Dutton Associates Announces Investment Opinion: Seabridge Gold Rating Strong Buy In Update Coverage By Dutton Associates

ROSEVILLE, Calif.--(BUSINESS WIRE)--Dutton Associates updates its coverage of Seabridge Gold (AMEX: SA) (TSE.V: SEA) maintaining a Strong Buy rating and price target of $46. The 14-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 has a total NI 43-101-compliant resource of nearly 50 million ounces of gold plus 8.2 billion pounds of copper. At current metal prices this would imply an in-situ gold resource of nearly $49 billion (plus an in-situ copper resource of $31 billion). Since our update August 9, 2007, this is an increase of total gold resources of 54.7%, and copper resources of 65.7%. This is well ahead of the Company’s goal to add 5 million ounces of gold to its total resource in 2007. This represents an increase to Seabridge’s per share gold resources to 1.35 ounces, a 42.4% increase over 0.95 ounces per share as of August 9, 2007. This is a clear indicator of management’s success in delivering on their business plan to increase ounces per share and leverage of Seabridge’s shares to the price of gold. In addition, the price of gold was approximately $675 per ounce at that time, when we targeted the price of Seabridge shares at $35 per share and maintained a Buy rating. Shares of Seabridge are down about 35% from their high, despite record metal prices due to increases in costs in the industry to develop and operate mines. We believe in this case Seabridge has assembled several large and unique assets which are not fully appreciated. We reiterate our Strong Buy rating and price target of $46 per share.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 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 for 4 Research Reports, typically published quarterly, and requisite Research Notes. The Firm does not accept any equity compensation. We received $90,000 from the Company for 10 quarterly Research Reports with coverage commencing on 6/04/2004. 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
John Dutton, 916-960-0623