Seabridge Gold Inc. is designed to provide its shareholders with exceptional leverage to a rising gold price. From 1999 through 2002, when the gold price was lower, 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. Today, KSM hosts the largest undeveloped gold resource in the world with measured and indicated gold resources totaling more than 76 million ounces. Our exploration success at KSM has also defined a world class copper project containing 17.6 billion pounds of measured and indicated copper resources. More than half of these gold and copper resources are categorized as reserves. The gold and copper together constitute an outstanding economic opportunity, with environmental approvals and permits in place to commence construction which now requires a partner to build and operate this massive project.