Welcome!

News Feed Item

Seafield Resources Provides Update on Miraflores and Tesorito

TORONTO, ONTARIO -- (Marketwire) -- 11/30/12 -- Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is pleased to provide an update on the progress of the Company's technical work program at its Quinchia Gold Project, located in the Risaralda Department of Colombia.

The Company has commenced activities towards producing a Feasibility Study by Q4 2013 at the Miraflores advanced-stage gold deposit and plan to commence a drill program to test its newly discovered drill target, Tesorito.

HIGHLIGHTS


1.  Milestones to completion of feasibility study for Miraflores 
    
    --  November 30, 2012: The Company will make its final option payment
        and exercise its option to acquire 100% interest in the Miraflores
        Gold Deposit 
    --  Q2 2013: The Company will complete its current 8,000-metre infill
        drilling program at Miraflores consisting of: 
        --  1,500 metres of underground drilling targeting the high-grade
            vein system within the Miraflores breccia pipe to commence in
            December 2012 
        --  6,500 metres of infill drilling from surface commenced in
            November 2012
    --  Q2 2013: PEA will be updated based on the additional 8,000-metre
        drill program plus the 5,000-metres of drilling completed in 2012 
    --  Q4 2013: Environmental Impact Assessment ("EIA") to be delivered to
        the Colombian regulatory authorities 
        
2.  Drilling at new target, Tesorito 
    
    --  A 1,500-metre drill program at the Company's newly discovered
        porphyry-style drill target, Tesorito, is scheduled to commence by
        the end of 2012

DETAILS

Using proceeds from the the recently closed private placement (see Company's press release dated November 2, 2012), Seafield has commenced key critical path items required to complete a feasibility study and submit an EIA to the Colombian authorities for Miraflores.

"Seafield has designed an aggressive work program with the intention to advance and de-risk the Miraflores project by the end of 2013", commented Dave Prins, Seafield's COO. "We are currently advancing critical path items and plan to complete the feasibility by the end of 2013."

MIRAFLORES:

The Company's critical path items with respect to the further exploration and development of the Miraflores deposit are outlined below:

1) Miraflores Option Payment

A final option payment of US$1.67 million (COP $3,000,000,000) will be paid to the Asociacion de Mineros de Miraflores on November 30, 2012, at which point Seafield will exercise its option to earn 100% interest in the deposit along with the existing mining title.

2) Surface and Underground Drill Programs at Miraflores

An 8,000-metre drilling program at Miraflores is scheduled to be completed by Q2 2013. Three diamond drill rigs are drilling at Miraflores and two additional rigs will be mobilized to site by the end of November. A sixth rig is available to the Company should it be required to meet the aggressive drilling schedule. The infill drill program is designed to deliver the drill density required to achieve the confidence level necessary to complete the Miraflores feasibility study.

Seafield is currently constructing lateral extensions to the existing underground access tunnel at Miraflores. Four underground drill stations will be constructed to facilitate a 1,500-metre underground drill program that is scheduled to commence in December 2012. The underground drill program will be aimed at further defining the high-grade vein system that has been identified within the Miraflores breccia pipe.

The combined 8,000-metres of drilling data from Seafield's underground and infill drill program plus the 5,000 metres drilled in 2012 will be incorporated into a new NI 43-101 resource estimate in Q2 2013 and used for the feasibility study.

3) PEA Update and Critical Test Work

SRK Consulting ("SRK") of Denver, Colorado has been commissioned to conduct trade off studies and other activities following the findings and recommendations of the April 2012 PEA (see press release dated April 23, 2012). These work packages also include the development of an integrated project schedule, optimization work for the location of critical infrastructure and the delivery of an updated PEA in Q2 2013, which will be based upon the resource estimate including the additional 13,000-metres of drilling.

Critical test work programs, including metallurgical and acid rock drainage ("ARD") test work, geotechnical and hydrogeological programs, are in the final stages of design. Test work for the tailings geochemical program commenced in November 2012.

The Company would like to highlight that its metallurgical, geotechnical and hydrogeological programs will commence by year's end and will be undertaken to feasibility level standard.

4) Environmental Impact Assessment

Environmental baseline studies have been ongoing since January 2012. Seafield expects that all baseline data required for submitting an EIA to the Colombian authorities will be complete in Q3 2013, allowing for an environmental permit submission in Q4 2013.

5) Feasibility Study

Seafield will soon commence work on the feasibility study engineering and other activities that have not already commenced. Based on the current project schedule, the feasibility study is targeted for completion in Q4 2013, pending the technical review of identified tailings sites. The Company is currently arranging the incremental financing required to complete the feasibility study.

TESORITO:

Seafield recently announced the discovery of a porphyry-style anomaly located 800 metres southeast of Miraflores (see press release dated September 27, 2012). The Tesorito target zone covers an area of 500 metres by 700 metres. Rock sampling in the target zone returned 18.0 metres of 1.03 g/t Au and 0.09% Cu and 16.0 metres of 1.0 g/t Au and 0.02% Cu. The Company plans to commence a 1,500-metre drill program by the end of 2012 to test the anomaly at depth. Seafield expects to receive assay results from the initial drilling at Tesorito in Q1 2013.

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 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 (77Mt at a cut-off of 0.3 g/t Au) and an Inferred resource estimate of 103,043 ounces gold at 0.6 g/t Au (5.5Mt at a cut-off of 0.3 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 (57Mt at a cut-off of 0.3 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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.