10% Reduction in Initial Capital and 11% Lower Unit Operating Costs Generate Improved Economics over 2008 Study

TORONTO, CANADA--(July 30, 2009) - Seabridge Gold Inc. (TSX: SEA.TO)(NYSE Amex: SA) announced today positive results from an updated National Instrument 43-101 Preliminary Economic Assessment ("PEA") for its 100% owned KSM project located in northern British Columbia, Canada. The Executive Summary from the updated PEA can be found at www.seabridgegold.net/KSM-ES2009. The complete PEA will be filed on SEDAR at www.sedar.com.

Seabridge President and CEO Rudi Fronk stated that the updated PEA "shows that we are continuing to improve the economics of this outstanding project. Changes in design and a reduction in the strip ratio have materially reduced capital and operating costs compared to our 2008 study. The updated PEA confirms that KSM can be a significant gold producer at a total cost per ounce well below the gold industry average with the added benefits of a very long mine life within a stable political environment. We are now undertaking final in-fill drilling, engineering and environmental programs which will allow us to complete a Preliminary Feasibility Study in early 2010. At that point, we will have successfully taken the KSM project to reserve status."

Similar to the 2008 study, the updated PEA envisages a large tonnage open-pit mining operation at 120,000 metric tonnes per day of mill feed to a flotation mill which would produce a combined gold/copper/silver concentrate for transport by truck or pipeline to the nearby deep-sea port at Stewart, B.C. A separate molybdenum concentrate and gold-silver dore will also be produced at the processing facility.

Two mine plans are considered in the updated PEA: (i) a 30 year mine life designed to maximize a 5% net present value discounted mining schedule; and (ii) an extended 45+ year mine life based on larger pits designed to maximize total undiscounted net cash flow for the project. Both the 30 Year and the extended mine life scenarios would follow a similar development path and capital payback would occur in the same time frame for both scenarios. Although the extended mine life scenario provides useful information, the updated PEA concentrated on the 30 Year scenario which will be used in the preparation of a Preliminary Feasibility Study and in Seabridge's ongoing permitting program. Production highlights for the updated 30 year mine life are as follows (note the higher gold production in the earlier years):

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Total Tonnes to Mill                     1.29 billion
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Annual Tonnes to Mill                    43.2 million
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Average Grades:
 Gold (grams per tonne)                          0.61
 Copper (%)                                      0.22
 Silver (grams per tonne)                        2.21
 Molybdenum (parts per million)                  51.9
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Total Production:
 Gold (ounces)                           19.3 million
 Copper (pounds)                          5.3 billion
 Silver (ounces)                         67.1 million
 Molybdenum (pounds)                     60.0 million
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Years 1-8 Annual Production:
 Gold (ounces)                                766,000
 Copper (pounds)                          136 million
 Silver (ounces)                          2.8 million
 Molybdenum (pounds)                      1.9 million
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Life of Mine Annual Production:
 Gold (ounces)                                644,000
 Copper (pounds)                          176 million
 Silver (ounces)                          2.2 million
 Molybdenum (pounds)                      2.0 million
-----------------------------------------------------
-----------------------------------------------------

Initial capital costs for KSM are now estimated at US$3.08 billion,

compared to US$3.43 billion in the 2008 study, a reduction of approximately US$350 million, or about 10%. Reduced mine equipment requirements and several project design changes contributed to the reduced capital costs. A revised mining schedule optimized the mining operation by reducing waste-to-ore stripping ratio. The primary grinding plant is now located at the Mitchell mine site allowing ore to be transported by slurry pipelines and pumping stations (rather than conveyors) through a tunnel to a further processing site near the tailings management area with access to Highway 37. A high pressure grinding roll (HPGR) circuit now replaces the SAG mill circuit used in the 2008 study. The HPGR circuit will be refined subject to future test work. Rather than using a single large tunnel for ore transport and delivery of supplies to Mitchell, two smaller tunnels have been shown to be more cost effective, facilitating construction, ventilation and operational efficiencies. One of the tunnels will be used to transport ore slurry from Mitchell while returning water, diesel fuel and electrical power to the KSM mine site. The other tunnel will be used for transport of personnel and supplies to the Mitchell mine site from the plant location near Highway 37. After delivery of the slurry to the process plant, further primary grinding prior to flotation will be accomplished with efficient tower mills rather than ball mills.

Average mine, process and G&A operating costs over the project's life (including pre-stripping and waste handling) are now estimated at US$10.57 per tonne milled (before base metal credits) compared to US$11.89 per tonne milled in the 2008 study, a reduction of about 11%. Operating costs have been improved from the 2008 study by a new mine schedule which reduced waste-to-ore strip ratios, resulting in lower equipment and manpower requirements. Additionally, the use of the HPGR grinding and further regrinding with tower mills reduced operating costs for grinding media and electrical power.

