Beaufield Resources Inc. is pleased to report the status and plans for its current exploration programs which are summarized below.
The reader should refer to Beaufield’s web site www.beaufield.com for a new location map indicating Beaufield’s prime location in the rapidly developing Schefferville iron district. The 2011 Summer Program followed up old Iron Ore Company of Canada work and a new Beaufield gravity survey.
Sampling has demonstrated the presence of DSO (Direct Shipping Ore) (News release January 16, 2012). The Company is negotiating a contract for 10,000 metres of drilling planned to start mid-June 2012. The drilling will focus on the most promising DSO targets to determine if potentially economic deposits are present.
A final 43-101 technical report is expected to be delivered by the engineering company during April 2012. Beaufield has reviewed and approved the preliminary report.
The Beaufield 100% owned property hosts excellent infrastructure with a railway terminating on the property and with roads and rails accessing the majority of the 383 sq. km. property. Beaufield’s property has common boundaries with Tata Steel, New Millennium Iron Corp, Century Iron Mines and Labrador Iron Mines. Tata and Labrador are developing DSO (Direct Shipping Ore) deposits within 3 kilometres of their boundary with Beaufield.
There have been several unanticipated delays in obtaining delivery of the 43-101 report on the Tortigny Zinc Silver Copper property. Beaufield will issue a news release when the engineering firm confirms a delivery date.
Beaufield believes that the next step will be a scoping study to determine the economic feasibility of placing this 100% owned, near surface, high grade deposit in production.
A 3,621 metre exploration drill program was carried out in late 2011 comprising 17 holes on geophysical targets and 4 holes on the Baie Moleon zinc-copper-silver deposit (News release January 11, 2012). Beaufield is currently compiling the data from the drilling and anticipate an announcement of results during April 2012. An exploration program on the most promising of these targets is planned for the summer of 2012.
Eleonore / Opinaca
The 100% Opinaca-Eleonore gold property adjoins Goldcorp’s new Eleonore gold mine which when entering production in 2014 is expected to rival Red Lake and be one of the largest underground gold mines in Canada. Earlier work by Beaufield has identified several significant gold occurrences on the property. Goldcorp’s new infrastructure will enhance access to Beaufield’s property. Due to a concentration on Schefferville and Tortigny-Troilus properties, there is no work planned on Opinaca in 2012. Goldcorp issued an updated NI 43-101 technical report on Eleonore on March 30, 2012 which details development and emphasizes the importance of the Eleonore property.
Earn-in by Partners
In Urban Township, Amseco Exploration Limited has completed a short winter drill program. Amseco can earn a 50% interest. Results from this program are not yet available.
At Hemlo, Jiminex Inc. has completed its gold exploration program where Jiminex can earn 50%. Beaufield is awaiting the final report on this work.
Actus Minerals Corp. terminated its option agreement on Beaufield’s 100% owned Casa Berardi property with no further obligation or interest in or to the property. Actus has not conducted any exploration activities on this property. In February 2011, Actus issued 300,000 of its common shares to the Company pursuant to the terms of the option agreement (News release March 1, 2011).
This news release has been prepared by Jens E. Hansen, P.Eng. President and CEO of Beaufield, the Qualified Person under section 43-101.
About Beaufield Resources Inc.
Beaufield has diversified properties with exposure to gold, iron ore and base metals, all located in the provinces of Quebec and Ontario. The Company is focused on building shareholder wealth by acquiring, exploring and developing high-quality exploration prospects resulting in discovery. Beaufield has approximately $8.5 million in working capital.
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 Company cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Company 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 Company may at any point modify the suggested work program for 2012.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.