By greenfields exploration, I mean that the company is interested in exploring and discovering new deposits, whether that is in a brownfield or greenfield area. Tyhee is very much a greenfields exploration company. Goodwin Lake and Bigsky typify this. Miramar does not appear to be.

Seabridge is purely a holding company. Holding companies buy gold deposits that are already well established, with no intention of developing a mine. They tend to buy the properties when they can find them grossly undervalued. They put drills on the property and develop 43-101 feasibilities because it is in their best interest, and then just wait until the market is right and a senior gold company wants the property badly enough.

You can spot holding companies quite often just by looking at how they report their results. They advertise their results as if they were gold in the bank. You can also spot them by reading their annual statements because they are either a) completely honest about what they are doing or b) completely vague or lacking in plans to develop a mine DESPITE the fact they are near or at the scoping/feasibility study.

Rightly or wrongly, I don't trust holding companies because gold in the ground is NOT gold in the bank. I also don't trust them because they are usually very good at the salesman end of things, and their properties get more fully valued prior to a takeover.

Obviously, these are just my opinions.

MR