Seafield Resources Ltd.

Seafield Resources Ltd.

January 15, 2008 18:06 ET

Seafield Announces Option Agreement With Noront to Explore 96 Claim Units in "Ring of Fire", Northern Ontario

TORONTO, ONTARIO--(Marketwire - Jan. 15, 2008) - Seafield Resources Ltd. (TSX VENTURE:SFF) ("Seafield") and Noront Resources Ltd. (TSX VENTURE:NOT) ("Noront") are pleased to announce that they have entered into an option agreement pursuant to which Seafield has been granted the option to acquire a 50% legal and beneficial interest in 6 claim blocks, (covering a total of 96 claim units or approximately 3,840 acres). The property is located in the "Ring of Fire", McFauld's Lake area, Ontario, some 60 km north of Noront's Eagle One high grade copper-nickel-PGE discovery. In addition to the September 2007 Noront discovery, exploration in the McFauld's Lake and surrounding area in recent years has identified significant base metal massive sulphide deposits as well as occurrences of diamonds and gold mineralization.

The Seafield property covers an 8 km stretch of the "Ring" which is interpreted to be underlain by metavolcanic and mafic to ultramafic intrusive rocks. Initial exploration over the property will include a state-of-the-art detailed heli-borne magnetic and EM geophysical survey expected to commence later this month, to define targets for follow up drilling.

In order to acquire its interest in the property, Seafield is required to:

1. Make an initial payment to Noront of $120,000 or issue to Noront an aggregate of 342,857 common shares of Seafield, on both parties receiving all required approvals, including any TSX Venture Exchange approval and Board of Directors approval of the Option Agreement;

2. Incur aggregate exploration expenditures on the property of $2,100,000 over a three year period (of which $600,000 must be expended in the first year);

3. Make total cash payments to Noront of $240,000 within two years of receiving the above noted approvals of the option agreement (of which $120,000 must be paid by the first anniversary, and any portion of the aggregate of $240,000 may be satisfied at the option of Noront, by the issuance to Noront of up to 685,714 common shares of Seafield at a deemed price of $0.35 per share).

Upon Seafield earning its 50% interest in the property, Seafield and Noront shall form a joint management committee to further develop the property as a joint venture with Noront continuing to act as the operator.

Exploration Update

Seafield recently completed $2,400,000 in funding for exploration programs scheduled to commence in the first quarter of 2008. In addition to the above referenced option with Noront, Seafield is advancing three gold exploration properties, two in Mexico and one in Ontario.

In Mexico, assay results are pending at Seafield's Picachos property where NWT Uranium Corp. (NWT) has completed a drill program as part of the requirements of an option agreement in which NWT can earn a 70% interest in the property. Earlier work by NWT included surface sampling which returned some values as high as 145 ounces per ton (4,975 grams per tonne) silver, 0.25 ounce per ton (8.6 g/t) gold.

At Seafield's Tango property in the Rosario precious metal mining district, Sinaloa, Mexico, drilling on a number of targets with anomalous gold in soil and rock samples is scheduled to begin later this month.

Elsewhere in Mexico, Seafield has dropped its interest in the La Silla gold-silver property, as it was unable to negotiate new terms with Meridian Gold (now Yamana Gold Inc.) under which it would renew its exploration program on the property.

In NW Ontario, where Seafield is advancing the Elora high grade gold vein system, south of Dryden, follow up drilling is tentatively scheduled for late February, subject to drill rig availability. Previous exploration drilling by Seafield encountered encouraging high grade intercepts with visible gold encountered in four of the holes.

In commenting on recent activities, Anthony Roodenburg, CEO stated: "Seafield will be extremely active in 2008. With assay results pending at Picachos and drilling about to begin at Tango and Elora, there should be no shortage of news over the next few months. Depending on how quickly the geophysical data from the "Ring of Fire" claims are processed and interpreted, we may be drilling there too before summer."

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.

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

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