SA Seabridge Gold Ordinary Shares (Canada)

Dutton Associates updates its initial report coverage of Seabridge Gold (AMEX:SA) maintaining a Strong Buy rating and increasing its target price to $20.00. The 24-page report by Dutton senior analyst Les Childress is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, and other leading financial portals. Seabridge remains an attractive and under-valued resource play because, as a non-miner, it provides maximum leverage to the price of gold and because it continues to achieve organic resource growth regardless of the trend or absolute level of gold�s price. We are raising our price target from $16.50 to $20.00 per share premised on the four elements we discuss in our report. Our valuation for Seabridge is predicated on our independent valuation of the separate assets, i.e. projects, prospects, plays, properties, based on the optionality potential of its in-ground resources. However, we have included the potential resource quantity to allow the reader some sense of our sense of the potential of these projects based on discussions with management and our own observations. We have assumed a gold price at a constant $650 level and excluded Seabridge�s copper resource to concentrate on the Company�s potential as a gold play only. We have used a $62 per ounce value for in-ground reserves based on recent acquisitions in the gold mining sector. Based on our estimate of 12.68 million ounces of potential reserves from the Company�s already reported 18.1 million ounces of total gold resources, Seabridge�s net asset value is approximately $786 million, or $20.53 per fully diluted share. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $39,500 prepaid before commencement of our research activities, consisting of 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $58,000 from the Company for 8 Research Reports with coverage commencing on 6/04/2004. The Firm does not accept any equity compensation. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing. Dutton Associates updates its initial report coverage of Seabridge Gold (AMEX:SA) maintaining a Strong Buy rating and increasing its target price to $20.00. The 24-page report by Dutton senior analyst Les Childress is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, and other leading financial portals. Seabridge remains an attractive and under-valued resource play because, as a non-miner, it provides maximum leverage to the price of gold and because it continues to achieve organic resource growth regardless of the trend or absolute level of gold's price. We are raising our price target from $16.50 to $20.00 per share premised on the four elements we discuss in our report. Our valuation for Seabridge is predicated on our independent valuation of the separate assets, i.e. projects, prospects, plays, properties, based on the optionality potential of its in-ground resources. However, we have included the potential resource quantity to allow the reader some sense of our sense of the potential of these projects based on discussions with management and our own observations. We have assumed a gold price at a constant $650 level and excluded Seabridge's copper resource to concentrate on the Company's potential as a gold play only. We have used a $62 per ounce value for in-ground reserves based on recent acquisitions in the gold mining sector. Based on our estimate of 12.68 million ounces of potential reserves from the Company's already reported 18.1 million ounces of total gold resources, Seabridge's net asset value is approximately $786 million, or $20.53 per fully diluted share. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $39,500 prepaid before commencement of our research activities, consisting of 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $58,000 from the Company for 8 Research Reports with coverage commencing on 6/04/2004. The Firm does not accept any equity compensation. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.