Seabridge Gold

Iskut: RESOURCES

The only NI-43-101 compliant resource estimate for the Iskut Project is for the Bronson Slope deposit, a mineral occurrence about 1,500 meters long and ranging from 400 to 600 meters wide. Gold, copper, silver and molybdenum concentrations were estimated for the deposit using 92 drill holes totaling 19,320 meters of diamond drilling. The resource block model is based primarily on drill holes completed between 1993 and 1997 and confirmed by further drilling in 2006 and 2007.

Drill hole assays from 2006 and 2007 were subject to industry standard QA/QC procedures that included blank, certified standards, duplicate, replicate and inter-laboratory assaying. The resulting data showed good repeatability and was judged to be appropriate for resource estimation. Earlier drilling was completed by qualified professionals, although documentation of the QA/QC programs has not survived. However, substantial re-sampling, re-assaying and inter-laboratory checks were completed on the earlier data. In conjunction with the 2006 work, this earlier data was determined to be of high quality suitable for resource estimation.

Five separate lithological domains were identified in the resource. Within these lithological domains, 10-meter-long assay composites were calculated and used to populate a 10 x 10 x 10 meter block model. Grade estimation was completed by ordinary kriging using search ellipses tied to semi-variogram ranges calculated for each lithological domain. Classification of the resource relied on surface mapping, drill hole interpretation and distance-from-data conforming to the CIMM resource standards.

A pit constrained resource estimate for Bronson Slope was prepared and authored by Burgoyne for SnipGold in May, 2012 as part of an independent NI 43-101 Technical Report. This resource estimate utilized a strip ratio of 0.77 and metal recoveries that varied among the different lithological domains but were, in general, 85% gold, 86% copper and 64% silver. Metal prices employed in this study for life-of-mine production were (USD) $ 700 gold, $2.00 copper and $15.00 silver and an assumed exchange rate of $0.85 USD/CAD. Bronson Slope constrained resources are tabulated below:

Seabridge has not reported a resource for the Bronson Slope deposit. Seabridge expects to be able to report an independent NI 43-101 compliant resource estimate for this deposit when it has completed its own review of the data and undertaken appropriate confirmatory work.