Seafield Mobilizes Additional Diamond Drill Rig at Its Miraflores Property in Quinchia, Colombia
TORONTO, ONTARIO -- (Marketwire) -- 07/28/11 -- Seafield Resources Ltd. ('Seafield' or the 'Company') (TSX VENTURE: SFF) is pleased to report that it has mobilized a third diamond drill rig at its Quinchia Project, Colombia. The drill will be used to further expedite the Phase II drill campaign currently underway at the Company's Miraflores target which holds an NI 43-101compliant Measured and Indicated resource of 1,227,593 ounces of gold grading 0.9 g/t gold contained in 44,717,000 tonnes at a cut off grade of 0.3 g/t Au as well as, an Inferred resource of 354,512 ounces of gold grading 0.9 g/t gold in 12,252,000 tonnes at a cut off grade of 0.3 g/t Au (see press release dated, May 26, 2011).
The Phase II campaign at Miraflores commenced July 7, 2011 and is expected to be completed by November, 2011 with 6,200 meters planned in 10 holes, with two drill rigs operating on the target. The second phase drill campaign's purpose is to better define the shape of the ore body, increase the resource confidence and extend mineralization. The information provided from the drill campaign will serve as a basis for the Company's previously reported engagement of SRK Consulting to complete a scoping study at Miraflores (see press release dated, July 5, 2011).
Seafield President and CEO, Cesar Lopez, stated 'This is further evidence that the new management team at Seafield is delivering on its promise to pursue a more aggressive strategy for the exploration and development of its properties in the Quinchia Project. We are also preparing to kick off a scoping study at Miraflores in August, which we will announce at that time.'
About Seafield
Seafield 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.
Contacts:
Seafield Resources Ltd.
David MacMillan
Investor Relations
416-367-4571 ext. 226
dmacmillan@sffresources.com
www.sffresources.com