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SFF

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0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:SFF TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Seafield Announces Adoption of Shareholder Rights Plan

15/05/2013 12:00pm

Marketwired Canada


Seafield Resources Ltd. ("Seafield" or the "Company") (TSX VENTURE:SFF) is
pleased to announce that its board of directors (the "Board") has approved the
adoption of a shareholder rights plan (the "Rights Plan"), subject to all
necessary regulatory and shareholder approvals. The Rights Plan is designed to
ensure that the Company's shareholders are treated fairly in the event of a
take-over bid for the Company's common shares and that the Board and
shareholders will have adequate time to evaluate any unsolicited take-over bid
and, if appropriate, to evaluate and pursue other alternatives to maximize
shareholder value.


The Rights Plan is effective as of May 14, 2013 (the "Effective Date"), subject
to approval by the TSX Venture Exchange and ratification by the shareholders of
the Company. The Rights Plan will be presented for ratification by the
shareholders at the Company's upcoming annual general and special meeting
scheduled for June 25, 2013. If approved by shareholders, the Rights Plan will
be in effect until the close of the Company's next annual general meeting.


The Board has adopted the Rights Plan in recognition that take-over bids may not
always result in shareholders receiving equal treatment or fair and full value
for their common shares. The Rights Plan is not intended to block take-over
bids. The Rights Plan grants shareholders rights ("Rights") pursuant to the
terms of the Rights Plan. On the occurrence of certain triggering events, which
include the acquisition by a person or a group of 20% or more of the outstanding
common shares of the Company in a transaction not approved by the Board, the
Rights will entitle the holders (other than the acquiring person or group) to
acquire common shares of the Company at a significant discount to the market
price. The Rights are not triggered by purchases of common shares made pursuant
to a "permitted bid" (as defined in the Rights Plan) or where the application of
the Rights Plan is waived in accordance with its terms.


The Rights Plan is not being adopted in response to any formal proposal to
acquire control of the Company.


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. The Company cautions that mineral resources that are not mineral reserves
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
Quinchia 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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Seafield Resources Ltd.
David MacMillan
Investor Relations
(416) 361-3434 ext. 202
dmacmillan@sffresources.com
www.sffresources.com

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