Work in Progress
Future work to be completed is outlined below, with the metallurgical test work program scheduled for completion in Q2 2013:
-- Completion of Master Composite Studies: -- Mineralogical evaluations -- Gravity concentration-rougher flotation-cleaner flotation studies -- Locked-cycle flotation tests -- Concentrate cyanide leaching -- Cyanide detoxification studies -- Sedimentation studies -- Tailings geochemistry evaluation-- Comminution Testing (Master Composites and Variability Composites) -- Bond ball mill work index -- SAG Mill Comminution (SMC) tests -- Abrasion work index-- Metallurgical testing on variability composites
Seafield's Miraflores Deposit is situated in the Company's 100%-owned, 6,757-hectare, Quinchia Gold Project. Miraflores is a low sulphidation epithermal gold deposit located in Colombia's mineral-prolific Mid-Cauca gold belt. The mineralization is located in a hydrothermal breccia pipe with free gold associated with cement materials (the matrix) and high grade structures where gold is associated with zinc, lead, copper and iron. At surface, the breccia pipe has a drill-tested diameter of 250 metres by 280 metres. The breccia pipe widens and remains open at depth with a drill-tested vertical extent of 600 metres.
Review by Qualified Person
The results of the Company's metallurgical testing program presented in this news release have been reviewed and verified by Eric Olin, MSc, MBA, RM-SME, Principal Process Metallurgist of SRK in Denver, Colorado. Mr. Olin has over 30 years experience in the minerals industry with extensive consulting, plant operations, process development, project management and research & development experience with base metals, precious metals, ferrous metals and industrial minerals.
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.
Forward-Looking Statement
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.
Contacts:
Seafield Resources Ltd.
David MacMillan
Investor Relations
(416) 361-3434 ext. 202
dmacmillan@sffresources.com
www.sffresources.com
