OTTAWA, ONTARIO–(Dec. 2, 2008) – Beaufield Resources Inc. (TSX VENTURE:BFD) filed yesterday its financial statements and management’s discussion & analysis for the year ended August 31, 2008 (“Fiscal 2008”). Highlights for Fiscal 2008:
- Exploration expenditures of $1,330,831. The Company’s primary exploration effort in Fiscal 2008 was drilling the Troilus – Tortigny base metal deposit where $822,457 was invested. At Opinaca, geology sampling and geochemical program was completed and a soil geophysical grid was initiated for a total cost of $254,568;
- Additions to mineral properties of $820,728. Beaufield acquired for $700,000 in cash the remaining 50% of Xstrata’s interest in the Troilus property. Beaufield now owns 100% of the property. The other additions consist of claim renewal;
- The company earned investment income of $256,667 and reported a net loss of $17,690;
- The company held $7,203,196 in cash plus an additional $710,466 in sales and exploration taxes receivables with no significant liabilities.
2008 programs have been completed on Troilus, Opinaca and Urban and the data is being processed.
Line cutting and geophysics have been completed on the Troilus-Melkior joint venture. Melkior will earn a 50% interest by spending $500,000 on exploration over a three year period. Beaufield is the operator. Drilling a minimum of seven geophysical targets is planned for completion before Christmas with a budgeted amount of $300,000.
Beaufield will emphasize exploration on its gold properties, namely; Opinaca (budget $250,000) Urban-Lac Rouleau (budget $300,000), Troilus base metals and gold (budget $250,000) and Hemlo (budget $100,000). These are initial budgets which can be expanded.
In addition to the budgeted exploration programs, Beaufield has set aside an initial budget for acquisitions of mineral gold properties of approximately $1,000,000 for a total Fiscal 2009 exploration budget of approximately $2,000,000.
This news release was prepared by Jens E. Hansen, Eng., Director and President of Beaufield, the Qualified Person under section 43-101.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company’ periodic reports including the annual report or in the filings made by the Company from time to time with securities regulations. The Company undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated event.
The TSX Venture Exchange (TSX-V) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.