Beaufield Resources Inc. (“Beaufield”) (TSX VENTURE:BFD) is pleased to announce that it has completed the acquisition of the remaining 50% undivided interest in its Hemlo Camp gold Property, pursuant to an agreement with Jiminex Inc. dated October 24, 2016. Beaufield already owned a 50% interest in the property.
The Hemlo Camps gold property consists of 95 mining claims located in the Hemlo gold mining area, in Ontario. The property borders on the Barrick Hemlo gold mine property and is located due west of Barrick on the same geological horizon. Beaufield will immediately initiate a detailed study of all previous data that dates back to the 1981 discovery of three Hemlo gold mines that to date have produced over 20 million ounces of gold. The Hemlo area is presently witnessing a renewed exploration focus which we have not seen since the 1980s.
This news release has been prepared by Mathieu Stephens, P.Geo., Vice President of Exploration and Corporate Development for Beaufield, the Qualified Person, as defined by National Instrument 43-101.
Beaufield is a well financed mineral exploration company with its exploration activity focused in Quebec and Ontario. Please refer to Beaufield’s website to view the company’s properties in Urban, Eleonore-Opinaca, Troilus and elsewhere. The Corporation is actively exploring, well financed with approximately $2 million in cash, has no debt and has excess work credits on its properties.
The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Beaufield deems the expectations reflected in these forward-looking statements to be reasonable, the Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.