TORONTO, ONTARIO, Jun 27, 2012 (MARKETWIRE via COMTEX) — Seafield Resources Ltd. (“Seafield” or “the Company”) /quotes/zigman/332452 CA:SFF -3.23% is pleased to announce that Giovanny Ortiz has been appointed Vice President, Exploration for the Company, effective immediately. As Seafield’s VP, Exploration, Mr. Ortiz will lead the Company’s continued efforts to develop its Quinchia Gold project in Colombia, with a focus on moving the Miraflores Deposit toward feasibility level. He will also spearhead the regional exploration program within the Company’s 100%-owned, 6,757 hectare land package. Seafield’s previous Vice President, Exploration, Tom Henricksen, will remain as the Company’s Consulting Geologist.
Mr. Ortiz is a Colombian geologist with over 17 years of experience in exploration in the country. Since joining Seafield in September 2011 to serve as the Company’s General Manager in Colombia, he has played an integral part in bringing the Company’s Miraflores Deposit to the Preliminary Economic Assessment level. Mr. Ortiz was formerly an Exploration Manager for EcoOro Minerals Corp. (“EcoOro”), where he led a multidisciplinary team of geologists, civil and mining engineers, and technicians in bringing the Angostura Project to feasibility stage. During his time at EcoOro, Mr. Ortiz planned and executed a 350,000-metre diamond-drill program. He is a Member of the Australasian Institute of Mining and Metallurgy and has acted as a Qualified Person under Canadian National Instrument 43-101.
In addition, Seafield has granted an aggregate of 5,500,000 incentive stock options to directors, officers, employees and consultants of the Company. The stock options are exercisable at $0.155 per share and expire on June 26, 2017. This stock option grant and the appointment of Mr. Ortiz are subject to acceptance by the TSX Venture Exchange.
About Seafield Resources Ltd.
Seafield Resources Ltd. /quotes/zigman/332452 CA:SFF -3.23% is a mineral exploration company currently focused on advancing its Miraflores Gold Deposit towards feasibility level. Seafield’s 100%-owned 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 and an Inferred resource estimate of 103,043 ounces gold at 0.6 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. 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.
Seafield Resources Ltd.
(416) 361-3434 ext. 202