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SFF

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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 Metallurgical Testwork Upgrades Gold Recoveries at Miraflores, Colombia

22/01/2014 11:30am

Marketwired Canada


Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is
pleased to report that the Company has now received the final reports on the
recently completed Metallurgical, Geotechnical and Hydro-Geological work
programs for the current feasibility study on the Miraflores gold-silver
deposit, Quinchia, Colombia. 


Metallurgical Highlights:



--  The average overall gold recovery is estimated at 91% and is based on
    the weighted contribution of each of the rock types in both the
    underground and open pit designs;  
    
--  The average overall silver recovery is estimated at 54% and is based on
    the weighted contribution of each of the rock types in both the
    underground and open pit designs;  
    
--  The indicated recovery estimates include a 2% gold and silver recovery
    reduction to allow for losses due to projected process plant
    inefficiencies;  
    
--  The final feasibility study metallurgical recoveries for both gold and
    silver exceed the results used in the Updated PEA (see press release
    dated, August 3, 2013) which were 89% and 50% respectively. 



"We are delighted to confirm the high gold recovery rates for all major
geo-metallurgical units in the Miraflores deposit at a feasibility study level"
commented Cesar Lopez, Seafield's President and CEO. "These results exceed what
was used within the Updated PEA economic evaluation and combined with the other
technical upside opportunities which evidently exist at Miraflores and the
Quinchia district, leave us confident that we have an extremely valuable asset
that is not being recognized by the market."


The feasibility study level Metallurgical, Geotechnical and Hydro-Geological
reports were prepared by SRK Consulting ("SRK") in Denver. The Metallurgical
report was principally based upon a comprehensive work program undertaken by
Inspectorate Exploration and Mining Services Ltd. ("Inspectorate"), located in
Richmond, BC, Canada. The corresponding Inspectorate report has also been
delivered to the Company.


Seafield's Miraflores Deposit is situated in the Company's 100%-owned,
6,757-hectare, Quinchia Gold Project. Miraflores is a low sulphidation
epithermal gold deposit located in Colombia's mineral-prolific Mid-Cauca gold
belt. The mineralization is located in a hydrothermal breccia pipe with free
gold associated with cement materials (the matrix) and high grade structures
where gold is associated with zinc, lead, copper and iron. At surface, the
breccia pipe has a drill-tested diameter of 250 metres by 280 metres. The
breccia pipe widens and remains open at depth with a drill-tested vertical
extent of 600 metres.


Review by Qualified Person

The results of the Company's metallurgical testing program and the metallurgical
results presented in this news release have been reviewed, verified and compiled
by Eric Olin, MSc, MBA, RM-SME, Principal Process Metallurgist of SRK in Denver,
Colorado. Mr. Olin has over 30 years' experience in the minerals industry with
extensive consulting, plan operations, process development, project management
and research & development experience with base metals, precious metals, ferrous
metals and industrial minerals. 


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 Quinchia 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 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.


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.


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

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