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Press Release: Iron Cap Emerges As 4th Major Deposit At Seabridge Gold’s KSM Project

Toronto, Canada – An initial assessment of drill data and mine planning from KSM’s new Iron Cap zone suggests that (i) a significant minerals reserve can be expected from the Iron Cap zone in a new Preliminary Feasibility Study (“PFS”) scheduled for completion next April; (ii) these additions to reserves, immediately adjacent to the Mitchell zone, could support a significant increase in annual production; and (iii) a potential expansion in mine size should substantially improve project economics.

Seabridge President Rudi Fronk said that “we have now completed 41 core holes and supporting engineering work at Iron Cap. We have concluded that Iron Cap could make a substantial increase to KSM reserves. We are therefore examining a redesign of the KSM project for a graduated increase in throughput to 180,000 tonnes per day, a 50% increase from the PFS released on March 31, 2010. In our view, the grade, continuity, metallurgy and location of the Iron Cap zone should enable us to achieve this production expansion over time while substantially improving projected internal rates of returns and net asset values. As a result, we now expect to submit our Environmental Assessment Application following completion of a new PFS in April 2011.”

Since 2008, KSM has been following the same harmonized Federal/Provincial environmental assessment process which yesterday resulted in the approval of the nearby Mt Milligan gold-copper project by the Government of Canada. After two rounds of public consultation on KSM undertaken by the Federal Government, no significant concerns have been raised and Seabridge is therefore confident that KSM, like other well designed projects, will be approved on its technical merits.

In July 2010, Seabridge released the results of its first eight core holes drilled at Iron Cap (see News Release dated July 26, 2010). Based on these promising results and five previous drill holes, Seabridge expanded the Iron Cap drill program in an effort to define a measured and indicated resource which could be converted to reserves. An additional 33 holes totaling 12,200 meters were drilled this season (see attached map for hole locations). Results of these holes will be announced shortly.

The 100% owned KSM project, located near Stewart, British Columbia, Canada, is one of the world’s largest undeveloped gold/copper projects. Proven and probable reserves for the KSM project (see news release dated March 31, 2010 for details) using a gold price of US$850 per ounce and a copper price of US$2.25 per pound are as follows:

KSM Proven & Probable Reserves

Exploration activities at KSM are being conducted by Seabridge personnel under the supervision of William E. Threlkeld, Senior Vice President of Seabridge and a Qualified Person as defined by National Instrument 43-101. Mr. Threlkeld has reviewed and approved this news release. An ongoing and rigorous quality control/quality assurance protocol is being employed during the 2010 program including blank and reference standards in every batch of assays. Cross-check analyses are being conducted at a second external laboratory on 10% of the samples. Samples are being assayed at Eco Tech Laboratory Ltd., Kamloops, B.C., using fire assay atomic adsorption methods for gold and total digestion ICP methods for other elements.

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 reserve and 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.

Source: Company Website

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