Seafield Resources Ltd.

Seafield Resources Ltd.

October 11, 2005 16:34 ET

Seafield Plans $150,000 Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 11, 2005) - Seafield Resources Ltd., ("Seafield" or, the "Company") (CNQ:SEAF), plans to raise $150,000 by way of a non-brokered, private placement of units at $0.15. Each unit will consist of one common share and one common share purchase warrant exercisable at $0.20 for 24 months.

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

The La Silla property consists of eight exploration concessions with a total area of 14,510 hectares. La Silla is located 60 km 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 sulfidation, epithermal environment. Several of the zones have small historical workings dating back to the 1800's 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, seventeen 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.

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: 7,876,620

No stock exchange has reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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