Seafield Resources Appoints Amjad J. Ali as the New Chairman to its Board of Directors
TORONTO, ONTARIO -- (Marketwire) -- 09/24/12 -- Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE: SFF) is pleased to announce the appointment of Amjad J. ("AJ") Ali as the new Chairman of its Board of Directors, effective today. Mr. Ali replaces Antonio Pichardo, who has resigned to pursue other interests.
Mr. Ali is currently the Chief Financial Officer of Avanti Mining Inc., a development stage company with a past producing molybdenum project in British Columbia. He is a Canadian Chartered Accountant with over 30 years of experience in the mining industry. To date, Mr. Ali has been involved with over $2B (USD) in project financings for global mining projects. Before joining Avanti Mining, Mr. Ali served as the Chief Financial Officer and a Director of Centenario Copper Corporation until its acquisition by Quadra FNX Mining Ltd. He has held executive level finance and operations positions at a number of publicly listed companies prior to Centenario including: EuroZinc Mining Corp. between 2004 and 2006, Resource 21 from 1998 to 2003 and Vista Gold Corp. from 1992 to 1998. Mr. Ali was also a Director and chair of the audit committees of Metallica Resources Inc. and Explorator Resources Inc. until Metallica's merger with Peak Gold Ltd. and New Gold Inc. and Explorator's acquisition by Sociedad Punta del Cobre. Additionally, he is a member of Financial Executives International and the Institute of Corporate Directors.
"We are delighted to have AJ join our Board of Directors. His breadth of experience in the mining industry and in-depth knowledge in corporate and project financing will be extremely valuable to Seafield as our Miraflores Gold Project enters development stage," said Cesar Lopez, CEO of Seafield. "On behalf of the Board, I would like to thank Antonio Pichardo for his efforts as the former Chairman of the Company and wish him all the best in his future endeavors."
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 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.
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