Royal Gold Increases KSM Royalty Option by Acquiring an

Royal Gold Increases KSM Royalty Option by Acquiring an Additional
$18 Million in Seabridge Common Shares at 15% Premium to Market 
TORONTO, CANADA -- (Marketwire) -- 12/13/12 -- Seabridge Gold Inc.
("Seabridge" or the "Company") (TSX:SEA)(NYSE:SA) announced today
that Royal Gold, Inc. ("Royal Gold") has exercised its option (the
"Share Option") to acquire, by way of private placement, C$18 million
in Seabridge treasury shares at a 15% premium to the volume weighted
average trading price of Seabridge shares on the TSX for the five day
period ending December 11, 2012 as per the original agreement. The
private placement consists of 1,004,491 Seabridge common shares at a
price of C$17.92 each. There were no fees or commissions payable on
this private placement. 
By exercising the Share Option, Royal Gold obtains a second royalty
option to acquire a further 0.75% net smelter return ("NSR") royalty
on all gold and silver production from Seabridge's KSM project. Royal
Gold can exercise the second royalty option by electing to acquire
the 0.75% NSR within 60 days following Royal Gold's agreement that
the KSM project is in receipt of all material approvals and permits,
full project financing and certain other conditions and paying
Seabridge C$60 million in three equal payments over the 18 month
period after such election.  
As background, in June 2011 Royal Gold acquired 1,019,000 Seabridge
shares from treasury at a 15% premium to the then market price. For
this initial investment, Royal Gold was granted a royalty option to
acquire a 1.25% NSR on all gold and silver production from the KSM
project for C$100 million. The royalty option is exercisable for a
period of 60 days following Royal Gold's agreement that the KSM
project is in receipt of all material approvals and permits, full
project financing and certain other conditions. At the time of the
initial investment, Seabridge also granted Royal Gold the Share
Option, which, if exercised, would entitle Royal Gold to a second
royalty option to acquire a further 0.75% NSR on KSM's gold and
silver production for an additional C$60 million. Royal Gold's
exercise of the Share Option therefore brings its total royalty
option for KSM to a 2% NSR royalty for which the exercise price is
C$160 million. 
Seabridge President and CEO Rudi Fronk said that the Company welcomed
Royal Gold's decision to increase its royalty option at KSM. "Our
interests going forward continue to be fully aligned... to find the
right partner to build and operate a mine at KSM when the time is
right. The additional C$18 million private placement will be used in
part to complete the Environmental Assessment process which is
nearing completion of the pre-Application Phase. Following five years
of work and over $100 million in expenditures at the KSM Project, we
expect to file the Environmental Assessment Application with the
Provincial and Federal Regulators in January, 2013." 
Seabridge holds a 100% interest in several North American gold
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 mineral resources by category please
visit the Company's website at www.seabridgegold.net/resources.php. 
All reserve and resource estimates reported by the Corporation were
calculated in accordance with the Canadian National Instrument 43-101
and the Canadian Institute of Mining and Metallurgy Classification
system. These standards differ significantly from the requirements of
the U.S. Securities and Exchange Commission. Mineral resources which
are not mineral reserves do not have demonstrated economic viability. 
We are making statements and providing information in this news
release about our expectations for the future which are considered to
be forward-looking information or forward-looking statements under
Canadian and United States securities laws. This information and
these statements, referred to herein as "forward-looking statements",
are made as of the date of this document. Forward-looking statements
relate to future events or future performance and reflect current
estimates, predictions, expectations or beliefs regarding future
events including statements regarding the prospects that Royal Gold
may exercise its options to fund a portion of the construction of the
KSM project by purchasing a royalty on its production and that the
KSM project may attract a purchaser or joint venture partner able to
take the project forward to production. All forward-looking
statements are based on Seabridge's or its consultants' current
beliefs as well as various assumptions made by them and information
currently available to them. By their very nature, forward-looking
statements involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections and
other forward-looking statements will not be achieved or that
assumptions do not reflect future experience. We caution readers not
to place undue reliance on these forward-looking statements as a
number of important factors could cause the actual outcomes to differ
materially from the beliefs, plans, objectives, expectations,
anticipations, estimates assumptions and intentions expressed in such
forward-looking statements. We are presenting this information to
help you understand management's current views of our future
prospects, and it may not be appropriate for other purposes. We will
not necessarily update this information unless we are required to by
securities laws. This information is based on a number of material
assumptions, and is subject to a number of material risks, which are
contained in a comprehensive discussion of forward-looking
information in our Annual Information Form filed on SEDAR at
www.sedar.com and our Annual Report on Form 40-F filed on EDGAR at
www.sec.gov/edgar.shtml. 
ON BEHALF OF THE BOARD  
Rudi Fronk, Chairman and CEO
Contacts:
Seabridge Gold Inc.
Rudi P. Fronk
Chairman and CEO
(416) 367-9292
(416) 367-2711 (FAX)
info@seabridgegold.net
www.seabridgegold.net