Seafield Resources Ltd.

Seafield Resources Ltd.

January 03, 2008 16:44 ET

Seafield Announces Completion of Private Placement Financings

TORONTO, ONTARIO--(Marketwire - Jan. 3, 2008) - Further to its release of December 13, 2007, Seafield Resources Ltd. (the "Company")(TSX VENTURE:SFF) is pleased to announce the completion of its private placement of flow-through shares. A total of 4,186,143 flow-through shares at $0.35 were issued for gross proceeds of $1,465,150.

In addition, the Company also has completed the first tranche of a private placement of units at a price of $0.25 per unit. A total of 2,555,000 units were issued for gross proceeds of $638,750. Each unit consists of one common share and one-half of one common share purchase warrant exercisable for a period of 12 months at $0.30 per common share.

A total of $155,073 in cash, 390,000 brokers' warrants and 90,000 shares were paid as finder's fees on the private placements. All the securities issued are subject to a four month hold period.

The funds will be used to carry out drill programs on the Company's gold projects in NW Ontario and in Mexico during the first half of 2008.

No Stock Exchange has reviewed or accepted responsibility for the adequacy or accuracy of this news release. 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.

Shares Outstanding: 26,577,610

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