TORONTO, ONTARIO--(Marketwired - May 24, 2013) - Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is pleased to announce the granting of options to Seafield's Senior Project Geologist, Richard Niels. Mr. Niels is responsible for leading the geological team at the Miraflores Deposit, as the Company continues to progress towards a Definitive Feasibility Study. He is also responsible for the guidance of Seafield's regional exploration program, which includes diamond drilling at the Tesorito target. The Company has granted Mr. Niels an aggregate of 250,000 incentive stock options, which are exercisable at $0.10 per share and expire on May 24, 2018. The options, fifty percent of which will vest immediately and fifty percent of which will vest after six months, are subject to approval by the TSX Venture Exchange.
The Company also announces it wishes to re-price 14,221,923 incentive stock options issued to directors, officers, employees and consultants of the Company, to reflect current market conditions. The options were originally granted in 2009, 2010, 2011, 2012 and 2013 at prices ranging from $0.10 to $0.28. The new exercise price for these options will be $0.10 per share. As required by TSX Venture Exchange policies, all re-priced options held by insiders are subject to disinterested shareholder approval at the Company's 2013 annual general and special meeting of shareholders on June 25, 2013.