A base case economic evaluation was undertaken incorporating historical three-year trailing averages for metal prices as of June 30, 2009. This approach is consistent with the guidance of the United States Securities and Exchange Commission, is accepted by the Ontario Securities Commission and is industry standard. An alternate case was also constructed using more conservative metal prices. Finally, a case was prepared using recent spot metal prices. The pre-tax economic results in U.S. dollars for all three cases are as follows:

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                                                   Alternate    Recent Spot
                                     Base Case          Case   Metal Prices
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Net Cash Flow                    $11.6 billion  $6.3 billion  $11.7 billion
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NPV @ 5%                          $3.4 billion  $1.4 billion   $3.7 billion
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IRR (%)                                   12.6           8.5           13.6
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Payback Period (years)                     6.6           8.8            5.8
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Operating Costs Per Ounce of
 Gold Produced (life of mine)              -51           243            114
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Total Costs Per Ounce of Gold
 Produced (includes all capital)           178           472            343
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Metal Prices:
 Gold ($/ounce)                            778           800            950
 Copper ($/pound)                         3.00          2.00           2.50
 Silver ($/ounce)                        13.68         12.50          14.00
 Molybdenum ($/pound)                    26.05         15.00          15.00
---------------------------------------------------------------------------
US$/Cdn$ Exchange Rate                    0.90          0.90           0.90
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Note: Operating and total costs per ounce of gold are after base metal credits.

In the Base Case, using 3 year average base metal price assumptions results in a negative estimated cash operating cost for gold.

Seabridge notes that the updated PEA incorporates inferred mineral resources which are considered too geologically speculative to be categorized as mineral reserves. Therefore, Seabridge advises that there can be no certainty that the estimates contained in the updated PEA will be realized. To address this issue, drilling is now underway designed to upgrade the 277 million tonnes of inferred resource contained in the 30 year mine plan to the measured and indicated categories.

The updated KSM PEA was prepared by leading industry consultants, all of whom are independent of Seabridge and are Qualified Persons under National Instrument 43-101. The QPs have reviewed and approved this news release. The consultants (QPs) with their responsibilities are as follows:

- Wardrop, A Tetra Tech Company, under the direction of Frank Grills and John Huang (overall report preparation, metallurgical testing, mineral processing, process operating, ore slurry tunnel and capital costs, and infrastructure)

- Moose Mountain Technical Services under the direction of Jim Gray (mine planning, mine capital and mine operating costs)

- W.N. Brazier Associates Inc. under the direction of W.N. Brazier (power supply and related costs)

- Rescan Environmental Services Ltd. under the direction of Greg McKillop (environment and permitting)

- Bosche Ventures Ltd. under the direction of Harold Bosche (conveyors, pipeline, pumping, infrastructure, tailings delivery and reclaim)

- Klohn Crippen Berger Ltd. under the direction of Graham Parkinson (diversion and seepage collection ponds, tailings dam, tailings access roads, pipeline, haulage and diversion tunnels, hydro plant and dumps)

- Resource Modeling Inc. under the direction of Michael Lechner (mineral resources)

- McElhanney Consulting Services Ltd. under the direction of Robert Parolin (main and temporary access roads)

- BGC Engineering Inc. under the direction of Warren Newcomen (rock mechanics and mining pit slopes)

The KSM project is one of the world's largest undeveloped gold/copper projects. The following table summarizes NI 43-101 compliant mineral resources for all three zones at the KSM project using a 0.50 gram per tonne (g/t) gold equivalent cut-off grade (see news releases dated March 11, 2009 and March 25, 2009 for details).

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

--------------------------------------------------------------------
--------------------------------------------------------------------
                           Measured Mineral Resources
           ---------------------------------------------------------
           ---------------------------------------------------------
Zone            Tonnes       Au    Au Ozs             Cu     Cu Lbs
                  (000)    (g/t)     (000)            (%) (millions)
--------------------------------------------------------------------
Mitchell       579,300     0.66    12,292           0.18      2,298
--------------------------------------------------------------------
Sulphurets                     No measured resources
--------------------------------------------------------------------
Kerr                           No measured resources
--------------------------------------------------------------------
--------------------------------------------------------------------
Total          579,300     0.66    12,292           0.18      2,298
--------------------------------------------------------------------
--------------------------------------------------------------------

--------------------------------------------------------------------
--------------------------------------------------------------------
                          Indicated Mineral Resources
           ---------------------------------------------------------
           ---------------------------------------------------------
Zone            Tonnes       Au     Au Oz             Cu     Cu Lbs
                  (000)    (g/t)     (000)            (%) (millions)
--------------------------------------------------------------------
Mitchell       930,600     0.62    18,550           0.18      3,692
--------------------------------------------------------------------
Sulphurets      87,300     0.72     2,021           0.27        520
--------------------------------------------------------------------
Kerr           225,300     0.23     1,666           0.41      2,036
--------------------------------------------------------------------
--------------------------------------------------------------------
Total        1,243,200     0.56    22,237           0.23      6,248
--------------------------------------------------------------------
--------------------------------------------------------------------



--------------------------------------------------------------------
--------------------------------------------------------------------
            Measured plus Indicated Mineral Resources
           ---------------------------------------------------------
           ---------------------------------------------------------
Zone            Tonnes       Au    Au Ozs             Cu     Cu Lbs
                  (000)    (g/t)     (000)            (%) (millions)
--------------------------------------------------------------------
Mitchell     1,509,900     0.64    30,842           0.18      5,990
--------------------------------------------------------------------
Sulphurets      87,300     0.72     2,021           0.27        520
--------------------------------------------------------------------
Kerr           225,300     0.23     1,666           0.41      2,036
--------------------------------------------------------------------
--------------------------------------------------------------------
Total        1,822,500     0.59    34,529           0.21      8,546
--------------------------------------------------------------------
--------------------------------------------------------------------

