Seabridge Gold Mineral Reserves web page, viewed April 19, 2010. Proven and Probable reserves are included in the Measured and Indicated Resources reported here.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$718.20	24.18 M oz	0.560 g/t	1.34 B t
Copper	$559.42	3.09 M t	2,300.000 g/t	1.34 B t

Estimate notes: See notes for Measured.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$356.00	11.99 M oz	0.500 g/t	745.70 M t
Copper	$229.55	1.27 M t	1,700.000 g/t	745.70 M t

Estimate notes: See notes for Measured.

Quartz Mountain

Latest NI43-101 Report:
( pages).

Updates: Seabridge Gold Mineral Resources web page, viewed October 19, 2009.

Project Location: Oregon, USA.

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.26	109.65 K oz	0.980 g/t	3.48 M t

Estimate notes: Seabridge Gold Mineral Resources web page, viewed October 19, 2009.
Cut-off gpt gold 0.34

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$47.21	1.59 M oz	0.910 g/t	54.33 M t

Estimate notes: See Measured note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$30.85	1.04 M oz	0.720 g/t	44.88 M t

Estimate notes: See Measured note.

Red Mountain

Latest NI43-101 Report: Mineral Resource Estimation Zones 132 and 141, Red Mountain Gold Project, British Columbia
2005-01 (91 pages).

Updates: Seabridge Gold Mineral Resources web page, viewed October 19, 2009.

Project Location: British Columbia, Canada. View the Red Mountain project on a Google Map.

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$9.64	324.48 K oz	8.010 g/t	1.26 M t

Estimate notes: Seabridge Gold Mineral Resources web page, viewed October 19, 2009.
Cut-off gpt gold 1.00

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.29	76.96 K oz	7.040 g/t	340.00 K t

Estimate notes: See Measured note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$7.36	247.98 K oz	3.710 g/t	2.08 M t

Estimate notes: See Measured note.

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