Seafield Resources Ltd.

Seafield Resources Ltd.

November 17, 2005 17:00 ET

Seafield Closes Financing-Resource Estimate Underway at La Silla

TORONTO, ONTARIO--(CCNMatthews - Nov. 17, 2005) - Seafield Resources Ltd., ("Seafield" or, the "Company") (CNQ:SEAF), has completed a financing of $150,000 by way of a non-brokered, private placement of units at 15 cents per unit. Each unit consists of one common share and one half common share purchase warrant exercisable at 20 cents for 24 months.

Proceeds will be used for general working capital and to complete a 43-101 report and resource estimate on Seafield's La Silla gold exploration project in the Ollitas mining district, Sinaloa, Mexico.

The La Silla property consists of eight exploration concessions with a total area of 14,510 hectares. La Silla is located 60 kilometres north of Mazatlan in the foothills of the Sierra Madre Occidental, one of Mexico's most prolific gold and silver mining regions.

Gold-silver mineralization at La Silla has been identified in over 30 separate zones of veins, stockworks and breccias, with textures typical of the low sulphidation, epithermal environment. Several of the zones have small historical workings dating back to the 1800s and it is estimated that about 100,000 ounces of gold production came from the district. Ten mineralized zones have been identified by drilling that warrant follow-up work to test for grade continuity. In addition, 17 veins on the property which contain gold in surface samples have received no drilling to date. A drill program is being planned to delineate in more detail some of the most prospective zones as well as to explore extensions of these veins and other previously untested veins.

No stock exchange has reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development as described in the Company's Annual Management Discussion and Analysis. As a result, actual results may vary materially from those described in the forward-looking statements. The Company relies on litigation protection for forward looking statements.

Issued and Outstanding: 8,876,620

Contact Information

  • Seafield Resources Ltd.
    Anthony Roodenburg
    (416) 485-1327