Beaufield Resources Inc

Canadian Resource Exploration Company

Beaufield Announces Closing of $1.7 Million Financing

Beaufield Resources Inc. is pleased to announce that it has closed today the previously announced bought deal private placement financing with Desjardins Securities Inc. (the “Agent”), consisting of 4,777,000 flow-through common shares (the “Flow-Through Common Shares”) at a price of $0.36 per Flow-Through Common Share, for gross proceeds of $1,719,720. The Flow-Through Common Shares are subject to a hold period and may not be traded until January 21, 2012 except as permitted by applicable securities legislation and the rules of the TSX Venture Exchange.

The Agent received a cash commission equal to 6% of the gross proceeds raised and Compensation Options equal to 6% of the number of Flow-Through Common Shares sold. A total of 286,620 Compensation Options were issued, each of which is exercisable to purchase one common share of the Company at $0.36 per share until March 20, 2013 and are subject to the same hold period as the Flow-Through Common Shares.

The proceeds from the offering will be used to fund Beaufield’s exploration programs within Canada, including exploration at the Tortigny base metal project and the Schefferville iron project in Quebec.

The Flow-Through Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

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