Seafield Resources Earns 100% Ownership of the Miraflores Property and Awards Key Feasibility Work Packages
TORONTO, ONTARIO--(Marketwire - Dec. 11, 2012) - Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is pleased to announce that the Asociacion de Mineros de Miraflores ("Asociacion Mineros" or the "Association") has submitted a request to the Colombian authorities to transfer 100% ownership of the Miraflores Property to the Company. Seafield has also awarded key work packages for Miraflores' feasibility study.
The final payment for 100% ownership of the Miraflores title was made to the Asociacion Mineros on November 29, 2012, as per the contract payment schedule. The Association submitted a request to the corresponding Colombian authorities, Ingeominas, to transfer 100% of Miraflores' rights to Seafield.
Asociacion Mineros has ceased mining activities and handed over the mining premises to Seafield. The Association is cooperatively working with the Company in the transition process. The corresponding underground mine access has now been security fenced and all access is being monitored by the Company.
AWARD OF KEY FEASIBILITY WORK PACKAGES
Seafield is also pleased to announce that it has awarded the feasibility metallurgical test work program to Inspectorate in British Colombia, Canada. Approximately two tonnes of core has been packaged and are currently en route to Inspectorate in order to commence the test work program. The program is scheduled for completion in May 2013.
On December 9, 2012, Seafield issued a letter of intent to GEOSUB Ltda. ("Geosub") of Colombia for the hydrogeological work program. The data collected by Geosub will be used to build Miraflores' hydrogeological model. The construction of the hydrogeological model will be undertaken by the engineering entity that will be awarded the feasibility engineering package. The Company expects to award this package later this month.
The award of these critical packages is in line with the target date to deliver the feasibility study and the Environmental and Social Impact Assessment in Q4 2013, as detailed in the Company's press release dated November 30, 2012.
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 Quinchia 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 Quinchia 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Seafield Resources Ltd.
(416) 361-3434 ext. 202