Seafield Announces Updated Preliminary Economic Assessment for its Miraflores Deposit: Pre-Tax NPV of US$141.3M, IRR of 23%

Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is
pleased to announce the results of an independent updated Preliminary Economic
Assessment ("PEA") for the higher grade zone of its 100%-owned Miraflores
Deposit (the "Project"), located in the Quinchia District of the Department of
Risaralda, Colombia. The PEA was completed by SRK Consulting ("SRK") of Denver,
Colorado.


PEA HIGHLIGHTS:



--  Open pit mine life of 12 years, underground mine life of 12 years and
    process production life of 15 years; 
    
--  The open pit is within the confines of the Miraflores lease limits and
    represents a small footprint, low cost, high value option that is
    capable of being developed by a junior mining company; 
    
--  Average annual gold production of 42,442 oz ("Au") in the first 11 years
    produced from open pit and underground mining plus 62,588 produced
    ounces from start of processing of low grade stockpile after year 11
    until end of processing; 
    
--  Life of mine ("LOM") gold production of 529,453 oz and LOM silver
    production of
    311,597 oz; 
    
    
--  Average mill throughput rate of 1,750 tonnes per day ("tpd"); 
    
--  Measured and Indicated Resource of 72,624,000 tonnes at a cut-off grade
    of 0.27 g/t Au (1,816,000 oz Au grading 0.78 g/t Au and 3,555,000 oz Ag
    grading 1.5 g/t Ag - see press release date April 2, 2013): 
    --  Mine plan and economic analysis of this PEA is focused on a portion
        of the resource base with 9.07 million tonnes ("Mt"), of higher
        grade mineralized material; 
    --  3.01 Mt at 1.48 g/t Au and 2.08 g/t Ag (open pit mining); 
    --  6.06 Mt at 2.32 g/t Au and 2.17 g/t Ag (underground mining); 
        
--  Open pit strip ratio of 5.8:1 (waste:mined resource)-all waste is
    required for tailings dam construction; 
    
--  Average cash operating cost (net of refining, transportation, royalties,
    and silver credit) of US$ 724.77/oz during the first 11 years of
    production when 88% of the gold is produced; 
    
--  Initial capital expenditures of US$ 83.6 M and sustaining capital
    expenditure of US$ 70.7 M; 
    
--  Pre-tax IRR of 23% and NPV (5%) of US$141.3 M and post-tax IRR of 20%
    and NPV (5%) of US$ 98.0 (based on a gold price of US$ 1,500/oz and a
    silver price of US$30/oz). 
    
--  Strong leverage to gold price with pre-tax IRR of 19% and NPV (5%) of
    US$ 107 M at US$ 1,400/oz and pre-tax IRR of 27% and NPV (5%) of US$ 175
    M at US$ 1,600/oz 



"We are very pleased to present the updated PEA which includes substantial
support and content from technical disciplines that are extremely advanced,"
commented Cesar Lopez, Seafield's President and CEO. "The updated PEA presents a
production scenario with attractive economics achieved through manageable
capital expenditures and below-average industry cash costs. We are on track to
complete the Feasibility Study for Miraflores by year end after completing this
critical milestone earlier than originally committed and clearly advancing the
Company's position as an emerging gold producer in Colombia."


Next Steps



--  The Company is advancing the critical path items in order to deliver a
    Feasibility Study by the end of Q4, 2013. 
    
--  The Environmental Impact Assessment is scheduled for completion and
    delivery to the authorities at the end of Q4 2013, as is the mining
    permit. 



PEA DETAILS:

The updated PEA models the mining of the Miraflores breccia pipe deposit using a
combination of open pit and underground mining methods. Seafield plans to
develop a lower tonnage operation requiring a lower initial capital cost with a
focus on processing the higher grade materials of the deposit in the first
eleven years of the mine life. The lower tonnage option also carries less
construction and start-up risk than the larger throughput alternatives.


The Updated PEA represents a low cost, achievable, standalone, near term
production scenario for Seafield, occupying a small footprint of the current
land position. The Company will review broader development of the Miraflores
area going forward.