--------------------------------------------------------------------
--------------------------------------------------------------------
                           Inferred Mineral Resources
           ---------------------------------------------------------
           ---------------------------------------------------------
Zone            Tonnes       Au    Au Ozs             Cu     Cu Lbs
                  (000)    (g/t)     (000)            (%) (millions)
--------------------------------------------------------------------
Mitchell       514,900     0.51     8,442           0.14      1,589
--------------------------------------------------------------------
Sulphurets     160,900     0.63     3,259           0.17        603
--------------------------------------------------------------------
Kerr            69,900     0.18       405           0.39        601
--------------------------------------------------------------------
--------------------------------------------------------------------
Total          745,700     0.50    12,106           0.17      2,793
--------------------------------------------------------------------
--------------------------------------------------------------------

Seabridge holds a 100% interest in several North American gold resource projects.

The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral resources by project and resource category please visit the Company's website at http://www.seabridgegold.net/resources.php.

All resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Statements relating to the estimated or expected future production and operating results and costs and financial condition of Seabridge, planned work at the Corporation's projects and the expected results of such work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Corporation's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Corporation's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Corporation's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2008 and in the Corporation's Annual Report Form 20-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml).

Forward-looking statements are based on the beliefs, estimates and opinions of the Corporation's management or its independent professional consultants on the date the statements are made.

ON BEHALF OF THE BOARD

Rudi Fronk, President & C.E.O.

For Seabridge Gold investor relations needs, investors can visit the Seabridge Gold IR Hub at http://www.agoracom.com/ir/seabridge where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sea@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

Contacts

Rudi P. Fronk
Seabridge Gold Inc.
President and C.E.O.
(416) 367-9292
(416) 367-2711 (FAX)
info@seabridgegold.net

In an effort to keep you up to date on all pertinent information regarding the resource sector and more specifically gold bullion, please see the attached article titled; “Gold Rises as Dollar Slump, Oil Gain Spur Demand From Investors”

“Gold is now trading like a currency and is rapidly becoming the preferred currency of choice,” Cohen said via e- mail. “Central banks throughout the world are printing money at a rapid pace, and soon investors will lose complete faith in paper currencies. At that time, within the next one to three years, gold will soar to $1,600 and beyond.”

Regards,

AGORACOM Investor Relations

Gold Rises as Dollar Slump, Oil Gain Spur Demand From Investors

By Halia Pavliva and Nicholas Larkin

July 20 (Bloomberg) -- Gold climbed to a five-week high as a weaker dollar and higher oil prices boosted the metal’s appeal as an alternative investment and a hedge against inflation. Other precious metals also gained.

Click here to read article in its entirety.

Seabridge President and CEO Rudi Fronk said "BonTerra is in a strong position to take our Red Mountain project forward. They have generated excellent exploration results on contiguous ground which could increase the size of the high-grade Red Mountain project and enhance its economics. We elected to take part of the proceeds of this proposed sale in the form of a convertible debenture so that we can continue to participate in Red Mountain's potential success. Cash proceeds from this transaction will enable Seabridge to continue advancing KSM and Courageous Lake towards feasibility without share dilution."

For additional information on this transaction see www.bonterraresources.com

Seabridge holds a 100% interest in several North American gold resource projects. The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral resources by project and resource category please visit the Company's website at http://www.seabridgegold.net/resources.php.

All resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Statements relating to the estimated or expected future production and operating results and costs and financial condition of Seabridge, planned work at the Corporation's projects and the expected results of such work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Corporation's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Corporation's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Corporation's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2008 and in the Corporation's Annual Report Form 20-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml).

Forward-looking statements are based on the beliefs, estimates and opinions of the Corporation's management or its independent professional consultants on the date the statements are made.

ON BEHALF OF THE BOARD

Rudi Fronk, President & C.E.O.

For Seabridge Gold investor relations needs, investors can visit the Seabridge Gold IR Hub at http://www.agoracom.com/ir/seabridge where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sea@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

FOR FURTHER INFORMATION PLEASE CONTACT:

Seabridge Gold Inc.
Rudi P. Fronk
President and C.E.O.
(416) 367-9292
(416) 367-2711 (FAX)
info@seabridgegold.net
www.seabridgegold.net

The Albany Club

91 King Street East

Toronto, Ontario,

Canada

M5C 1G3

Thursday, June 18, 2009 at 4:30 p.m.

As background, in December 2008 Seabridge announced the results of a National Instrument 43-101 Preliminary Assessment (the "2008 PA") which demonstrated the potential to develop a large tonnage, open pit mining operation at KSM with a projected operating mine life of approximately 30 years (see news release dated December 1, 2008). The 2008 PA did not incorporate drill results from the 2008 KSM drill program. In March 2009, Seabridge announced updated National Instrument 43-101 resource estimates for the KSM project which significantly increased and upgraded the resource estimates incorporated in the 2008 PA. MMTS relied on these new estimates in the preparation of the updated open pit scenarios.

