Seafield Resources Ltd.
TSX VENTURE : SFF

Seafield Resources Ltd.

July 05, 2011 14:32 ET

Seafield Resources Ltd. Announces the Engagement of SRK Consulting to Perform a Scoping Study on Miraflores

TORONTO, ONTARIO--(Marketwire - July 5, 2011) - Seafield Resources Ltd. ("Seafield" or the "Company") (TSX VENTURE:SFF) is pleased to report that SRK Consulting (SRK) through its Denver, Colorado office, has been appointed to complete a preliminary economic assessment or scoping level study, on Seafield's Miraflores Property, located in the Quinchia District, Colombia. The purpose of the study by SRK will be to evaluate the potential positive economics of developing an open-pit and underground mining operation and to provide recommendations to advance the Miraflores Project to a prefeasibility study. The Company plans to have a final scoping study report in Q1 2012.

Seafield has already defined an NI 43-101 compliant resource that includes a Measured and Indicated resource of 1.2 Million ounces gold grading 0.9 g/t Au (44.7 Million tonnes at a cut-off of 0.3 g/t Au) and an Inferred resource of 354,512 ounces gold grading 0.9 g/t Au (12.2 Million tonnes at a cut-off of 0.3 g/t Au) as previously reported in the company's press release dated May 26, 2011. SRK's work will build on ongoing preliminary metallurgical testing, the results of which are expected in the coming weeks, and the next phase of infill and expansion drilling program which includes 6,200 meters of drilling to be concluded by November 2011. This drilling program is directed at better defining the shape of the deposit and to test the extension of the mineralization laterally and at depth.

Cesar Lopez, President and CEO stated, "We are pleased to work with SRK-Denver in a scoping study for the Miraflores Project. SRK Consulting is a leading international practice in due diligence, scoping, pre-feasibility and feasibility studies that employs seasoned specialists in each field of science, geology and engineering. They have extensive experience worldwide and also in Colombia for projects with similar characteristics to those of Quinchia. This study is an important milestone on the Company's path to advancing the Project"

About Seafield

Seafield Resources Ltd. is a mineral exploration company focused on acquiring and advancing precious metals projects in Colombia. Seafield's flagship Quinchia project is located in the prolific Mid-Cauca gold belt with a land position spanning 6,757 hectares. For more details, 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.

Contact Information

  • Seafield Resources Ltd.
    David MacMillan
    Investor Relations
    416-367-4571 ext. 226