Open Pit Mining

The open pit is defined by two discrete mine phases with the first phase
focusing on processing the higher grade materials of the deposit in the first 11
years of production. The open pit model contains measured and indicated
resources. The higher grade component contains only materials above 0.6 g/t Au
and is estimated to contain 3.01 Mt of mineralized rock with a grade of 1.48 g/t
Au and 143,675 oz of contained Au in-situ before recovery and 200,838 oz of
contained silver at a grade of 2.08 g/t. The open pit contribution to mill
throughput averages approximately 266 t/d, but varies from no process plant feed
to full contribution through the use of stockpiles in some years. After year 11,
the lower grade stockpiled material will be fed into the mill. The lower grade
materials are estimated to contain 1.70 Mt of mineralized rock with a grade of
0.90 g/t Au and 49,073 oz of contained Au in-situ before recovery.


The ultimate pit is 480 m from east to west, 400 m north to south with a maximum
high-wall height of 350 m and volume of 7.3 Mm3. At a cut-off of 0.6 g/t Au, the
overall strip ratio (waste:feed) of the pit is estimated at 5.8:1.


Underground Mining

Within the Miraflores breccia pipe are a series of sub-vertical NNW and NW
trending veins and highly fractured breccia zones that contain higher grade gold
than the background breccia system. To date, Seafield has identified 21 higher
grade structures within the deposit (See Company's press release dated April 2,
2013). The underground mining component of production will target the higher
grade features below the open pit.


The mineralized rock in the updated PEA underground mine plan is estimated to
contain 6.06 Mt (diluted) at an average gold grade of 2.32 g/t and average
silver grade of 2.17 g/t. Before process recovery, the underground portion of
the deposit is estimated to contain 451,216 ozs gold and 422,356 ozs of silver.
The underground contribution to mill throughput is approximately 1,484 tpd
during the time underground mine operations are in full production (first 11
years).


Considerable geotechnical data to date indicates that a sublevel longhole
stoping method with 15 m sublevel spacing and backfill is the preferred mining
method to recover the economic portion of the deposit. The Company is currently
concluding its geotechnical studies for the next level of study, with all field
and laboratory programs now completed and geotechnical modelling nearing
completion.


An upper portal and initial production ramp, located to the west of and under
the pit, will access the upper portion of the depositand is 437 meters long at a
grade of -15%. A lower portal and ramp is situated on the east side of the
deposit. This ramp will access the middle and lower portions of the deposit and
is 393 meters long and runs at a -14% grade to the west and then spirals to the
lower stope areas. All ramps and sublevel development are designed at 3 metres
wide by 5 metres high.


Total production summary for the Miraflores Deposit is outlined in the Table 1
below: 


Table 1 - Miraflores Production Summary



----------------------------------------------------------------------------
Description                                    Units   Open Pit  Underground
----------------------------------------------------------------------------
Tonnes Processed                               Mt          3.01         6.06
----------------------------------------------------------------------------
Gold Grade                                     g/t         1.48         2.32
----------------------------------------------------------------------------
Cut-Off Grade                                  g/t          0.6         1.03
----------------------------------------------------------------------------
Average Contribution to Mill feed              tpd       266(i)     1,484(i)
----------------------------------------------------------------------------
Throughput                                     tpd             1,750        
----------------------------------------------------------------------------
Gold Recovery                                  %                89          
----------------------------------------------------------------------------
Total Gold Production                          Ozs            529,453       
----------------------------------------------------------------------------



(i)Average for first 11 years, actual rate varies on an annual basis and
underground production. 

(i)Open pit production includes 1.7 million tonnes of 0.9 g/t Au stockpile that
is fed into the processing plant primarily in years 12-15. 