In its analysis, MMTS generated two scenarios: (i) a 30 year mine life consisting of smaller pits for all three zones to maximize a 5% net present value discounted mining schedule (the "30 Year" scenario); and (ii) a 48 year mine life based on larger pits for all three zones to maximize total undiscounted net cash flow for the project (the "48 Year" scenario). MMTS notes that both the 30 Year and 48 Year scenarios will follow a similar development path and that capital payback will occur in the same time frame for both scenarios. Although the 48 Year scenario provides useful information, Seabridge will be proceeding, as originally planned, with the 30 Year scenario in the preparation of a Preliminary Feasibility Study and its ongoing permitting program.

Comparisons of these new pit scenarios with the 2008 PA are as follows:

Seabridge Gold President and CEO Rudi Fronk noted that "an updated Preliminary Assessment now scheduled for completion in July of this year will provide economic projections for both pit scenarios. Drilling this year should upgrade all remaining inferred resources in the 30 Year pit - about 281 million tonnes - to the measured and indicated categories which will allow us to complete a Preliminary Feasibility Study and book reserves by the end of the first quarter of next year".

The new economic pit limits prepared by MMTS incorporate updated processing and G&A cost estimates for the project as well as updated pit slope angles as supplied by BGC Engineering. In building the new economic pit limits, MMTS used commodity prices of US$750 per ounce gold, US$2.00 per pound copper, US$12.50 per ounce silver and US$12.50 per pound molybdenum. MMTS used the revised metal recoveries developed in the 2008 PA.

Seabridge notes that the mining scenarios referred to in this news release currently incorporate inferred mineral resources which are considered too geologically speculative to be categorized as mineral reserves. Therefore, Seabridge advises that there can be no certainty that the estimates contained in the 2008 PA will be realized. To address this issue, Seabridge is now designing a 2009 KSM drill program to upgrade inferred resources in the mine plans to the measured and indicated categories.

Jim Gray of MMTS, a Qualified Person under National Instrument 43-101, has reviewed this news release.

The 100% owned KSM project, located near Stewart, British Columbia, Canada, is one of the world's largest undeveloped gold/copper projects. The following table summarizes NI 43-101 compliant mineral resources for all three zones at the KSM project using a 0.50 gram per tonne (g/t) gold equivalent cut-off grade (see news releases dated March 11, 2009 and March 25, 2009 for details).

Seabridge holds a 100% interest in several North American gold resource projects. The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral resources by project and resource category please visit the Company's website at http://www.seabridgegold.net/resourc...

All resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Statements relating to the estimated or expected future production and operating results and costs and financial condition of Seabridge, planned work at the Corporation's projects and the expected results of such work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Corporation's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Corporation's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Corporation's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2008 and in the Corporation's Annual Report Form 20-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml).

Forward-looking statements are based on the beliefs, estimates and opinions of the Corporation's management or its independent professional consultants on the date the statements are made.

ON BEHALF OF THE BOARD

Rudi Fronk, President & C.E.O.

For Seabridge Gold investor relations needs, investors can visit the Seabridge Gold IR Hub at http://www.agoracom.com/ir/seabridge where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sea@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

FOR FURTHER INFORMATION PLEASE CONTACT:

Seabridge Gold Inc.
Rudi P. Fronk
President and C.E.O.
(416) 367-9292
(416) 367-2711 (FAX)
Email: info@seabridgegold.net
Website: www.seabridgegold.net

In an effort to keep you up to date on all pertinent information regarding the resource sector, please see the attached article titled; “Gold jumps above $970/oz as dollar weakens.”

Regards,

AGORACOM Investor Relations

Click here to view article in its entirety.

Gold jumps above $970/oz as dollar weakens

Precious metal climbs to firmest level since late February

Jan Harvey

LONDON — Reuters, Friday, May. 29, 2009 06:42AM EDT

Gold on Friday rallied through $970 (U.S.) an ounce for the first time since February in Europe as traders bought the metal as a hedge against weakness in the U.S. dollar.

Rising oil prices, reports of a pick-up in Middle Eastern demand, and firm buying in India, the world's biggest gold consumer, during the wedding season are also supporting prices, analysts said.

Spot gold was bid at $972.60 an ounce at 0923 GMT, against $958.80 an ounce late in New York on Thursday.

Financial Results

During the three month period ended March 31, 2009, Seabridge recorded a net loss of $997,000 ($0.03 per share) compared to a loss of $906,000 ($0.02 per share) for the same period last year. During the first quarter, Seabridge invested $1,821,000 in mineral interests, primarily at KSM, compared to $2,623,000 during the same period last year. At March 31, 2009 net working capital was $28,724,000 compared to $30,628,000 at December 31, 2008.

Seabridge holds a 100% interest in several North American gold resource projects. The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada (one of the world's largest undeveloped gold/copper projects), and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral resources by project and resource category please visit the Company's website at http://www.seabridgegold.net/resourc...

All resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Statements relating to the estimated or expected future production and operating results and costs and financial condition of Seabridge, planned work at the Corporation's projects and the expected results of such work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Corporation's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Corporation's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Corporation's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2008 and in the Corporation's Annual Report Form 20-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml).

Forward-looking statements are based on the beliefs, estimates and opinions of the Corporation's management or its independent professional consultants on the date the statements are made.

ON BEHALF OF THE BOARD

Rudi Fronk, President & C.E.O.

For Seabridge Gold investor relations needs, investors can visit the Seabridge Gold IR Hub at http://www.agoracom.com/ir/seabridge where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sea@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

FOR FURTHER INFORMATION PLEASE CONTACT:

Seabridge Gold Inc.
Rudi P. Fronk
President and C.E.O.
(416) 367-9292
(416) 367-2711 (FAX)
info@seabridgegold.net
www.seabridgegold.net

TORONTO, CANADA--(Marketwire - April 29, 2009) - AGORACOM Investor Relations is proud to announce Seabridge Gold (TSX:SEA)(NYSE Alternext US:SA)(NYSE Amex:SA.A), one of North America's fastest growing gold companies, as the exclusive sponsor of the renowned "Bay Street Hold'em" Poker Tournament being held in Toronto on April 30, 2009.

"Every quarter AGORACOM hosts an all expenses paid "Bay Street Hold'em" Poker Tournament for one of our top tier clients," says George Tsiolis, President of AGORACOM, "These events are one of the most sought after networking events on Bay Street. All attendees are top brokers, fund managers, analysts, and decision-makers on Bay Street, representing over 40 different institutions, who collectively control up to $7 billion worth of assets.

The exclusive sponsor for this upcoming event will be Seabridge which holds a 100% interest in several North American gold resource projects. The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada (one of the world's largest undeveloped gold/copper projects), and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral resources by project and resource category please visit the Company's website at http://www.seabridgegold.net/resourc... .

Seabridge President and CEO Rudi Fronk said that "I'm in the tough playing poker against George and the top Bay Street brokers but we've been dealt a great hand at our projects so I can handle losing at cards. It should be a great event."

"Having one of the world's largest undeveloped gold deposits, Seabridge has a great story to tell" says Tsiolis, "We're grateful we have the ability to give our clients such a unique platform where they're able to effectively deliver their message face-to-face with our network of top Bay Street brokers, fund managers, analysts and decision-makers."

For more information about Seabridge Gold visit our Investor Relations Hub at http://www.agoracom.com/ir/seabridge. For event details visit: http://www.baystreetholdem.com/

About AGORACOM - Investor Relations Firm For Small-Cap Companies: AGORACOM Investor Relations is North America's largest investor relations firm for small-cap companies. We have partnered with the world's biggest Internet companies, including Globe Investor, Yahoo, AOL, Google and Blackberry to market our clients to a massive audience of new small-cap investors. We have served over 200 companies since 1997.

AGORACOM Investor Relations has displaced the telephone and e-mail as primary IR communications devices. Our IR HUB delivers two-way investor relations in near real-time that is 24/7/365 accessible to shareholders around the world and goes far beyond text by offering both audio and video communications.

AGORACOM is North America's only small-cap community built to serve the needs of serious small-cap and micro-cap investors. No rumours, profanity, stock bashing or hyping. Our traffic ranking is above the top 1% of all websites around the world.

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The nation increased its reserves by 454 tons to 1,054 tons through domestic purchases and refining scrap metal, Hu said in an interview with the Xinhua News Agency today. The amount is more than Switzerland’s 1,040 tons, World Gold Council data show, and is worth $31 billion at current prices.

China has the world’s largest foreign exchange reserves at $1.95 trillion as of March 31, according to state administration data. The holdings have climbed about sixfold in the past six years as the country had record trade surpluses and inflows of foreign investment. Gold prices have almost tripled to more than $900 an ounce from $337.

“Chinese foreign-exchange reserves have absolutely exploded in the past few years,” said Jan Lambregts, head of Asia research at Rabobank International in Hong Kong. “We shouldn’t be surprised that they’re adding a lot of all asset classes. I don’t think they’re shifting away from U.S. dollars into gold.”

Gold climbed to a record $1,032.70 an ounce on March 17 last year and traded 0.9 percent higher today at $912.08 an ounce at 3:18 p.m. local time in Singapore.

Debt Holdings

Chinese Premier Wen Jiabao has expressed concern the dollar will weaken, eroding the value of China’s holdings of Treasuries, as the U.S. borrows unprecedented amounts to spend its way out of recession. China is the biggest overseas owner of U.S. government debt, holding notes totaling $744 billion at the end of February, according to U.S. data.

Jesse Wang, executive vice president of China Investment Corp., has said the nation’s $200 billion sovereign wealth fund may invest in “undervalued” commodities. Zhang Guobao, head of the National Energy Administration, said China should invest more in commodities instead of hoarding the dollar, Xinhua reported on March 7.

China, the world’s biggest gold producer, has increased its holdings before, Hu said in the interview carried on the administration Web Site. They rose from 394 tons to 500 tons in 2001 and to 600 tons in 2003, it said. China has told the International Monetary Fund of the recent changes and the new amount will be reflected in the central bank’s balance sheet and statistical reports, it said.

