Mr. David MacMillan reports

SEAFIELD RESOURCES DRILLS 114.7 M AT 1.89 G/T AU, INCLUDING 10.6 M AT 11.97 G/T AU AT ITS MIRAFLORES DEPOSIT IN THE QUINCHIA DISTRICT, COLOMBIA

Seafield Resources Ltd. has released further results from the continuing 5,000-metre diamond drill program at the company's Miraflores deposit in the Quinchia district, department of Risaralda, Colombia. The infill drilling program continues to return moderate-grade to high-grade mineralization in significant intervals. The company aims to gain more confidence on the high-grade veins identified within the Miraflores breccia pipe to further delineate its resource as it moves its project toward feasibility level.

Highlights

• Drill hole QM-DH-33 intersected 114.7 metres of 1.89 grams per tonne (g/t) gold (Au), including 10.6 metres of 11.97 g/t Au.
• QM-DH-33 was drilled from southeast to northwest of the Miraflores breccia pipe as part of Seafield's infill drilling program aimed at improving the confidence in the deposit's current resource. This drill hole confirms the vertical extension of mineralization previously intersected in drill hole QM-DH-32A (194 metres at 1.57 g/t Au, including 26 metres at 3.86 g/t Au and six metres at 11.04 g/t Au, press release on June 7, 2012), 50 metres below QM-DH-33.
• QM-DH-33 also confirms the extension and continuity of high-grade mineralization intercepted 80 metres north in drill hole QM-DH-03 (449 metres at 1.29 g/t Au, including 10 metres at 2.87 g/t Au and 23.95 metres at 9.18 g/t Au, press release dated Dec. 2, 2010).

Details

Seafield's Miraflores deposit is situated in the company's 100-per-cent-owned 6,757-hectare Quinchia gold project. Miraflores is a low-sulphidation epithermal deposit located in Colombia's mineral-prolific Mid-Cauca gold belt. The deposit's mineralization is characterized by 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.

The deposit currently hosts a National Instrument 43-101-compliant measured and indicated resource of 77.8 million tonnes averaging 0.8 g/t Au for contained gold of 1.9 million ounces and an inferred resource of 5.5 million tonnes averaging 0.6 g/t Au for 103,043 ounces of contained gold. A 0.3 g/t Au cut-off grade was used for the estimate as reported in the company's press release on Jan. 31, 2012.

Miraflores presents robust economics as indicated in a preliminary economic assessment (PEA) on the deposit that was completed by SRK Consulting in Denver on April 23, 2012. The indicated economics for the deposit include a pretax IRR (internal rate of return) of 50 per cent, an NPV (net present value) (8 per cent) of $249-million and a payback period of 1.8 years. SRK considers that portions of the Miraflores gold deposit are amenable to open-pit mining, while other portions are amenable to underground mining methods. The proposed mine development in the PEA was prepared to best fit Seafield's corporate strategy focused on a medium-sized operation that results in solid value accretion (as measured by NPV), moderate capital usage, and manageable environmental and social programs.

Materials totalling 20.29 million tonnes extracted over a 14-year mine life will comprise of 6.97 million tonnes at 1.38 g/t Au in open-pit mining (years one to eight), five million tonnes at 2.27 g/t Au in underground mining (years one to 10) and 8.32 million tonnes at 0.43 g/t Au in stockpile processing (years 10 to 14). At an initial throughput rate of 4,000 tonnes per day, an annual production of 71,000 ounces at a below-industry-average cost of $524 per ounce of gold, the PEA was completed using a gold price per ounce of $1,500 and a recovery rate of 90 per cent (see company's press release dated March 26, 2012). The PEA is preliminary in nature and contains mineral resources that are not mineral reserves and do not have demonstrated economic viability. All of the company's technical reports are available on SEDAR and the company's website.

The assay reported in this press release represents the results from one diamond drill hole, which accounts for 550 metres of a total 3,242 metres drilled since January, 2012.

"We are pleased that our ongoing infill drilling program continues to confirm the continuity of high-grade vein structures within Miraflores," commented Cesar Lopez, Seafield's president and chief executive officer. "Seafield will be completing its current phase of drilling over the next quarter and begin our preparation to commence our underground drill program at the deposit. We look forward to providing our shareholders with a steady flow of news going forward."

QM-DH-33 was completed as part of Seafield's infill drilling program at Miraflores. The company's continuing 5,000-metre drill program is aimed at further verifying the geometry and continuity of the high-grade structures found within the breccia. All information from the current drill program will be used to develop a more robust geological model for Miraflores's resource at the feasibility level.

The associated table summarizes the results of diamond drill hole QM-DH-33.

                                DRILL RESULTS

                                    From          To    Interval          Au
Drill hole                           (m)         (m)         (m)       (g/t)

QM-DH-33                            31.9        39.2         7.3        0.20
and                                104.3       177.9        73.6        0.64
and                                185.9       300.6       114.7        1.89
including                          233.0       243.6        10.6       11.97
and                                322.6       345.6        23.0        0.74
and                                351.6       383.2        31.6        1.40
and                                388.9       407.0        18.1        0.56
and                                461.1       468.5         7.4        0.38

Note

Gold grades reported are cut to 20 g/t Au for the interval 185.9 to 300.6 metres. Hole QM-DH-33 includes a sample of 26.7 g/t Au over two metres and a sample of 47.5 g/t Au over two metres. Only continual intervals of mineralization above six metres with a cut-off grade of 0.2 g/t Au are reported.

QM-DH-33 was drilled from a collar outside of the southeastern portion of the breccia pipe and was drilled to the northwest, intersecting 114.7 metres at 1.89 g/t Au, including 10.6 metres at 11.97 g/t Au. This drill hole confirms the continuity and geometry of high-grade mineralization in the veins and matrix inside the breccia. A previous drill hole, QM-DH-32A (press release dated June 7, 2012), intercepted 194 metres at 1.57 g/t Au, including 26 metres at 3.86 g/t Au and six metres at 11.04 g/t Au, 50 metres below QM-DH-33, confirming further vertical continuity of mineralization within the deposit. QM-DH-33 also confirmed the horizontal continuity of higher-grade mineralization found 80 metres north of QM-DH-03 (press release dated Dec. 2, 2010), which intercepted 449 metres at 1.29 g/t Au, including 10 metres at 2.87 g/t Au and 23.95 metres at 9.18 g/t Au.

Review by qualified person, quality control and reports

Dr. Tom Henricksen, consulting geologist of Seafield Resources, 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. Dr. Henricksen is a registered professional geologist in Wyoming (membership No. PG-3069), a professional association and designation recognized by the Canadian regulatory authorities. Dr. Henricksen 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.

The core samples were split by rock saw, and half of the core was sampled. Core samples were prepared by SGS laboratory in Medellin and were assayed at the SGS laboratory in Lima, Peru. Gold was analyzed by fire assay on a 30-gram sample with atomic adsorption spectrophotometer (AAS) finish. Samples above five g/t Au were repeated by fire assay on a 30-gram sample with gravimetric finish. Multielements were analyzed by inductively coupled plasma mass spectroscopy (ICP-MS) following multiacid digestion. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

For additional technical information on the Miraflores deposit, please refer to the company's technical report entitled "Technical report, Seafield Resources, Quinchia project, Quinchia district, Republic of Colombia," dated Jan. 31, 2012, prepared by Scott E. Wilson, CPG, of Scott E. Wilson Consulting Inc., available on SEDAR and on the company website.

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