Table 2 - Miraflores Underground Production



----------------------------------------------------------------------------
Description       Units                        Measured  Indicated  Inferred
----------------------------------------------------------------------------
Underground       Mt                                                        
 Tonnes                                          2.0608      3.442      0.01
----------------------------------------------------------------------------
Au grade          g/t                              1.85       2.67      0.80
----------------------------------------------------------------------------
Ag grade          g/t                              1.79       2.46      0.82
----------------------------------------------------------------------------



Table 3 - Miraflores Open Pit Production



----------------------------------------------------------------------------
Description       Units                        Measured  Indicated  Inferred
----------------------------------------------------------------------------
Open Pit Tonnes   Mt                              1.923      1.087         0
----------------------------------------------------------------------------
Au grade          g/t                              1.40       1.64         0
----------------------------------------------------------------------------
Ag grade          g/t                              1.92       2.35         0
----------------------------------------------------------------------------



The Company cautions that the updated PEA is preliminary in nature, and is based
on technical and economic assumptions which will be evaluated further in more
advanced studies. The updated PEA is based on a resource model that contains
Measured, Indicated and Inferred mineral resources. Inferred mineral resources
are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves,
and there is no certainty that the updated PEA will be realized. Inferred
resources comprise less than 0.2% of the overall resource base, upon which this
updated PEA is based.


Metallurgy

The Company has conducted metallurgical programs at Inspectorate's Metallurgical
Division, located in Richmond, British Colombia, Canada, on drill core
composites selected to represent grades and rock types likely to be encountered.
Sufficient work has now been completed in order to undertake the process plant
design for the next level of study.


Processing by a flowsheet that includes gravity concentration followed by
flotation and cyanidation of the flotation concentrate is estimated to recover
about 89% of the gold. This process offers the optimal advantage of higher
overall gold recovery and a smaller cyanidation circuit, which could
significantly improve options for tailings disposal.


Table 4 provides estimates of overall gold recoveries for the process option
based on the relative contribution of each rock type in the resource and
includes an adjustment for miscellaneous plant losses (2%).


Table 4 - Estimated Miraflores Gold Recoveries (2% plant losses)



----------------------------------------------------------------------------
Rock Type            Contribution (%)  Gravity + Flotation + Cyanidation (%)
----------------------------------------------------------------------------
OP White Breccia                   31                                     91
----------------------------------------------------------------------------
UG White Breccia                   30                                     94
----------------------------------------------------------------------------
OP Green Breccia                   27                                     88
----------------------------------------------------------------------------
Basalt                             12                                     89
----------------------------------------------------------------------------
Overall                           100                                     91
----------------------------------------------------------------------------
Gold Recovery % (Plant Loss Adjusted)                                     89
----------------------------------------------------------------------------



Tailings Facility

Two tailings storage facilities ("TSF") have been located for storing up to 9.16
Mt of mill tailings. The larger 8.72 Mt flotation TSF will be located northeast
of the mill location in the valley below the deposit behind a conventional
tailings dam constructed using downstream methods. A separate fully lined
leached residue impoundment will be incised into the ridgeline to the east of
the Mill site and constructed to accommodate 0.44 Mt of fine residual
concentrator tailings.


A flotation tailings starter dam will be constructed in the pre-production
period and will have sufficient capacity to store one year of tailings. The dam
embankment construction is anticipated to be an almost continuous operation to
keep ahead of tailings deposition. Tailings deposition will be by multi-point
discharge along the dam face with the decant pool and pump barge located on the
southwest beach of the impoundment. Waste material will be used for the
progressive construction of the flotation tailings dam embankment.


The geotechnical field and laboratory programs for the tailings impoundment
facilities are complete with analysis and modeling in final stages prior to
finalizing the design of these facilities.


Flotation tailings paste thickening and settlement test work is complete. The
geochemical program is nearing completion for the flotation tailings program and
will commence this month for the leach residue program.


The detailed design for the next level of study for both the flotation tailings
dam and the residue leach tailings pond is advancing and is expected to be
completed in Q3.


Equipment & Development

Mine equipment has been sized to accommodate the relatively low production rate
as defined by the production schedule, but also to handle the topography and the
heavy rainfall events common in the region. For the open pit mine component, 40t
articulated dump trucks combined with suitable loading equipment have been
estimated for both capital and operating costs.


