SA Seabridge Gold Ordinary Shares (Canada)

Dutton Associates updates its coverage of Seabridge Gold (AMEX:SA) with a Buy rating and increasing its target price to US$35.00. The 21-page report by Dutton senior analyst Mike Niehuser is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. Seabridge Gold�s mission is to provide its shareholders with maximum leverage to the gold price by maintaining an industry-leading ratio of gold resources per common share. Management has focused its attention on large-scale gold projects that typically sell at a premium relative to silver or base metal projects. The Company believes it may command the highest return for shareholders by acquiring early stage projects, increasing the number of ounces, and advancing them toward production. They have limited their activities to politically stable North America, which has well established permitting processes for developing mines. Seabridge to-date has assembled a portfolio of nine advanced projects located in Canada, the U.S., and Mexico. About 83% of its resources are contained within two of its largest projects, Courageous Lake and Kerr-Sulphurets/Mitchell, each progressing to be recognized as world-class projects. We believe the concentration of ounces in two projects, and ability to increase and/or upgrade classification of resources of those two large projects, provide good argument for further appreciation. Valuing exploration or mining companies is highly subjective. In our opinion, companies with early stage projects such as with Seabridge may be better served by an enterprise value per ounce basis rather than cash flow models. Presently, the ratio of ounces of gold per share has increased to about 0.85 per diluted shares, and we calculate an enterprise value per ounce of approximately $27.00 per ounce. 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 $35,000 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 6 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.