EXPONENTIAL VALUE:The problem with Seabridge's value has always been the low grade resource. Assuming 120,000tpd scenario, lets compare the POG VS. NPV. A rise from 1069.00 to 1477.00 represents a 38% increase in the POG. That 38% rise equivalates an increase in the NPV from 2.6 billion to 7.8 billion, a cool 200%. Some investors are in the camp of peak gold/gold bubble environment. Quiet frankly, I think the seasonality of the POG is holding up very well, being supported from the global economic/political mess were in. Our first challenge for gold will be 1650.00 then 2000.00 near term. If you are a firm believer of this 12 year gold bull then 5000.00 by 2K15 is a possibility, for now, try the math for Seabridges NPV at 2000.00 gold, a 35% increase from 1477.00. This massive KSM project gives Seabridge the best growth potential of any stock in a rising gold bull market.