For the underground mine component, twin-boom drill jumbos will be used to
undertake all of the development work. Development mucking will be undertaken by
3 cubic metres LHD's dumping into 22t trucks. Drilling for ground support will
be undertaken by the jumbos or hand held drills from a scissor lift. The
majority of the primary development will occur in the first four years and
secondary development will continue through year 9 of production. During the
first year of operation, most of the development waste will be stockpiled on
surface. Once stoping operations commence, the waste stockpile will be reclaimed
as backfill.


Capital and Operating Costs

The initial capital expenditures are estimated at US$ 83.6 million. Sustaining
capital of US$ 70.7 million will cover underground equipment and development,
open pit equipment, and the tailings dam expansion throughout the mine life. The
total life of mine ("LoM") capital cost estimate is US$ 154.3 million. A
contingency of 20% was applied to the upfront capital for processing, tailings,
and infrastructure components of capital expenditures excluding mining
equipment, owners' costs, and earthworks to be undertaken using the owners'
equipment. A summary of the total capital cost estimates are outlined in Table 5
below.


Table 5 - Miraflores Capital Cost Estimates (US$000s)



----------------------------------------------------------------------------
Description                                 Initial    Sustaining        LoM
----------------------------------------------------------------------------
Pre-Stripping                                    50            0         50 
Open Pit Mining                              10,249        3,437     13,686 
Underground Mining                                0       20,384     20,384 
Processing                                   36,074            0     36,074 
Tailings                                     14,824       45,187     60,011 
Infrastructure                                5,014            0      5,014 
Owner's Cost                                  7,440        8,000     15,440 
Investment on Water Monitoring                  130            5        135 
Equipment Salvage                                 0       (6,301)    (6,301)
----------------------------------------------------------------------------
Subtotal                                     73,782       70,713    144,495 
----------------------------------------------------------------------------
Contingency                                   9,855            0      9,855 
----------------------------------------------------------------------------
Total Capital                                83,636       70,713    154,349 
----------------------------------------------------------------------------



Operating costs were estimated based on assumptions and productivities that are
consistent with conditions encountered in the project area. The LoM operating
cost will be approximately US$38/tonne run of mine. Miraflores' operating cost
estimates are summarized in Table 6 below:


Table 6 - Miraflores Operating Cost Estimates



----------------------------------------------------------------------------
Description                                             Value (US$/t.milled)
----------------------------------------------------------------------------
Mining - Open Pit + Underground                        $               17.95
----------------------------------------------------------------------------
Processing                                             $               15.66
----------------------------------------------------------------------------
Tailings                                               $                0.47
----------------------------------------------------------------------------
G&A                                                    $                3.90
----------------------------------------------------------------------------
Total                                                  $               37.98
----------------------------------------------------------------------------



Project Economics

A sensitivity analysis highlighting Miraflores' Net Present Value ("NPV") using
various gold prices and discount rates are outlined in Table 7. The Company has
applied a gold price of $1,500 per ounce which is below the 3 year trailing
average gold price of $1,546(i). The project also displays attractive economics
at the current market price for gold. A price of $30 silver per ounce has been
applied, which is lower than the current 3 year trailing average price of
US$30.22(i).


(i)Source: Kitco London closing prices May 2010 to May 2013 inclusive.

SRK's cash flow model in the updated PEA was based on the production schedule
associated with the gold grades, recovery rates, and capital and operating costs
presented in this press release.


Project value (NPV 5%) at US$1,500/oz gold on a pre-tax basis is US$ 141.3
million with an IRR of 23%. The post-tax (NPV 5%) is US$ 98.0 million with an
IRR of 20%. Full payback, given the base case price of gold, will occur after 4
years of operations.


Over the first 11 years of the mine life, the project cash cost (net of
refining, transportation, royalties, and silver credit) is estimated to be US$
724.77/oz-Au. The LoM project cash cost is estimated to be US$ 735.92/oz-Au.


