Pat: Would you please give me your impression of the following gold stock: Seafield Resources? It had had a bit of a run and I wondered if it is still viable. Thanks.
Seafield Resources, $0.20, symbol SFF on Toronto (Shares outstanding: 157.7 million; Market cap: $31.5 million; www.sffresources.com), is a gold exploration company. Right now, its main prospects and deposits are located in Colombia’s Quinchia District, located in the Mid-Cauca gold belt. Seafield owns 6,757 hectares of land in this region.
The shares soared from about $0.22 in early January 2011 to as high as $0.77, but they have since drifted back down to $0.20.
The big move upward came after the company released strong gold showings from its drilling program. The jump also came after it sold shares to raise $15 million, taking its cash position to a high $30 million.
Although Seafield has found high grades of gold in a number of drill holes, its properties are still in the early stages of exploration. Right now, they hold only limited investment appeal.
We don’t recommend Seafield Resources.
Resources.
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