RE: More results coming From News May 28:
...Assay results reported below are from the first drilling completed at the Tesorito target, located only 800m south-east of the Miraflores Gold Deposit. To date, 750 metres have been completed in two drill holes, both of which ended in mineralization.
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From an E-Mail I received from David MacMillan on February 08 2013(important parts bold print)
Questions:
1) During the following months, what action will be taken to create shareholder value and to attract new potential big investors?
2) With now $3 Million in the bank, will there be a capital increase near term?
3) What steps will be taken to regain confidence of the market and large-scale investors?
Answers:
Wi With respect to your first question, the Company continues to reach out to larger institutional investors and we still have the support of current shareholders like Sprott Asset Management, AGF Funds, US Global Investors, and other European and Latin American focused funds. The general market for junior exploration companies has been extremely difficult and over the past 2 years, many have struggled to build value in their respective share prices, even considering the successful work that has been completed at the project level. Seafield shares this experience. Since 2011, the company has tripled the NI 43-101 gold ounces in Quinchia, released a PEA with robust initial economics highlighting a positive production scenario and brought on an experienced COO, Dave Prins, to develop Miraflores to the feasibility stage (expected in Q4 2013). Seafield has roughly 4,000 additional metres in drilling to report from Miraflores and the Company is aiming to steadily release these results as assays are received. For Q2, we plan to have an updated PEA and NI 43-101 resource model completed, which will incorporate a further ~11,000 m of drilling. The Company also plans to complete 1,500m of drilling at a new exploration target, Tesorito, which is a follow up to the initial positive soil samples that were released in October 2012. Our management team continues to meet with potential investors and we continue to highlight the significant positives of the Quinchia Project. Also, Seafield will be in attendance at PDAC and will use this venue to continue to promote our story.
2. Our management team is currently considering all potential possibilities in terms of raising more money. As of right now, the Company has enough funds to continue with operations.
3. With reference to your third question, I think my response above highlights the steps that are being taken. Seafield’s main objective is to continue to develop Miraflores and de-risk it further. Our work program and consistent results should highlight the significant upsides that exist. We continue to believe that getting Miraflores to a production decision is the most value accretive way to deliver value to shareholders. Currently trading at an EV/oz of less than $10/oz highlights the upside potential that investors have. Given the level of development already completed (Miraflores is one of the most advanced-stage projects in all of Colombia), we fell the best way to regain confidence is to continue to show positives development as we work towards a production decision.
If you have any further questions, do not hesitate to get in touch.
Best Regards,
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Hope this helps. So if I'm right there's another 750 meters of drilling to be reported from Tesorito.