Included within the economic model and the reported results are all
corresponding Royalties, Colombian taxes, the 1% investment plan as required by
the Colombian environmental regulations as well an US$ 8M projected closure
cost.


Seafield contracted a reputable international tax expert to provide a clear
understanding of Colombia's tax system and subsequently implemented such
requirements into the financial model. Final review of the model by the experts
will be included within the scope of the next level of study.


Table 7 - Base-Case Gold Price Sensitivity Analysis Pre-Tax and Post-Tax Pre-Tax

Pre-Tax



----------------------------------------------------------------------------
                                                                     Payback
Gold Price                       NPV (5%)     NPV (8%)      IRR      (years)
----------------------------------------------------------------------------
$1,300                       $         73 $         43       15%         6.2
----------------------------------------------------------------------------
$1,400                       $        107 $         71       19%         5.0
----------------------------------------------------------------------------
$1,500                       $        141 $         99       23%         4.0
----------------------------------------------------------------------------
$1,600                       $        175 $        127       27%         3.3
----------------------------------------------------------------------------



Post-Tax 



----------------------------------------------------------------------------
                                                                     Payback
Gold Price                       NPV (5%)     NPV (8%)      IRR      (years)
----------------------------------------------------------------------------
$1,300                       $         51 $         27       13%         6.2
----------------------------------------------------------------------------
$1,400                       $         75 $         47       17%         5.0
----------------------------------------------------------------------------
$1,500                       $         98 $         66       20%         4.0
----------------------------------------------------------------------------
$1,600                       $        121 $         85       23%         3.4
----------------------------------------------------------------------------



 Notes:  



--  All prices are in $US 
--  No Sensitivity has been included for silver as it currently accounts for
    only 1.2% of gross revenue 
--  IRR and Payback are for the 5% discount case      



Selection of Open Pit                      

The open pit has been sized to supply material required for tailings dam
construction within the confines of the Miraflores lease limits and represents a
small footprint, high value option.


Technical Highlights

The following provides an update on the technical disciplines for which the
corresponding information has been included in the updated PEA:




--  Geotechnical
    
    A comprehensive geotechnical specific drilling program has been
    completed including 8 drill holes totalling 2,145 m targeting both the
    open pit and underground operations. The respective geotechnical
    laboratory test work is complete and geotechnical analyses and modelling
    are in the advanced stages. 
    
--  Hydrogeology
    
    A comprehensive hydrogeological program has completed a total of 20
    monitoring wells, of which 9 wells have been installed within the open
    pit and underground areas of the proposed mine area.
    
    A 3 borehole program totalling 1,609 meters of drilling specifically
    designed for hydrogeological purposes has been completed within the open
    pit and underground mine area.
    
    In addition to this program, an environmental distal well program of 6
    boreholes totalling 473 meters drilling has also been completed and
    wells installed in each bore hole. In an effort to strengthen the
    hydrogeological model, the Company also installed 4 monitoring wells in
    the flotation tailings dam area and installed 1 well in the second
    Tesorito exploration drill hole.
    
    The Company is currently monitoring all wells on a weekly basis and the
    information is being incorporated into the hydrogeological model which
    is scheduled for completion by the end of Q3, 2013, including reporting.
    
    
--  Metallurgical Test Work and Process Design
    
    Approximately two tonnes of representative core were selected and sent
    to Inspectorate's metallurgical laboratory in Richmond, British
    Colombia, Canada. Metallurgical test work has focused on the development
    of a process flowsheet that includes gravity concentration of the coarse
    gold followed by gold flotation from the gravity tailing and cyanidation
    of the final flotation concentrate. Test work completed to date has
    included: bond ball work index testing, grind size evaluations, gravity
    concentration, flotation, concentrate cyanidation studies, locked-cycle
    testing, and tailing dewatering studies. Cyanide detoxification test
    work is also in progress. 
    
--  Resource
    
    An updated resource was published in Q2 2013 (see press release dated
    April 2, 2013), indicating that less than 4% of the resource was an
    inferred category. 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). 
    
