Seafield Resources Ltd.
TSX VENTURE : SFF

Seafield Resources Ltd.

March 15, 2010 13:33 ET

Seafield Commences Exploration in the Quinchia-Marmato Porphyry District

TORONTO, ONTARIO--(Marketwire - March 15, 2010) - Further to its press release of March 5, 2010, Seafield Resources Ltd. ("Seafield" or the "Company") (TSX VENTURE:SFF) is providing additional information on one of the properties assigned to Seafield as part of its agreement with Caribbean Copper and Gold Corp. (CCGC). In this regard, CCGC has assigned all rights, title and interest in two mining concession contracts and one concession contract proposal, as well as its interest in an optioned package of 22 additional permits consisting of 8 mining concession contracts and 14 concession contract proposals. The total land package consists of twenty five concessions and covers an area of 6,283 hectares. Total consideration is 1.5 million shares of Seafield and US$75,000 to CCGC and the assumption of option payments to underlying claim holders totalling US$750,000 over 2 years.

The properties lie within the Late Miocene mid-Cauca porphyry belt which hosts a number of important gold porphyries and porphyry related deposits. The properties are located 8 km to the southwest of Marmato where Medoro Resources Ltd has recently announced measured and indicated resources of 7.5 million ounces of gold and inferred resources of 2.23 million ounces of gold. In addition, the mid-Cauca belt hosts the La Colosa deposit of AngloGoldAshanti which contains an inferred resource of 12.9 million ounces of gold (468.8Mt at 0.86 g/t Au) and the Titiribi prospect north of Quinchia where Sunward Resources Ltd. recently announced an inferred resource of 3.7 million ounces of gold and 460,000 tonnes of copper.

Ian Park, President of Minera Seafield SAS, who has been active in mineral exploration in Colombia since 1983, built an underground gold mine at Oronorte in Zaragoza and was instrumental in the land acquisition and development of the Marmato gold project of Medoro, said: "We are very excited about the potential of this new porphyry district at Quinchia, due to the important initial gold intercepts, the excellent infrastructure and proximity to the important Marmato project."

A number of gold bearing porphyries are located in the Quinchia district, and they are generally dioritic in nature. Some of these have been drill tested and the highest gold grades were found to be associated with the occurrence of hydrothermal magnetite. As a result, CCGC conducted an aeromagnetic survey consisting of 750 line km and detected at least 4 potential porphyry targets, some of which are coincident with significant gold geochemical anomalies in both rocks and soils. In 2006, AngloGoldAshanti tested one of these magnetic targets, located on the current Seafield land package in the Dos Quebradas area, with two diamond drill holes and intersected an important gold bearing diorite porphyry with the following results:

DDH-2     68 m @ 0.62 g/ t Au from 158 m to 226 m depth and

DDH-2     36 m @ 0.90 g/ t Au from 232 m to 268 m depth

DDH-3     90 m @ 0.63 g/ t Au from 140 m to 230 m depth and

DDH-3     39.5 m @ 1.67 g/ t Au from 230 m to 269.5 m depth

The magnetic anomaly over the Dos Quebradas porphyry extends almost 3 km to the northeast on the property. Anomalous gold in soil and rock geochemical samples are coincident with this magnetic anomaly. The Company has commenced detailed soil geochemical surveys and magnetic survey follow-up as well as detailed geological surveys in this Dos Quebradas area. Geological mapping and sampling and soil sampling have also begun on the three additional porphyry targets outlined by the airborne magnetic survey. Follow-up diamond drilling on these targets is expected to commence in the second and third quarter.

The Quinchia district has excellent infrastructure, being located on the Pan American highway, two and a half hours south of Medellin and one hour from Manizales, is on the national power grid and adjacent to the new railway being built to connect to the Pacific coast port of Buenaventura.

James Pirie, Vice President, designated as the Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.

This news release includes certain "forward looking statements" within the meaning of that phrase under Canadian securities laws. 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. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. 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. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. 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.

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