‘Support Prices’

“This shows a change in attitude in Asian central banks,” said Si Kannan, associate vice president at Mumbai-based Kotak Commodity Services Ltd. “While the IMF is selling gold, Asian central banks are diversifying into gold. That’s a good thing, in times of dollar uncertainty and the global volatility in the forex market,” he said by phone from Mumbai today.

China’s gradual increase in gold reserves and increasing jewelry demand from China and India “will support gold prices,” Kannan said.

The IMF said April 3 there had been no talks about selling more gold than the 403.3 tons proposed a year ago. Leaders from the Group of 20 said the day before that revenue from previously proposed gold sales would be used to help the world’s poorest countries. The IMF board approved a proposal in April 2008 to sell 403.3 tons of bullion as part of a plan to close the Washington-based lender’s annual deficit.

“My opinion has always been that China should increase its gold holdings,” Hou Huimin, vice chairman of the China Gold Association, said by phone from Beijing today. “China should strive to play a more proactive role in the global financial market by adding more gold.”

The U.S. has the world’s biggest gold holdings at 8,134 tons, followed by Germany with 3,413 tons, World Gold Council data show. France has 2,487 tons and Italy 2,452 tons, while the IMF has 3,217 tons, according to the council.

To contact the reporter on this story: Eugene Tang in Beijing on eugenetang@bloomberg.net

The Company reported a net profit for the year ended December 31, 2008 of $10,290,000 or $0.28 per share compared to a net loss of $5,542,000 or $0.15 per share for 2007. In December 2008, the Company sold the Noche Buena project for gross proceeds of US$25 million ($30,842,000) and recorded a net gain of $19,891,000 before income taxes. Cash and short term deposits at December 31, 2008 totaled $38,995,000 up from $25,038,000 at December 31, 2007.

The Company will be filing its Annual Information Form and its Annual Report on Form 20-F by March 31, 2009.

All resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Statements relating to the estimated or expected future production and operating results and costs and financial condition of Seabridge, planned work at the Corporation's projects and the expected results of such work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Corporation's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Corporation's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Corporation's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2007 and in the Corporation's Annual Report Form 20-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml).

Forward-looking statements are based on the beliefs, estimates and opinions of the Corporation's management or its independent professional consultants on the date the statements are made.

ON BEHALF OF THE BOARD

Rudi Fronk, President & C.E.O.

For Seabridge Gold investor relations needs, investors can visit the Seabridge Gold IR Hub at http://www.agoracom.com/ir/seabridge where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sea@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

FOR FURTHER INFORMATION PLEASE CONTACT:

Seabridge Gold Inc.
Rudi P. Fronk
President and C.E.O.
(416) 367-9292
(416) 367-2711 (FAX)
info@seabridgegold.net
www.seabridgegold.net

The following table summarizes RMI's updated global mineral resource estimate as of March 22, 2009 for the Sulphurets and Kerr zones:

Seabridge Gold President and CEO Rudi Fronk noted that "in addition to our success at Mitchell, the 2008 drill program expanded the Sulphurets zone resource and increased average gold and copper grades. Measured and indicated mineral resources for the KSM project now stand at 1.82 billion tonnes containing 34.5 million ounces of gold and 8.5 billion pounds of copper. In the inferred category, resources for KSM now total 746 million tonnes containing 12.1 million ounces of gold and 2.8 billion pounds of copper. We will now update the mine plans in our 2008 Preliminary Assessment to include these new resource estimates which should add mine life beyond the previous estimate of 30 years. We may also see the Sulphurets pit connect with the Mitchell pit due to the resource increases in each of these zones." The new mine plans should be completed in the second quarter of this year. Mine plan sequencing will optimize grade in the early years to facilitate pay-back of capital.

The Sulphurets resource estimate was updated by RMI using inverse distance weighting methods within gold and copper grade envelopes that were constructed incorporating the new drilling data along with an updated geologic interpretation. RMI notes that kriging results compare very favorably with the inverse distance estimate. The gold and copper 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. Recoverable gold equivalent grades were calculated using a $650 gold price with a 70% recovery rate and a $2.00 copper price with an 85% recovery rate.

The Kerr resource was not updated because no new data has been collected. RMI's March 2008 Kerr resource model was reblocked into larger blocks and translated into the new district wide NAD83 coordinate system that is now being used along with a new aerial topographic survey. The Kerr model was reblocked so that it could be more easily integrated into the updated mine plan. The reblocking exercise resulted in a slight decrease in contained metal for indicated and inferred resources which is deemed reasonable due to the increased dilution when going from smaller selective mining units to larger ones. The Kerr model will be updated next year by incorporating new drilling data that will be completed for metallurgical testing purposes.

The database for the Sulphurets zone now incorporates 65 core holes totaling 15,207 meters. The database for the Kerr zone incorporates 144 core drill holes totaling 26,409 meters. The majority of the Sulphurets assay data was collected by Placer Dome, Seabridge Gold and Esso Minerals Ltd. RMI has been able to review the Placer Dome quality assurance-quality control ("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 totaling 1,623 meters into the Sulphurets deposit in 2006, plus an additional 3 core holes totaling 1,761 meters in 2008. Seabridge 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. The majority of the drilling data for the Kerr deposit were collected by Placer Dome during the early 1990s. Placer implemented 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.