--  Tailings Storage
    
    The Company has completed a geotechnical drill program on the flotation
    tailings dam with 6 drill holes totalling 360 metres and 32 test pits.
    All selected samples have been sent to the Ingetec laboratory of Bogota,
    Colombia and results have been received. A failure analysis is expected
    to be completed by the end of July 2013 and engineering and costs
    estimates for the next level of study completed by the end of Q3, 2013. 
    
--  Plant site
    
    The Company has completed a geotechnical program on the plant site with
    3 bore holes totalling 147 meters of drilling and 10 test pits. All
    selected samples have been sent to the Ingetec laboratory of Bogota,
    Colombia and test work is nearing completion. 
    
--  Environmental Baseline Studies
    
    Environmental baseline studies are nearing completion and expected to be
    complete including reporting by the end of July, 2013. The studies will
    cover investigations of hydrology, hydrogeology, social
    characterization, climatic and meteorology data collection, water and
    air characterization and monitoring, soil characterization, archaeology
    and ecosystems characterization. 
    
--  Power Supply
    
    The Company has requested bids for the relevant studies for connection
    to the national grid and engineering to design the transmission line to
    feed the Miraflores project. The scope of the works will include the EIA
    preparation, submission and monitoring. It is currently envisaged that
    the power line will be owned and operated by others. 
    
--  EIA & Social
    
    The Company has awarded contracts for the development of the
    Environmental Impact Assessment ("EIA"), public disclosure to the local
    communities of the project and the Mining Permit Preparation. The
    Companies awarded these contracts are Ingetec, Portex and Integral
    respectively and are all Colombian based with ample experience in each
    of their fields. These contracts were all awarded earlier this year and
    work is progressing according to the project schedule. The scope of
    Ingetec's and Integral's contract also includes assistance during the
    EIA and Mining Permit submission and subsequent approval process.
    Portex's contract scope also includes the development of an integrated
    communication plan for the Miraflores project as well as assistance
    during the public hearing process. 
    
    The Company has recently submitted its request for "terms of reference"
    to the respective authority for the environmental process. 



Assessment Authors and Qualified Persons

SRK Consulting, Denver, was responsible for the compilation of information and
preparation of the overall study and the following QPs prepared or reviewed the
preparation of the scientific and technical information in this press release
with respect to their respective disciplines.




1.  Bret Swanson B.E (Mining). MAusIMM, MMSAQP is a Principal Mining
    Engineer at SRK, with 17 years of global mining experience. His recent
    work has involved contributions to numerous feasibility, pre-
    feasibility, preliminary assessment, due diligence and competent person
    reports while employed with SRK, Denver. Mr. Swanson was the lead person
    responsible for completing the updated PEA for Miraflores. He has
    reviewed the information in this release as it relates to the Miraflores
    Deposit. 
2.  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, plant operations, process development, project
    management and research & development experience with base metals,
    precious metals, ferrous metals and industrial minerals. Mr. Olin was
    responsible for the information provided under metallurgy. 
3.  Scott E. Wilson, C.P.G., of Scott E. Wilson Consulting, Inc. in
    Englewood, Colorado prepared the Miraflores Deposit resource estimates.
    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 the NI 43-101 resource estimate at
    Miraflores. He is a Certified Professional Geologist, a 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. 



The Company will file a NI 43-101 technical report in support of the technical
information in this press release within 45 days, which will be available on
SEDAR and Seafield's website: www.sffresources.com.


Giovanny Ortiz, Vice President of Exploration for Seafield Resources Ltd., is a
qualified person as defined by National Instrument 43-101 and prepared or
reviewed the preparation of the scientific and technical information in this
press release with respect to the assay results from the drilling program. Mr.
Ortiz is a Fellow of the Australasian Institute of Mining and Metallurgy
(Membership # 304612) a professional association and designation recognized by
the Canadian regulatory authorities. Mr. Ortiz 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.


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, 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 the Company faces 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 filed 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
[phone] ext. 202
[e-mail]
www.sffresources.com