Seafield Options Ontario Gold Property to Manitou Gold Inc.
TORONTO, ONTARIO -- (Marketwire) -- 04/24/12 -- Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE: SFF) is pleased to announce that the Company has entered into an agreement with Manitou Gold Inc ("Manitou") (TSX VENTURE: MTU) for the exploration of Seafield's Elora gold project located in the Kenora Mining Division of northwestern Ontario.
Manitou can earn a 100% interest in the Elora Patents, in exchange for the payment of $200,000 in cash, the issuance of 2,000,000 common shares of Manitou, and the completion of a $2,500,000 work commitment, all over a three year period, as well as the assumption of a $20,000 annual advance royalty payment payable on an underlying 2.5% net smelter royalty ("NSR") held by a prior property owner.
The property consists of 14 patented claims and one mining license of occupation, historically known as the Elora patents.
"We are delighted to enter into this agreement with Manitou," stated Seafield's President and CEO, Cesar Lopez. "We are happy to find a strong team to take over the Elora project so that Seafield can continue to focus on creating value at is flagship Quinchia Gold Project in Colombia."
Seafield is also pleased to report the launch of a new website, which can be viewed at www.sffresources.com.
About Seafield Resources Ltd.
Seafield Resources Ltd. is a mineral exploration company currently focused on advancing its Miraflores Deposit in Colombia towards feasibility level. Seafield's 100%-owned 6,757-hectare Quinchia Gold Project is located in Department of Risaralda, Colombia. Seafield's Miraflores Deposit currently has a NI 43-101 compliant Measured and Indicated resource of 1,925,542 ounces gold at 0.8 g/t and an Inferred resource estimate of 103,043 ounces gold at 0.6 g/t. Additionally, the Company has a NI 43-101 compliant resource estimate for its Dosquebradas Deposit, also part of the Quinchia Gold Project, with Inferred resource estimate totalling 920,772 ounces gold at 0.5 g/t. 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