Seafield Resources Ltd.

Seafield Resources Ltd.

December 22, 2010 15:56 ET

Seafield Completes Private Placement of Units for $15,000,000

TORONTO, ONTARIO--(Marketwire - Dec. 22, 2010) - Seafield Resources Ltd. (the "Company") (TSX VENTURE:SFF) is pleased to announce that it has completed its previously announced non-brokered private placement of 30,000,000 units ("Units") at a price of $0.50 per Unit, for gross proceeds of $15,000,000 (the "Offering"). Each Unit will consist of one common share (a "Common Share") of the Company and one common share purchase warrant (a "Warrant") with each Warrant entitling the holder thereof to purchase a Common Share at an exercise price of $0.75 for a period of two years following the closing of the Offering.

Peninsula Merchant Syndications Corp. and Casimir Capital Ltd., among other arm's length parties, acted as finders in connection with the Offering. The Company is pleased to have Peninsula and Sam Magid involved as strategic investors. Peninsula has been instrumental in creating and building value for a number of companies in the global natural resources sector, including Ventana Gold Corp.

The Company intends to pay finder's fees in connection with the Offering in the aggregate amount of $862,500 and will also issue broker warrants ("Broker Warrants") in the aggregate amount of 1,725,000. Each Broker Warrant will entitle the holder to acquire a Unit for a period of two years from the date of issuance exercisable at a price of $0.50 per Unit.

Proceeds of the Offering will be used for 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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