Promising ASX debut for Sheffield

Sheffield Resources has made a promising debut on the Australian Stock Exchange, opening at 24 cents, a 20 per cent premium to the issue price, following an Initial Public Offering that raise $7 million.

The funding will be used to fast-track exploration and development of the Company's highly prospective talc, heavy mineral sands, iron ore and tungsten projects, located in WA.

Sheffield has also announced the appointment of David Boyd to its management team as the exploration manager.

Mr Boyd was most recently general manager of geology at Consolidated Minerals.

See company statement below:

New Australian bulk minerals explorer Sheffield Resources Limited (ASX:SFX) made a promising debut on the Australian Stock Exchange (ASX) today, opening at 24 cents, a 20% premium to the issue price, following a substantially oversubscribed Initial Public Offer (IPO) that raised $7 million.

The funding will be used to fast-track exploration and development of the Company's highly prospective talc, heavy mineral sands, iron ore and tungsten projects, located in Western Australia. Sheffield has a substantial ground position in proven and emerging mineral provinces, with immediate drilling targets identified by historic exploration activity.

Sheffield's management team, which previously founded successful iron ore explorer Warwick Resources Ltd, is headed by experienced geologists, Bruce McQuitty and David Archer and chaired by Will Burbury. The team grew Warwick to a market capitalisation of $80 million prior to its merger with Atlas Iron Limited (ASX:AGO, current market capitalisation: $1.6 billion) in 2009.

Sheffield has also boosted its management expertise with the appointment of Mr David Boyd as the Company's new Exploration Manager. Mr Boyd was most recently General Manager of Geology at Consolidated Minerals where he managed exploration and resource development across that company's manganese, chromite and iron ore projects. David has a first class honours geology degree from University of Western Australia and his 17 year career includes senior positions with RGC/Goldfields, Placer Dome and Barrick.

Sheffield's Chairman Will Burbury said the appointment further strengthened the Company's experienced geological team which will be responsible for driving the development of the Company's projects.

"I am delighted that we have been able to attract someone of David's calibre to the Company. Sheffield already has an enviable track record of identifying exploration opportunities and David's appointment will add to what is already a first class exploration team," Mr Burbury said.

"Today's listing on the ASX is an important milestone for Sheffield. I would like to welcome shareholders and thank them for their support. We now look forward to moving ahead quickly with a targeted exploration program to unlock value from our assets."