Silver Grail Resources

stewart region news

January 2008

Increased Resource Estimates and a New Gold Zone Discovered in the Emerging World-Class KSM-Snowfield Gold District

Seabridge Gold (“SEA” – TSX Venture Exchange; “SA” – Amex) recently announced National Instrument 43-101 compliant resource estimates for the Kerr and Sulphurets Zones located at its 100% owned Kerr-Sulphurets-Mitchell (KSM) property. The new resource estimates for these zones are higher for both gold and copper than the previously reported historic estimates. Click here to read the Seabridge Gold press release concerning these new resource estimates.

These new resource estimates increase the total estimated gold resource endowment of the KSM-Snowfield gold district to 20.6 million ounces of gold (see table below). This increased resource estimate means that British Columbia's KSM-Snowfield gold district now ranks as the eighth largest gold deposit in North America, in terms of total resource endowment. This ranking is expected to increase in the coming weeks as both Seabridge Gold and Silver Standard, which has 100% control over the adjacent Snowfield Property, have promised to release revised resource estimates for both properties. Seabridge Gold has indicated that new National Instrument 43-101 compliant resource estimates for the Mitchell Deposit will be announced in February 2008, while Silver Standard has indicated new resource estimates for its Snowfield Property will be announced later in the first quarter of 2008.

Table 1

*combined mineral resources (measured, indicated, inferred) (NI 43-101 compliant)

**gold equivalent cut-off grade 0.5 g/t (cf. http://www.seabridgegold.net/Resource.htm)

***(cf. http://www.silverstandard.com/assets/pdfs/resource-summary.pdf)

The anticipated revised resource estimates for Silver Standard's Snowfield Property will include resource estimates for a recently discovered new gold-copper zone on the property. Silver Standard (“SSO” – TSX Venture Exchange; “SSRI” – NASDAQ) recently announced the discovery of the new zone, called the Mitchell East Zone, as well as an expansion of the Snowfield Zone. The new Mitchell East Zone is located 550 metres east of Seabridge Gold's Mitchell Deposit and is believed to be a potential extention of that deposit. Diamond drilling at the newly discovered zone intersected 259 metres grading 0.71 g/t gold, including 31 metres grading 1.38 g/t gold.

Teuton and American Creek recently released promising drill results from their Treaty Creek property, adjoining to the northeast of the Seabridge's KSM Property and sharing similar geological features (for full details, see here).

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