If you like Gold & Colombia......here's another stock that you might be interested in having a look at & it's just starting to break out & is also one
of 'BullMarketrun's' stock picks - all of which have performed very well, including of course CMJ:
SFF aka Seafield Resources
They are close to firming up an LOI for the following property ( as per Nov release)
Seafield Expands its Gold Interests to Colombia11/17/2009 4:18:22 PM - Market Wire
TORONTO, ONTARIO, Nov 17, 2009 (Marketwire via COMTEX News Network) --
SeafieldResources Ltd. ("Seafield") (TSX VENTURE:SFF) has signed a letter ofintent with privately-owned Caribbean Copper and Gold Corp. ("CCGC").Seafield intends to enter into a formal agreement (the "DefinitiveAgreement"), whereby Seafield will purchase from CCGC all right, title,and interest in and to certain mining claims, options, and landpackages (the "Property"), located in the Quinchia district ofColombia, as well as all relevant data, drill cores, and materialsrelated thereto.
Consideration for the purchase of the Propertyby Seafield shall consist of cash payments to CCGC and issuances toCCGC of common shares of Seafield. On or before the effective date ofthe Definitive Agreement (the "Effective Date") Seafield shall pay5,000,000 common shares and US$250,000. On the first anniversary of theEffective Date, Seafield may elect to make a final payment to CCGC ofUS$250,000 and an additional 2,000,000 common shares of Seafield orreturn the properties. Seafield shall also assume underlying propertyoption payments totaling US$5,500,000 over 30 months.
Inaddition, Seafield will undertake to make exploration expenditures andproperty payments of not less than US$2,000,000 on the Property duringthe 12 month period following the date of the first option payment tocertain property owners.
The Quinchia historical gold miningdistrict is known to host historical non compliant NI 43-101 resourceswhich, it is hoped, can be advanced to the NI 43-101 resource stage.The Quinchia Property covers approximately 4,700 hectares. The districtlies within established infrastructure, including easy access to thePan-American highway, regional power grid and soon to be refurbishedrailway, and is located at a relatively low altitude of less than 2,000metres.
Gold in the Quinchia district occurs in altereddioritic intrusions, in diorite-basalt contact zones and within brecciapipes related to the intrusions. Previous exploration on the areas hasoutlined porphyry style gold mineralization in outcrop, numerousgeochemical anomalies and airborne geophysical signatures related toporphyritic intrusions.
The Quinchia Property lies in the sameMid-Cauca porphyry geological belt which hosts the Marmato Mountaindeposit, currently being explored by Medoro Resources Ltd. and which isreported to host between 12-15 million ounces of gold, and the LaColosa discovery of AngloGold Ashanti where a gold porphyry system hasbeen discovered with an initial inferred resource of 468.8 milliontonnes grading 0.86 g/t Au for a total of 12.9 million ounces gold.
Marmato is less than 20 km to the northeast of Quinchia and La Colosa is located 60 km southeast of Quinchia.
The transaction remains subject to completion of due diligence by Seafield and regulatory approvals.
Seafieldhas also completed the second tranche of a proposed 17-million-unitfinancing. As a result, the Company has issued 950,000 units at a priceof
.125 per unit for gross proceeds of $118,750. Each unit consistsof one common share and one common share purchase warrant entitling theholder to acquire an additional share at
.16 for a two-year period.In the event that the common shares close at a price higher than
.30per share for 20 consecutive days, the warrant holders may be givennotice that they will have 30 days to exercise the warrants.
Proceedsof the financing will be used for acquisitions, exploration and generalworking capital purposes. The securities issued are subject to afour-month hold period from the date of issuance. Completion of theprivate placement is subject to final acceptance by the TSX VentureExchange.
James Pirie, Vice President, designated as theQualified Person under National Instrument 43- 101, has reviewed andapproved the contents of this news release.