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Courageous Lake: RESOURCES

Current Resource Estimate for the FAT Deposit

The current mineral resource model for Courageous Lake was effecttive January 9, 2012. This NI 43-101 compliant resource estimate was prepared by Resource Modeling Inc. ("RMI") and was incorporated into the project's first Preliminary Feasibility Study (PFS) completed in 2012. The resource estimate is as follows:

The new model includes data from the 52 diamond core exploration holes drilled in 2011 totaling approximately 15,000 meters. The focus of the 2011 drilling program was to upgrade inferred resources within the confines of the open pit defined in the 2011 Preliminary Economic Assessment. The efficiency of the drill program and the predictability of the 2010 model proved to be exemplary. Nearly 1.2 million ounces of previously disclosed inferred resources were converted to measured and indicated in the 2011 exploration program at an expenditure of approximately $6 million or about $5 per ounce. All but one of the 52 exploration holes drilled in 2011 intercepted mineralization above the cutoff grade. New mine plans were generated from this updated resource model in order to report the project's first proven and probable reserves in the PFS completed in July 2012.

The updated resource model constructed for the Courageous Lake deposit now incorporates data from a total of 589 holes drilled by Seabridge, Noranda and Placer Dome totaling approximately 169,000 meters. Gold mineralization within the Courageous Lake deposit is hosted in the upper part of an assemblage of Archean age felsic pyroclastic rocks just below a transition zone to sedimentary rocks.

Similar to the 2010 estimate (also completed by RMI), block model gold grades for this updated Courageous Lake model were estimated using a multiple pass inverse distance weighting interpolation procedure. The outstanding success of our 2011 drilling program confirmed the validity of the resource model. In addition to using mineral zone wireframes to constrain the estimate of block grades, a dynamic anisotropic search strategy was used to select eligible composites. The search ellipse was allowed to dynamically conform to the hanging and footwall contacts of the key mineral zones, providing for a more geologically consistent and realistic distribution of in situ block gold grades. Individual assay grades were capped for each zone prior to compositing the assay data and interpolating block grades.

The estimated block grades were classified into Measured, Indicated, and Inferred Mineral Resource categories using distance to drilling data and the number of drill holes used to estimate the block grades. For the principal mineral zones (3-5) Measured Resources were defined for blocks estimated by one or more drill holes within 7.5 meters of the block. For mineral zones 3 and 4 within the heart of the deposit (section 4400 to 5000 north), Indicated Resources were defined by blocks estimated by two or more drill holes with at least one sample within 40 meters of the block. Indicated Resources were defined for other zones based on distances from drill data ranging from 15 to 30 meters. For the primary mineralized zones, Inferred Mineral Resources were defined by blocks estimated by at least one drill hole with a maximum allowable assay projection distance of 65 meters. Inferred Resources were assigned to secondary mineralized zones up to 40 meters from drilling data.

It is RMI's opinion that the new resource model is globally unbiased and locally reflects the grade of nearby drill hole composites.

The following table provides global resource estimates from the new model at various gold cutoff grades:

The cutoff grade for resource tabulation was set at 0.83 grams per tonne, consistent with the cutoff grade used for previous Courageous Lake resource estimates.

Current Resource Estimate for the Walsh Lake Deposit

The Walsh Lake resource estimation was completed in the first quarter of 2014 and presented in a news release dated March 11, 2014. This estimation was completed by Resource Modeling Inc. Resources at Walsh Lake are all classified as inferred and it is therefore uncertain if these resources can contribute to the FAT Deposit's reserves. At this time, the Company is using the Walsh Lake resources as a guide to direct work in the area, and until additional information is acquired does not consider these resources material to the Courageous Lake reserves.

The Walsh Lake model is based on 53 diamond core holes (totaling 17,450 meters) spaced at approximately 50 meters. The discovery was made in 2012 (see news release dated September 10, 2012). This new resource area is about 10 kilometres south of the FAT deposit where Seabridge has developed a 6.5 million ounce proven and probable gold reserve. The north part of this target area is connected by a road network between the FAT deposit and the historical, high-grade Tundra Gold Mine. Walsh Lake is believed to be a series of structural zones, parts of which are on strike with the deposits exploited in the Tundra Gold Mine.

Block gold grades were estimated using a multiple pass inverse distance weighting interpolation procedure. Manually constructed mineral zone wireframes were used to constrain the mineralized structures identified in drilling. High,grade outlier gold assay grades were capped prior to compositing the assay data to 3 meters lengths. A portion of the estimated blocks were classified as inferred resources using mineralized continuity that was established by probabilistic interpolation methods. Initial metallurgical testing indicates the gold at Walsh Lake can be recovered by direct cyanide extraction (see news release dated May 16, 2013). The resource estimate is constrained within a conceptual pit limit based on a gold price of $1300 per ounce, gold recovery of 90% and a pit slope of 50 degrees.

It is RMI's opinion that this resource model is globally unbiased and locally reflects the grade of nearby drill hole composites.

Gold resource estimates included herein were prepared by Resource Modeling Inc. under the supervision of Michael Lechner, who is independent of Seabridge and a Qualified Person as defined by National Instrument 43,101. Mr. Lechner is a highly regarded expert in his field and frequently undertakes independent resource estimates for major mining companies. Mr. Lechner has reviewed and approved this disclosure.

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 and Registered Professional Geoscientist in British Columbia, #155516), a Vice President of Seabridge. Mr. Threlkeld is a "Qualified Person" under National Instrument 43,101.