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November 13, 2008

Seabridge Gold Inc. (TOR: SEA)
by Peter Zihlmann

FOLLOW-UP NO 6 / NOVEMBER 13, 2008

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HIGH LEVERAGE PERPETUAL OPTION ON GOLD

Business Summary

Seabridge Gold Inc. is designed to provide its shareholders with exceptional leverage to a rising gold price.

From 1999 through 2002, when the gold price was lower, Seabridge acquired nine North American projects with substantial gold resources, including the multi-million ounce Courageous Lake and Kerr-Sulphurets deposits. Subsequent exploration by Seabridge has significantly expanded its acquired gold resource base.

Seabridge measures its performance by increasing its gold resources per common share. Project acquisitions and exploration programs are carefully chosen to ensure that equity dilution required to fund these activities is more than offset by additional ounces of gold resources.

Seabridge is pursuing three value-enhancing strategies:

• First, the Company continues to search for gold projects in North America which would be accretive in terms of gold ownership.
• Second, Seabridge funds exploration on projects considered likely to expand gold ownership.
• Third, Seabridge enters into partnerships to advance its projects toward production while limiting risk and share dilution.

Projects

Kerr-Sulphurets-Mitchell: HIGHLIGHTS

• Significant gold and copper resources contained in two separate deposits modeled by Placer Dome
• Project optioned to Falconbridge for further exploration and development
• Falconbridge tested four new gold-copper targets during 2005
• Seabridge reacquired a 100% interest in Kerr-Sulphurets in 2006
• Drilling at Mitchell confirms large gold-copper system
• A 43-101 resource estimate infers 13.1 million ounces of gold and 2.2 billion pounds of copper at Mitchell
• A new drill program began in June, 2007. The program extended the Mitchell deposit in three directions
• A 43-101 resource estimate for the Kerr and Sulphurets zones was completed in January, 2008 confirming 3.5 million ounces of gold and 2.4 billion pounds of copper in the indicated category plus 1 million ounces of gold and 653 million pounds of copper in the inferred category
• A new 43-101 resource estimate for the Mitchell zone including 16.3 million ounces of gold and 2.9 billion pounds of copper in the indicated category plus an additional 13.3 million ounces of gold and 2.2 billion pounds of copper in the inferred category
• A new 15,000 meter core drilling program at KSM began in June to test higher grade targets and upgrade remaining inferred resources to the indicated category. Permitting was also commenced.

All disclosure of a scientific or technical nature in respect of the Kerr-Sulphurets Project below, other than the resource estimate calculated by Placer Dome (CLA) Limited, 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 of the Canadian Securities Administrators ("NI 43-101").

Courageous Lake: HIGHLIGHTS

• 100% owned by Seabridge
• 53 km long land position covers 85% of Courageous Lake Greenstone belt
• More than $100 million in work by previous operators including 150,000 meters of drilling
• FAT deposit defined as Canada's largest undeveloped gold project. Gold resources of 4.2 million ounces in the measured and indicated categories plus an additional 6.0 million ounces in the inferred category, confirmed by independent engineering consultants (See news release of January 9, 2007)
• New Preliminary Assessment estimates 11.6 year mine life with average annual production of 500,000 ounces of gold at average cash costs of US$435 per ounce and initial capital costs of US$848 million (See news release of March 10, 2008.

Nevada Exploration: HIGHLIGHTS

• Nevada remains the best gold mining jurisdiction in the world due to geology, infrastructure, permitting, low costs and currency
• Major discoveries still being made in Nevada applying new interpretation to historic districts
• By 2001, 90% of Nevada claims dropped due to low gold price
• Promising projects became available which had not been explored in decades
• Seabridge acquired databases containing historic gold exploration results to guide its acquisition program
• In 2002, 30+ exploration projects staked in Nevada, each with known gold occurrences, making Seabridge a major player in Nevada gold exploration
• Six projects farmed out for exploration by partners
• Surface exploration completed by Seabridge on Golden Arrow and Four-Mile Basin, identifying large gold targets to be drilled by Seabridge in 2006
• Low-cost exploration on multiple known gold occurrences = significant discovery potential

Noche Buena: HIGHLIGHTS

• Indicated resource of 26,6 million tonnes grading 0.74 grams per tonne (633,000 ounces of gold)
• Inferred resource of 18,6 million tonnes grading 0.61 grams per tonne (364,000 ounces of gold)
• Excellent infrastructure and access
• Located in jurisdiction favourable to mine permitting
• Project being acquired by Fresnillo/Newmont joint venture for US$25 million in cash at closing, a further US$5 million upon commencement of commercial production and a royalty of 1.5 payable if gold is above US$800 per ounce

Grassy Mountain: HIGHLIGHTS

• Project 100% owned by Seabridge
• Potential for 90,000 ounce annual production at cash cost of $175 per ounce
• Acquisition cost less than $2 per ounce of resource
• Evaluation of development alternatives in progress
• Project similar to Crown Jewel purchased by Kinross for US$100 per ounce
• Holding costs US$65,000 per annum
• 43-101 Resource calculation of 924,000 indicated ounces and 61,000 inferred ounces (see May 1, 2007 news release)

All disclosure of a scientific or technical nature in this Annual Information Form in respect of the Grassy Mountain Project, other than the resource estimate calculated by Pincock Allen & Holt, 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 of the Canadian Securities Administrators ("NI 43-101").