Mineral resources for the Sulphurets and Kerr zones are summarized in the tables below at a variety of recoverable gold equivalent cutoff grades.

RMI is an independent consulting firm under the direction of Michael J. Lechner, Licensed Registered Geologist (Arizona) #37753, P.Geo. (British Columbia) #155344, AIPG CPG #10690 and a Qualified Person under NI-43- 101. Mr. Lechner reviewed this news release.

The 100% owned KSM project, located near Stewart, British Columbia, Canada, is one of the world's largest undeveloped gold/copper projects. The following table summarizes NI 43-101 compliant mineral resources for all three zones at the KSM project using a 0.50 gram per tonne (g/t) gold equivalent cut-off grade (see news release dated March 11, 2009 for details on the Mitchell zone).

Seabridge holds a 100% interest in several North American gold resource projects. The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada (one of the world's largest undeveloped gold/copper projects), and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral resources by project and resource category please visit the Company's website at http://www.seabridgegold.net/resourc...

All resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Statements relating to the estimated or expected future production and operating results and costs and financial condition of Seabridge, planned work at the Corporation's projects and the expected results of such work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Corporation's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Corporation's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Corporation's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2007 and in the Corporation's Annual Report Form 20-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml).

Forward-looking statements are based on the beliefs, estimates and opinions of the Corporation's management or its independent professional consultants on the date the statements are made.

ON BEHALF OF THE BOARD

Rudi Fronk, President & C.E.O.

For Seabridge Gold investor relations needs, investors can visit the Seabridge Gold IR Hub at http://www.agoracom.com/ir/seabridge where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sea@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

FOR FURTHER INFORMATION PLEASE CONTACT:

Seabridge Gold Inc.
Rudi P. Fronk
President and C.E.O.
(416) 367-9292
(416) 367-2711 (FAX)
info@seabridgegold.net
www.seabridgegold.net

In an effort to keep you up to date on all pertinent information regarding the resource sector and more specifically gold bullion, please see the attached article titled “Hedge Fund Makes Headlong Rush into Gold.”

As the economic meltdown has worsened in recent weeks and months, firms such as Eton Park Capital Management LP, Greenlight Capital Inc. and Hayman Advisors LP have been boosting their exposure to the yellow metal. The investment funds are turning to gold as central banks around the world continue to print money in hopes of stimulating economic growth.

“As the world deals with the global economic crisis, the value of gold, as the only true ‘hard currency,' is coming to the fore as evidenced by the investment choices of some of the world's most seasoned investors,” AngloGold Ashanti Ltd. chief executive officer Mark Cutifani said yesterday.

Regards,

AGORACOM Investor Relations

Please click here to view article in its entirety.

Seabridge Gold President and CEO Rudi Fronk noted that "the Mitchell zone has now become one of the world's largest undeveloped gold/copper deposits. We successfully moved over 13 million ounces of inferred gold resources to the measured or indicated category in 2008 and we found an additional 8 million ounces of inferred gold resources, some of which may be upgraded in the 2009 program. Although the new inferred resources are somewhat lower grade than the core of the Mitchell deposit, some of these resources represent a conversion of material previously classified as waste in the upper benches of the mine plan which should have a positive impact on the project."

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 measured, 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. Recoverable gold equivalent grades were calculated using a $650 gold price with a 70% recovery rate and a $2.00 copper price with an 85% recovery rate.

The database for the Mitchell zone now incorporates 102 core holes totaling 40,060 meters of drilling. Seabridge Gold collected 90% of the Mitchell drill hole data from its 2006, 2007 and 2008 drilling campaigns. RMI has reviewed the quality assurance/quality control (QA/QC) protocols and results from Seabridge's 2006, 2007 and 2008 Mitchell drilling programs 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 Seabridge drill samples are reproducible and suitable for estimating mineral resources.

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

New gold supply is price inelastic. If you double the gold price, production will fall as miners extend precious mine life by processing lower grades through fixed rate capacity. Building new capacity is the work of decades. Re-opening old mines is difficult and expensive and there are few worthwhile opportunities which have not been exploited. Meanwhile, discovery rates are declining, discovery costs are rising, mines are depleting and production is falling at about 5% per year. The world's best gold deposits have been found and mined.

Gold's highest and best use is in a vault as a store of value. It is not a commodity. Jewelry 'consumption' of gold is a traditional store of value. The industrial/medical uses of gold are diminimus. If gold had important other uses, there would be less of it and the price would be lower because it would be valued as a commodity subject to substitution effects. No other substance has the unique properties and a supply sufficient to act as an ultimate store of value which is why gold has had this role for at least 6000 years.

Gold is therefore a financial asset in physical form and sometimes a currency. It goes up in price when confidence in other financial assets [stocks, bonds] is falling and falls when confidence in these alternatives is rising.

