Seabridge Gold Inc. is designed to provide its shareholders with leverage to a rising gold price. From 1999 through 2002, Seabridge acquired nine North American projects with substantial gold resources, including Courageous Lake and KSM. Subsequent exploration by Seabridge has significantly expanded its acquired gold resource base. Seabridge’s aim is to create value for its shareholders by growing reserves and resources faster than shares outstanding. Project acquisitions, exploration and engineering programs are carefully designed and monitored to ensure that equity dilution required to fund these activities is more than offset by additional reserves and resources.