Red Mountain: HIGHLIGHTS

• 650,000 ounce high-grade deposit (> 0.25 opt), 400,000 in measured and indicated categories plus an additional 248,000 ounces in the inferred resource category (see news release of February 17, 2005)
• Approximately US $40 million spent by previous owners
• Acquisition cost less than $1 per ounce
• Large complement of mining equipment included in sale
• Holding costs C$125,000 per annum
• SRK engineering study estimates 8 year operation with life-of-mine cash operating costs of US$213 per ounce (see news release of September 23, 2003)

Quartz Mountain: HIGHLIGHTS

• Seabridge owns a 100% interest
• Drilling by previous operators totaled 256,000 feet
• Independent feasibility studies completed by previous owners (see news release of December 18, 2001)
• Independent remodeling confirms 1.7 million ounce resource in measured and indicated categories plus an additional 1.0 million ounces of gold in the inferred category (see news release of April 17, 2002)
• Significant exploration potential particularly of high grade feeder zones
• Quincy Energy Group (formerly Quincy Resources) exploring for feeder zones outside existing deposit. Quincy has the option to earn 50% interest in the property excluding the existing resource
• Holding costs US$10,000 per annum

Castle-Black Rock: HIGHLIGHTS

• Project situated in Nevada's prolific Walker Lane gold belt
• Existing gold resource of 215,000 ounces in the measured and indicated categories plus an additional 93,000 ounces in the inferred category (see news release of October 10, 2000)
• Potential to significantly increase resources from already defined drill targets
• Holding costs US$36,000 per annum
• Nevada gold projects are easily permitted and command a market premium

Hog Ranch: HIGHLIGHTS

• Large property in northern Nevada with past open pit/heap leach gold production
• Drill program by Seabridge confirmed potential for intact high-grade gold underground deposit similar to nearby Midas and Sleeper mines (see news release of November 7, 2000)
• More than 2 kilometres of gold bearing structures and 400 metres of vertical extent identified to date
• Potential for multi-million ounce deposit with operating costs in the range of $100 per ounce of gold
• Holding costs US$38,000 per annum

Recent Developments: Seabridge Gold's KSM Project Continues to Expand / New Drill Results Exceed Program Objectives

Results from another nine holes drilled this summer at the Kerr-Sulphurets-Mitchell ("KSM") project continue to confirm the geological model and extend the resource area to the north and at depth. Five of these were successful infill drill holes which are expected to upgrade a significant portion of the project's inferred resources to the indicated category. Hole M-08-73, a deep drill test following the northwest plunge of the Mitchell zone, confirms the continuity of this zone beyond the current model. Three geotechnical holes drilled to test the proposed north and south pit walls identified several zones of mineralization within the conceptual pit which had been classified in the geological model as waste.

To date, Seabridge has reported on 19 holes drilled this summer at KSM of which five are exploratory, 11 are infill and tree are geotechnical (intended to evaluate slope stability for mining operations). Results from another 11 holes are awaited. A total of 17,000 meters were drilled in the now completed program.

Seabridge Gold President and CEO Rudi Fronk said the new results have "exceeded our expectations. We will now need to expand our geological model to incorporate extensions of the high grade plunge of the Mitchell zone and to redefine material in the pit slopes that is currently classified as waste. In addition, the success of our infill program should mean a significant conversion of inferred resources into the measured and indicated category."

Fundamental Considerations

As per table below, between $ 54 and $ 140 have been paid for resources and all categories in the ground while Seabridge is valued at less than $ 10/ounce.

Seabridge had no debt and $ 19 million in cash as of September 30, 2008.

Technical Considerations

THE TIMELESS PRECIOUS METAL FUND is a shareholder in the company and will benefit from any increase in the company's share price.

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Disclosure: The author has not been paid to write this article, nor has he received any other inducement to do so. The author is a shareholder in the company and will benefit from any increase in the company's share price.

Disclaimer: The author's objective in writing this article is to invoke an interest on the part of potential investors in this stock to the point where they are encouraged to conduct their own further diligent research. Neither the information nor the opinions expressed should be construed as a solicitation to buy or sell this stock. Investors are recommended to obtain the advice of a qualified investment advisor before entering into any transactions in the stock.

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Peter Zihlmann
P. ZIHLMANN INVESTMENT ? MANAGEMENT AG
www.pzim.com
invest@pzim.ch
Tel. +41 44 268 51 10
Mobile +41 79 379 51 57

Your independent Swiss asset manager

THE TIMELESS PRECIOUS METAL FUND
THE SIERRA MADRE GOLD & SILVER VENTURE CAPITAL FUND

Copyright 2007-2009 © Peter Zihlmann

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