Other financial assets have the advantages of convenience and income. Gold's advantage is that it is final settlement anywhere in the world. Gold backs itself whereas other currencies and financial assets merely represent, and depend upon, the countries and companies which issue them and stand behind them. Gold is a currency without a country or central bank...there is no issuer to inflate supply or default on its obligations.

There are approximately USD 140 trillion in other financial assets world-wide so the current value of above ground gold is about 4% of this total. In 1980, when inflation weakened confidence in stocks and bonds, the ratio was greater than 25%. It currently requires about 8 ounces of gold to buy the Dow, down from 44 in 1999. In 1980, the ratio reached 1 to 1.

Gold has no P/E or other standard valuation metric. Its price can go where the market decides. How much will the owners of USD 140 trillion in financial assets pay to protect themselves from deflation, inflation or default?

James S. Anthony
February 13, 2009

FCMI Financial, a company controlled by Albert D. Friedberg and members of his immediate family, owns 555,000 common shares, its affiliate Pan Atlantic Bank and Trust Ltd. owns 7,474,116 common shares and Albert D. Friedberg and his spouse own 43,400 common shares, so that FCMI Financial and persons acting jointly or in concert with it, own an aggregate of 8,072,516 common shares, representing 21.61% of the total outstanding common shares.

FCMI Financial has purchased such common shares for investment purposes and intends, subject to market conditions, to make additional acquisitions or dispositions in securities of Seabridge in the future.

In addition, accounts managed by affiliates of FCMI Financial have disposed of an aggregate of 372,032 common shares of Seabridge at prices ranging between US$17.40 and US$17.43 per common share and no longer hold any common shares of Seabridge.

The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of this news release.

Other metals were mixed Tuesday. March copper slid 2.9% to $1.53 a pound, while March silver rose 1% to $13.255 an ounce. March palladium gained 0.5% to $213.15 an ounce, and the April contract for sister metal platinum added 2% to $1,056 an ounce.

Moming Zhou is a MarketWatch reporter based in New York.

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NEIL REYNOLDS

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January 28, 2009 at 6:00 AM EST

Barry Ritholtz of the Big Picture Blog has written about the peculiar timing of re-balancing the commodity indices and it's effect on gold. The article in it's entirety has been posted below.

Sincerely,

AGORACOM IR

The major commodities indices are being rebalanced, and I am forced once again to question their timing.

Recall the last major rebalance: At the time, I had been challenged by Larry Kudlow to find a smoking gun for the sudden 2006 collapse of Oil prices a month or two before the mid-term election.

That challenge led us to discover the actual mechanism — the GSCI rebalancing. Just 3 months prior to the election, GS decided to significantly lower the weight of Oil and Natural Gas, effective a month prior to the election. Prices plummeted, albeit temporarily.

There was a cost to this: Subsequent performance of the index, reweighted with less energy, was negatively impacted, as energy prices for the following 2 years boomed, until Oil peaked at $147. The reweighted indices performed much wore than they would have had they not been changed in ‘06.

Bill King noted yesterday:

The weightings for both indices are released ahead of time, but begin to kick in the first few working days of the new year. In the case of the DJ-AIGCI — which JP Morgan estimates has $25bn in funds tracking it — the new weightings come into force during the roll period that begins January 9th. The S&P GSCI index weightings kick-in after its January roll which commences January 8th. JP Morgan estimates about $50 bn of investment into that index… Accordingly, JP Morgan sees the most significant change coming in the DJ-AIGCI rebalance. Here the market weight of crude oil is expected to increase from 9.6 per cent to 13.8 per cent, gold from 10.8 per cent to 7.9 per cent, copper (COMEX) from 4.5 per cent to 7.3 per cent, live cattle from 6.4 per cent to 4.3 per cent and sugar from 4.7 per cent to 3.0 per cent. Meanwhile, S&P GSCI crude oil weight will go from 32 per cent to 33.8 per cent…Nevertheless, gold tanked on Monday on expectation of a weighting reduction of gold in the DJ-AIGCI Index …This harkens memories of July 2006 when Goldman greatly reduced the weighting of gasoline, which precipitated a huge collapse in gasoline prices ahead of the 2006 midterm elections.

I have no idea why the managers of these indices made these changes, but they are certainly curious. Oil, formerly a 13.1% weighting in 2007, has fallen so precipitously that its now 9.6%. So it could be merely a case of doubling down — adding more Crude now that is 60% cheaper. (I do not buy the conspiracy theories, but I am aware of them).

I consider these contra-indicated: In a time of massive Fed credit creation and Treasury money printing, they oddly want less exposure to Gold. And with the worldwide recession getting worse, they want more exposure to Oil. Both of these are poorly timed macro-trades.

There are two things I can tell you about the index rebalancing: First, the last such contra-indicated changes were steamrolled over by the market, and cost investors in these indices to miss out on a huge move in Oil via the lower weightings.

Second, it won’t take long before people start to consider the political ramifications of goosing energy prices 2 weeks before the Obama administration is sworn in.

I have no clue what the motivation is for these moves, nor do I knows what what they were in 2006. But they are looking increasingly curious and ill timed. Once is a coincidence. Twice makes you pay close attention. After the third such move, expect to see the index managers dragged before a Congressional panel . . .