Seafield Resources Ltd. announced that further to its July 23, 2014 news release, it did not make an interest payment of CAD 402,317 due July 15, 2014 under its debt facility agreement with RMB Australia Holdings Limited, as lender, and RMB Resources Inc., as agent. On August 28, 2014, the company received from RMB a Notice of Default and Notice of Intention to Enforce Security under section 244 of the Bankruptcy and Insolvency Act in respect of amounts owing under the Facility Agreement. The company is taking the notifications seriously and continues to review and consider its alternatives to resolve the situation.

At present, there can be no assurance as to what, if any, alternatives might be pursued by the company.