Volumn Today! BMO and TD on the Prowl again. EOM

Seafield Resources Ltd

Mazatlan, Mexico - Dryden, n/w Ontario - Fire project, ROF McFauld’s Lake On

Reply New Message

Prev Message Back To Forum Threaded View Next Message

notster

Rank: President [?]

Points: 15856 [?]

Votes: 270 Score: 3.6 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

Volumn Today! BMO and TD on the Prowl again. EOM

posted on Feb 04, 2009 08:19AM

DRILLING BEGINS AT FIRE PROJECT, JAMES BAY LOWLANDS, ONTARIO
September 09, 2008

Seafield Resources Ltd. (“Seafield” or the “Company”) (TSX Venture Exchange, symbol “SFF”) reports that a drill was recently mobilized to the Seafield Fire property, optioned earlier this year from Noront Resources Ltd. and is testing the first of several geophysical anomalies located by the earlier airborne survey. The property is located in the “Ring of Fire”, McFauld’s Lake area, Ontario, some 60 km north of Noront’s Eagle One high grade copper-nickel-PGE discovery and only four km from the massive sulphide discovery made in May 2008 by WSR Gold Inc., Metalex Ventures Ltd. and Arctic Star Diamond Corp.

Also, Seafield was to have spent $600,000 the first year, does anyone know if they've completed that requirement?

1. Make an initial payment to Noront of $120,000 or issue to Noront an aggregate of 342,857 common shares of Seafield, on both parties receiving all required approvals, including any TSX Venture Exchange approval and Board of Directors approval of the Option Agreement;

2. Incur aggregate exploration expenditures on the property of $2,100,000 over a three year period (of which $600,000 must be expended in the first year);

3. Make total cash payments to Noront of $240,000 within two years of receiving the above noted approvals of the option agreement (of which $120,000 must be paid by the first anniversary, and any portion of the aggregate of $240,000 may be satisfied at the option of Noront, by the issuance to Noront of up to 685,714 common shares of Seafield at a deemed price of $0.35 per share).

Upon Seafield earning its 50% interest in the property, Seafield and Noront shall form a joint management committee to further develop the property as a joint venture with Noront continuing to act as the operator.