Seabridge Gold Drilling Builds Resource Potential at KSM's Iron Cap Lower Zone

Seabridge Gold announced today additional results from this year's drill program at its 100% owned KSM Project in northwestern British Columbia, Canada. Results from the Iron Cap Lower Zone continue to outline a major new gold-copper discovery beneath Iron Cap, one of KSM's four large porphyry deposits. Data from eight new holes released today and seven holes announced previously (see news release of September 3, 2014) are expected to support an initial resource estimate for the Iron Cap Lower Zone scheduled for Q1, 2015. Commenting on the news, Chairman and CEO Rudi Fronk noted that "we are just beginning to define the size and shape of the Lower Zone at Iron Cap. Thus far, we have traced the deposit along a strike length of about 750 meters but the limits have not been found to the north and at depth. Drill grades are running higher than the average reserve grade for the Iron Cap zone found above. The highest grade areas are in the north, where IC-14-059 intersected a spectacular 592.7 meters averaging 1.14 grams per tonne of gold and 0.37% copper," Fronk said. Since 2012, Seabridge's exploration focus at KSM has been to look for higher grade core zones beneath the project's large porphyry deposits. Core zones are typically formed under higher temperature and pressure conditions, resulting in a mineralogical character typically associated with significantly higher metal content. The first core zone discovery was made last year beneath the Kerr porphyry, where drilling defined a large copper-rich deposit called Deep Kerr. A second core zone was discovered this summer below the Iron Cap porphyry. Both Deep Kerr and the Iron Cap Lower Zone have the characteristics typical of core zones, with higher grades than the porphyry deposits above them. Drilling this summer has focused on both of these discoveries with the aim of increasing the existing resource estimate at Deep Kerr and generating an initial resource estimate below Iron Cap. Several other core zone targets are also being drilled. The Iron Cap Lower Zone is a series of related, intermediate-composition intrusions, each with a unique alteration mineral assemblage including potassic, phyllic, and silicic alteration, all of which contain copper, gold and silver. Drill holes that targeted the southwestern and southeastern strike projections of the target zone (IC-14-053, 054, 054A, 055 and 057) penetrated numerous intrusive events where variable grade is enhanced in the contact zones between these intrusions. The holes drilled along the northern strike projection (IC-14-056, 058, 059, 060, 061) encountered more consistent intrusive rock with much less grade variability. Hydrothermal alteration in these holes to the north exhibit vertical continuity over the 1,000 meters tested so far, indicating significant potential at depth, particularly down an apparent north-northwest plunge. Future work at Iron Cap will focus on this orientation to look for more of the higher grade material found in IC-14-059 (see drill hole location map and cross-sections at www.seabridgegold.net/pdf/ICmap3.pdf). Drill hole IC-14-61 approaches to within 1,000 meters of the proposed Mitchell-Treaty Twin Tunnel alignment, potentially making the Iron Cap Lower Zone an attractive early development option with lower capital and operating costs than other deposits at KSM which are further from key infrastructure. The following table summarizes the eight most recent holes drilled into the Lower Zone: Iron Cap Lower Zone Drill Intercepts Drill Hole ID Total Depth From (meters) To (meters) Interval (meters) Gold (g/T) Copper % Silver (g/T) IC-14-054A 1050 604.4 823.8 872 852 267.6 28.2 0.39 1.20 0.23 0.29 4.8 1.7 including IC-14-055 624.3 193.6 253.2 58.6 0.37 0.29 3.1 257.5 331.0 624.3 375.3 366.8 44.3 0.59 1.02 0.17 0.24 2.5 2.1 including IC-14-056 1095.8 163.1 324 160.9 0.21 0.35 3.3 396.4 556.4 160.0 0.45 0.30 6.5 582.4 853.4 271.0 0.25 0.24 9.3 879.4 1095.8 216.4 0.46 0.16 2.5 IC-14-057 927.4 176 600.2 424.2 0.40 0.22 4.0 including 459.4 589.4 130.0 0.31 0.35 2.6 IC-14-058 1143.3 5.9 404.3 802.4 802.4 796.5 397.4 0.39 0.52 0.22 0.22 4.8 1.6 including 1001.3 1143.3 142.0 0.49 0.31 2.5 IC-14-059 1032.0 1.6 159.0 157.4 0.45 0.38 4.4 178.7 221.8 771.4 400.0 592.7 178.2 1.14 1.68 0.37 0.38 3.7 3.9 including IC-14-060 967.1 124 256.0 525.3 286.0 401.3 30.0 0.47 1.15 0.17 0.27 8.0 40.6 including IC-14-061 1152.4 431.4 794.4 362.5 0.38 0.28 6.8 876.2 1152.4 276.2 0.46 0.31 2.0 Holes listed above were drilled at several angles and directional drilling tools were used to modify the orientation of holes while in progress. The current evaluation cannot establish the extent to which these intercepts represent true thickness of the mineral zones. Sectional and three-dimensional modeling will be employed to refine the true thickness of this zone in preparation for a resource estimate. Lower Zone holes have generally been drilled at 150 to 200 meter spacings to support the resource estimation process. The upper portions of some of the these holes are within the proposed Iron Cap mine plan and are therefore already included in current reserves and resources. The KSM Project represents a mining district hosting multiple deposits and containing one of the largest undeveloped gold and copper reserves in the world. Four defined intrusive complexes contain large gold-copper porphyry deposits hosted within the upper portion of the system with demonstrated vertical continuity down to near-magmatic bornite-bearing core zones and upward through voluminous mineralized stock works into near surface epithermal vein deposits. This vertical zonation is typical of many of the world's largest mining districts. Deep Kerr and the Iron Cap Lower Zone are the initial confirmations of the existence of core zones beneath the porphyry deposits, which this model predicts. Core zones are typically formed under higher temperature and pressure conditions, resulting in a mineralogical character typically associated with significantly higher metal content. Seabridge believes that additional core zones are likely to be discovered at KSM. 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 2014 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 assayed using fire assay atomic adsorption methods for gold and 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 reserves and resources by project and category please visit the Company's website at http://www.seabridgegold.net/resources.php.