TORONTO, ONTARIO--(Marketwire - Oct. 4, 2012) - Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is pleased to announce the appointment of David Prins as the Company's Chief Operating Officer, effective today.
Mr. Prins is a Civil Engineer with extensive experience in the evaluation, design, planning and subsequent development execution stages of mining projects, principally in Latin America. Mr. Prins' previous position was as President and CEO of Explorator Resources Inc. until its acquisition by Sociedad Punta del Cobre in May 2011. Prior to this he was the principal of his own Santiago based consulting firm which provided project evaluation and management services to many leading precious and base metals mining companies. Mr. Prins has also worked for Placer Dome Project Development Group directly and indirectly for a period of over 16 years which included a 10 year period at the Zaldivar Mine in Northern Chile. He is currently a director of Duran Ventures Inc. and Oremex Silver Inc., both companies with advanced exploration projects in Peru and Mexico respectively.
"I, together with the Board of Directors of Seafield, welcome David to our team as the Company focuses on bringing the Miraflores Project towards production," commented Cesar Lopez, President and CEO of Seafield Resources Ltd.
"I would like to thank Seafield's senior executive team for the opportunity to work with them," said David Prins. "I can see many ways to optimize the Project's economics. I look forward to working with my new team to complete the Miraflores' feasibility study."
Subject to regulatory approval, a total of 3,100,000 options to purchase common shares of the company have been granted to Mr. Prins at an exercise price of $0.13 per share, expiring on October 3, 2017, with 50% vesting at 12 months and the other 50% at 24 months.
Additionally, the Company is pleased to announce a private placement financing (the "Private Placement). The Private Placement consists of 13,000,000 units (the "Units") of Seafield at a price of $0.13 per Unit for an aggregate subscription price of $1,690,000, with each such Unit comprised of one common share of the Company and one half of one common share purchase warrant. Each warrant shall be exercisable to acquire one Common Share of the Company at an exercise price of $0.20 per share for a period of 2 years.
About Seafield Resources Ltd.
Seafield Resources Ltd. (TSX VENTURE:SFF) is a mineral exploration company currently focused on advancing its Miraflores Gold Deposit towards feasibility level. Seafield's 6,757-hectare Quinchía Gold Project is located in the Department of Risaralda of Colombia. SRK Consulting Inc's (Denver) Preliminary Economic Assessment on the Miraflores Deposit indicates robust economics with a pre-tax internal rate of return of 50% and a pre-tax net present value (8%) of $249M (see corporate PEA presentation at http://bit.ly/MFeL7q). Miraflores currently has a NI 43-101 compliant Measured and Indicated resource estimate of 1,925,542 ounces gold at 0.8 g/t Au (77Mt at a cut-off of 0.3 g/t Au) and an Inferred resource estimate of 103,043 ounces gold at 0.6 g/t Au (5.5Mt at a cut-off of 0.3 g/t Au). Additionally, the Company has a NI 43-101 compliant resource estimate for its Dosquebradas Deposit, also part of the Quinchía Gold Project, with an Inferred resource estimate totalling 920,772 ounces gold at 0.5 g/t Au (57Mt at a cut-off of 0.3 g/t Au). Seafield Resources Ltd. trades its shares on the Toronto Venture Exchange (TSX-V) under the symbol SFF and in the United States using CUSIP 81173R101. For more details on the Company, please visit www.sffresources.com.
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.