OTTAWA, ONTARIO – Beaufield Resources Inc. will resume drilling of its 100% owned Tortigny project early next week. Eleven holes and 2,085 metres of a 10,000 metre program were completed before Christmas. Four holes have been logged and assayed. It is anticipated that results from the first four holes will be reported before the end of January 2011. Beaufield anticipates that the drill program will be completed in April 2011.
Preliminary results from a recently completed Airborne Gravity Gradiometer survey have been received. A detailed interpretation of regional airborne MEGATEM and magnetic data owned by Beaufield is underway. Several new exploration targets have been selected for ground geophysical follow up and drilling.
Beaufield owns a 100% interest in 879 claims or 430 square kilometres in the Schefferville iron district and is adjacent to New Millenium Capital Corp (NML.V), Champion Minerals Inc. (CHM.T) and Labrador Iron Mines Holding Ltd. (LIM.T). Airborne magnetic and gravity gradiometer surveying has been completed and a detailed interpretation leading to iron and zinc target definition is underway. Field work is planned for April 2011 to be followed by drilling in the fall of 2011. For maps of Beaufield’s properties please refer to Beaufield’s website.
Beaufield has approximately $9 million in working capital, no debt and a promising portfolio of gold and base metal properties all located in the provinces of Quebec and Ontario.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release may be identified by the words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “may”, “should”, “will”, and the negative thereof or other variations thereon or comparable terminology. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Corporation’s control. These factors include: results and timing of exploration activities, general market and industry conditions and other risks disclosed in the Company’s filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on 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. Depending on exploration results and available financing, the Corporation may at any point modify the suggested work program for 2011.
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