Seafield Resources Ltd.

Seafield Resources Ltd.

October 01, 2009 14:04 ET

Seafield Acquires Interest in Colombian Gold Explorer

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2009) - Seafield Resources Ltd. (TSX VENTURE:SFF) ("Seafield") has invested US$100,000 in privately-owned Caribbean Copper and Gold Corp. ("CCGC") and intends to enter into a formal agreement (the "Definitive Agreement"), whereby Seafield will have an option, for a period of 12 months, to acquire up to 20 million common shares, or approximately fifty per cent, of CCGC at a price of US$0.25 for a total investment of US$5,000,000. Seafield may, at any time, exercise the entire option and, upon so doing, shall be entitled to a number of board seats proportionate to its shareholding.

CCGC holds concession contracts, requests for concession contracts and options to purchase concessions, and is focused on gold exploration in the Quinchia district, Department of Risaralda, Colombia.

The Quinchia historical gold mining district is known to host non-compliant NI 43-101 resources which it is hoped can be advanced to the NI 43-101 mineral resource stage. The Quinchia concessions cover 4,812 hectares. The district lies within established infrastructure including easy access to the Panamerican highway, regional power grid and railway, and is located at a relatively low altitude of less than 2000 metres.

The Quinchia project lies in the same Mid-Cauca gold belt which hosts the Marmato Mountain deposit currently being explored by Medoro Resources (TSX VENTURE:MRS) and Colombia Goldfields (TSX:GOL) and which has a historical resource of 12.7 million ounces of gold, and the La Colosa discovery of AngloGold Ashanti with an inferred resource of 468.8 million tonnes grading 0.86 g/t Au for a total of 12.9 million ounces gold. Marmato is less than 20 km to the northeast of Quinchia and La Colosa is located 100 km southeast of Quinchia.

Gold in Quinchia occurs in altered dioritic intrusions and in basalt country rock. Previous exploration on the areas has outlined porphyry-style gold mineralization in outcrop, numerous gold geochemical anomalies and airborne geophysical signatures related to porphyry intrusions.

This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company relies on litigation protection for forward looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information