Beaufield Resources Inc. (“Beaufield” or the “Company”) is pleased to announce that it has entered into an option and joint-venture agreement with Melkior Resources Inc. (“Melkior”) on Melkior’s wholly owned Launay gold project (the “Project”) located in Launay township, in the province of Québec.
Under the terms of the agreement signed today, which remains subject to regulatory approval, Beaufield will have the option to earn an interest of up to 50% in the Project by incurring exploration expenditures aggregating $1,250,000 over five years, with a minimum $250,000 of exploration expenditures in the first year. Beaufield will earn 10% interest for each $250,000 of exploration expenses.
Melkior will remain as the operator on the Project until the first $250,000 of exploration expenditures is spent. Melkior or Beaufield will thereafter be the operator until the end of the option period. Drilling on the Project is planned to start later in November 2013. The Project is located in the Val-D’Or Rouyn Noranda mining camp and benefits from excellent infrastructure.
Jens E. Hansen is President, CEO and director of Beaufield and Melkior. As such, Mr. Hansen is a “non-arm’s length party” as defined in the Policies of the TSX Venture Exchange. The joint venture agreement was considered and approved by both boards of directors other than the common director who abstained from such approval.
Beaufield is a mineral exploration company with its exploration activity focused in Quebec. Beaufield is well positioned to advance its portfolio of exploration properties and identify other potential opportunities in the mineral exploration or development stage.
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.
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.