Jul 7 2014
Seafield Resources Ltd. ("Seafield" or "the Company") is pleased to announce that it is continuing with the "Strategic Alternative" process as announced in November 2013 (see press release dated November 21, 2013) and expects to have additional news on this in the near future.
Furthermore Mr. Cesar Lopez has resigned as Chairman and Director of the company, and Mr. Juan Villarzu has also resigned as director, both for personal reasons. Mr. David Prins has accepted the resignations and thanks both Mr. Lopez and Mr. Villarzu for their service and guidance to the company and its board of directors. Mr. David Prins has accepted the position of Executive Chairman for the company going forward.
About Seafield Resources Ltd.
Seafield Resources Ltd. (TSX VENTURE:SFF) is a development stage company currently focused on completing a bankable feasibility study on its Miraflores Gold Deposit. Seafield's Quinchía Gold Project is located in the Department of Risaralda, 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 23% and a pre-tax net present value (5%) of $141M. The Company cautions that mineral resources are not mineral reserves and do not have demonstrated economic viability. Miraflores currently has a NI 43-101 compliant Measured and Indicated resource estimate of 1,816,000 ounces gold at 0.78 g/t Au and 3,555,000 ounces silver at 1.5 g/t Ag (72.6 million tonnes at a cut-off of 0.27 g/t Au) and an Inferred resource estimate of 62,000 ounces gold at 0.51 g/t Au and 275,000 ounces silver at 2.3 g/t Ag (3.8 million tonnes at a cut-off of 0.27 g/t Au). Additionally, the Company has a NI 43-101 compliant resource estimate for its Dosquebradas Deposit, also part of the Quinchía Gold Project, with an Inferred resource estimate totaling 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 TSX Venture Exchange (TSX-V) under the symbol SFF and in the United States using CUSIP 81173R101. For more details on the Company, please visit https://home.kpmg/xx/en/home.html.