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Seafield Resources Ltd

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

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Message: Seafield Announces Initial Inferred Gold Resource

Seafield Announces Initial Inferred Gold Resource

posted on Apr 20, 2010 12:06PM
This is the news we have been waiting for and when the cheap shares are finished selling in the market SFF will fly...!!!
Seafield Announces Initial Inferred Resource of 776,000 Ounces
Gold at Miraflores in the Quinchia Gold District, Colombia

TORONTO, ONTARIO--(Marketwire - April 20, 2010) - Further to its press
release of March 5, 2010 announcing a formal agreement between Seafield
Resources Ltd. ("Seafield" or the "Company,") (TSX VENTURE:SFF) and
privately owned Caribbean Copper and Gold Corp. ("CCGC"), Seafield has now
finalized an option agreement with the Association of Miners of Miraflores
("AMM") to acquire 100% interest in the Miraflores property located in the
Quinchia district of Colombia. The Miraflores property consists of a 124
hectare mineral exploitation contract and hosts the Miraflores gold deposit.
AMM currently operates a small underground mine at Miraflores which produces
about 8 tonnes per day.

Seafield has completed a National Instrument 43-101 compliant initial
inferred resource on the Miraflores deposit. The property contains an
estimated 776,000 ounces of gold grading 1.3 g/t gold at a cut-off grade of
0.5 g/t Au. The mineral resource estimate is based on 3,624 metres of
drilling in ten diamond drill holes and 154 underground samples.

The Miraflores property is located within the Quinchia gold mining district
and has been the site of artisanal mining since Pre-Columbian times.
Mineralization in Quinchia is genetically linked to the emplacement of a
cluster of Miocene-aged porphyry bodies. Magmatic hydrothermal deposit types
such as Miraflores are associated with the cooling history of the
porphyries.

The Miraflores deposit occurs within a hydrothermal breccia body and is
roughly circular in shape, measuring some 280 metres by 250 metres in
outcrop. It has been traced by drilling for over 600 metres in vertical
extent and remains open at depth. During the period 2005-2007, AngloGold
Ashanti Limited and B2Gold Corp completed the diamond drilling and
underground sampling and were successful in delineating the significant
low-grade large-tonnage Au-Ag deposit which forms the current inferred
resource and is potentially amenable to bulk-tonnage mining and mineral
extraction techniques.

The option agreement calls for cash payments of US$1.5 million in five
payments over two years and a final option payment of US$1.5 million within
30 months of the initial signing date. For facilitating the option Seafield
will issue to CCGC 2,000,000 common shares of Seafield and pay US$100,000.
If Seafield elects to continue with the option after the first anniversary
of the signing of the agreement with CCGC, it will issue a further 1,000,000
common shares of Seafield and pay CCGC a further US$125,000.

Ian Park, President of Minera Seafield SAS, stated that "our consolidation
of properties in the Quinchia district continues, and Miraflores is the
first step in developing a number of deposits. This would include Dos
Quebradas where we are currently defining drill targets as well as other
acquisitions which are pending."

The company expects to begin drilling within the next several weeks at
Miraflores to further define and expand the initial resource.

Qualified Person. Scott Wilson of Scott E. Wilson Consulting, Inc. of
Englewood, Colorado prepared the Miraflores Project resource estimates. The
Company will file a NI 43-101 technical report in support of the technical
information in this press release within 45 days.

Mr. Wilson is an independent qualified person as defined by National
Instrument 43-101 and has prepared or reviewed the preparation of the
information which forms the basis of this press release. He is a Certified
Professional Geologist and member of the American Institute of Professional
Geologists (CPG #10965) and a Registered Member (#4025107) of the Society of
Mining and Metallurgy and Exploration, Inc., a professional association and
designation recognized by the Canadian regulatory authorities. Mr. Wilson
verified the data disclosed in this release, including the sampling,
analytical and test data underlying the information contained in this
release. Verification included a review and validation of the applicable
assay databases and reviews of assay certificates.

Sample Preparation, Assays, QA/QC. The samples were prepared by ALS Chemex
at a sample preparation facility Bogota, Colombia, and were assayed at their
laboratory in Lima, Peru. Gold was assayed by fire assay with atomic
absorption spectrophotometer ("AAS") or gravimetric finish. Silver was
assayed by four acid digestion and AAS finish. Blank, standard and duplicate
samples were routinely inserted for quality assurance and quality control.
Another BMR recommendation and I hold a position.
mintaka
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