MONTREAL, QUEBEC--(Marketwire - Mar 22, 2013) - Beaufield Resources Inc. ("Beaufield" or the "Company") (TSX VENTURE:BFD) has been informed by Amseco Exploration Ltd. of Amesco's termination of its option to earn an interest in Beaufields 100% owned Urban property (the "Property").
In March 2010, Amseco entered into an option agreement to acquire an undivided 50% of Beaufield's 100% interest in the Property. Amseco had to spend $1,980,000 over a four year period ending in March 2014 to earn its interest in the Property. As a result of this termination, Amseco has earned no interest and Beaufield is the owner of 100% of the Property.
Beaufield's Urban property is located 190 km northeast of Val d'Or in the Abitibi Greenstone Belt of north central Quebec. The property consists of 436 claims totalling 6,926 hectares and.comprises the Lac Rouleau, Macho River and Lac Kent blocks.
Beaufield has held an interest in this property since 1986. The property hosts numerous mapped gold occurrences. Several drill programs have encountered interesting gold intersections at various locations. Significant portions of the structures on the claims remain untested for continuations of known occurrences.
Beaufield is currently undertaking a complete compilation and interpretation of all historical data including data from programs conducted by Amseco prior to this termination. This work will be used to advance exploration during the current year.
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.