Seafield Resources Ltd.

Seafield Resources Ltd.

October 23, 2009 12:21 ET

Seafield Closes First Tranche of Private Placement and Appoints Eduardo Baer Chairman and CEO

TORONTO, ONTARIO--(Marketwire - Oct. 23, 2009) - Seafield Resources Ltd. (TSX VENTURE:SFF) ("the Company") is pleased to announce the appointment of Eduardo (Ed) Baer as Chairman and CEO of the Company.

Mr. Baer is former President and CEO of European Goldfields Ltd., an AIM London Stock Exchange and TSX listed mineral exploration company; in this capacity he completed the turn-around of that company by securing equity financing, purchasing an interest in a world-class mining asset, and leading efforts that more than doubled that company's institutional shareholder base.

Prior to European Goldfields, Mr. Baer served in a senior corporate finance and investor relations capacity to TSX listed Greystar Resources Ltd., whose principal exploration asset is Colombian based, and held senior executive positions in a similar capacity with TSX and NYSE listed TVX Gold Inc., a North and South American gold producer. Mr. Baer held executive directorships at both European Goldfields and TVX. Baer also served as Precious Metals Analyst for Toronto-based Octagon Capital.

"We are delighted to have Ed join the Company as Chairman and CEO," says Tony Roodenburg, Director and departing CEO of the Company. "Ed has been consulting with us for several months and has been instrumental in our recent initiatives in Colombia. Ed speaks fluent Spanish, and his industry and capital markets experience will greatly benefit Seafield."

"I am very excited about joining Seafield and directing the planned corporate development activities of the Company. I look forward to building a significant portfolio of gold exploration assets focused on the Americas to complement the Company's high grade Elora gold project near Dryden, Ontario and the Picachos silver, lead, zinc property in Mexico," comments Ed Baer.

The Company is pleased to announce that it has completed the first tranche of a proposed 17 million unit financing. As a result, the Company has issued 12,126,000 units at a price of $0.125 per unit for gross proceeds of $1,515,750. Each unit consists of one common share and one common share purchase warrant entitling the holder to acquire an additional share at $0.16 for a two-year period. In the event that the common shares close at a price higher than $0.30 per share for 20 consecutive days, the warrant holders may be given notice that they will have 30 days to exercise the warrants. 

Proceeds of the financings will be used for acquisitions, exploration and general working capital purposes. The securities issued are subject to a four-month hold period from the date of issuance. Completion of the private placement is subject to final acceptance of the TSX Venture Exchange.

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.

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