Beaufield Signs Definitive Agreement with Bonterra Resources Inc.
MONTREAL, July 09, 2018 (GLOBE NEWSWIRE) -- Beaufield Resources Inc. (TSX-V:BFD) (the “Corporation” or “Beaufield) is pleased to announce that further to its news release of May 23, 2018, it has now completed and entered into an Option Agreement (the “Agreement”) with Bonterra Resources Inc. (“Bonterra”), whereby Beaufield has granted Bonterra an option to acquire a 70% interest (the “Option”) in 81 mineral claims totaling 3,590 hectares, covering the southern portion of its 100% held Lac Rouleau claim block located in the Urban Barry Greenstone belt, Quebec. The optioned claims are now referred to as the Duke property (the “Property”). Beaufield retains 100% ownership and control of 3,261 hectares in Lac Rouleau and additional claims covering 15,474 hectares in the camp.
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Map 1 accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/d104411a-ef46-49a7-8d97-a6bb68427829
Map 2 accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/75b2faa5-6937-46a7-8e11-3e9f773efeef
Under the terms of the Agreement, Bonterra can earn a 70% interest in the Property by issuing 4,000,000 common shares to Beaufield upon acceptance of the transaction by the TSX Venture Exchange (the “Exchange”), paying Beaufield a total of $750,000 in equal amounts over a three-year period ($250,000 upon acceptance of the transaction by the Exchange), and incurring a total of $4,500,000 in exploration expenditures on the Property over three years.
Upon completion of the Option, the parties will enter into a joint venture agreement on standard industry terms.
“We are pleased to partner with Bonterra on this portion of our Lac Rouleau claim block. Bonterra has demonstrated that they will aggressively advance the exploration of the area while we focus our attention on targets to the north, along the trend from Osisko Mining’s Windfall deposit and drilling of the Lynx trend,” commented Ron Stewart, President and CEO of Beaufield.
The Property is an assemblage of contiguous mineral claims located immediately adjacent to the northern boundaries of Bonterra’s Urban Barry properties containing the Gladiator Deposit and extensions. This includes a narrow inset of claims that interrupt the western continuity of claims in the Gladiator region known as “The Gap”. This land package also contains numerous gold showings with expansion potential including Lac Rouleau and Zone 18. The general geology is considered to be similar to that of the Gladiator area, with numerous occurrences of structurally controlled shear hosted vein mineralization on or near mafic volcanic contacts in proximity to both felsic and mafic intrusive units.
The transaction is subject to the acceptance of the Exchange, such acceptance to be sought forthwith.
Qualified Persons
This news release has been prepared and approved by Ronald Stewart, P. Geo., President and CEO of Beaufield and Mathieu Stephens, P. Geo., Vice President of Exploration and Corporate Development for Beaufield, the Qualified Persons, as defined by National Instrument 43-101.
About Beaufield:
Beaufield is a mineral exploration company with its exploration activity focused in Quebec and Ontario. Please refer to Beaufield's website to view the Corporation's properties in Urban, Eleonore-Opinaca, Tortigny, Hemlo and Launay. The Corporation is actively exploring, is well financed with approximately $5 million in working capital, 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.
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.
Ronald Stewart, President and CEO : Tel: 647.409.0293 Mathieu Stephens, VP Exploration and Corporate Development: Tel: 514.842.3443 E-mail: info@beaufield.com Web: www.beaufield.com