Mr. Kevin Weston reports

BEAUFIELD RESOURCES INTERSECTS 147 METRES OF 34% IRON IN SCHEFFERVILLE

Beaufield Resources Inc. has provided the results from its exploration drill program on its 100-per-cent-owned Schefferville property, located near the town of Schefferville, Que. A total of 22 subvertical holes were drilled totalling 2,147 metres, testing six different areas over a strike of 42 kilometres. Of these 22 holes, 21 intercepted iron mineralization, confirming the presence of high-grade iron throughout the property.

Highlights include:

• Hole SC-12-16 intersected 147 metres of 34 per cent iron.
• Hole SC-12-11 returned assays of 43.75 per cent iron over 76.5 metres including 18 metres over 52.22 per cent iron.
• Twelve out of 22 holes were terminated within mineralized zones, open at depth.
• Twenty-one holes intercepted the Sokoman iron formation with excellent widths.
• Of the 20 targets identified with airborne geophysics 11 were drill tested and nine targets remain to be tested.
• There was a presence of enriched iron identified over a 42 km trend.
• Hematite-rich iron formations with low impurities were discovered.
• The property is near existing infrastructure.

The exploration drilling focused on six different areas defined with an airborne gravity and high-resolution magnetic survey. Twenty-one holes out of 22 intersected iron mineralization returning an average total iron value over 30 per cent. Twelve holes are still open at depth and were terminated within mineralization. Iron values were determined by X-ray fluorescence (XRF) major element analysis.

Drill results

The attached table provides the average total iron content and the phosphorus values for each hole. Note: a low phosphorus value is considered very favourable in iron ore as it a deleterious substance in steel manufacturing.

                           To   Interval        Fe     P                DTWR
Hole          From (m)    (m)        (m)       (%)   (%)                 (%)

SC-12-01            11     15          4     35.92  0.09                0.20
                    27     51         24     31.05  0.07                0.04
Including           30   46.5       16.5     34.06                          
SC-12-02(i)         93    146         53     34.04  0.03                8.25
Including          126    134          8     37.94                          
SC-12-03            15    165        150     30.81  0.04                5.47
Including          132    144         12     43.22                          
SC-12-04           1.3    108      106.7     36.04  0.03                3.74
Including           69     96         27     40.42                          
SC-12-05             3     27         24     32.99  0.04     less than 0.01
Including            3     18         15     41.31                          
SC-12-06           1.5     82       80.5     39.16  0.03                7.78
Including           43     72         29      45.5                          
SC-12-07            17    144        127     36.11  0.03                6.31
Including          114    138         24     45.43                          
SC-12-08           4.5  103.5         99     38.66  0.03                0.60
Including           65   91.5       26.5     46.32                          
SC-12-09(i)       19.5    108       88.5     35.53  0.02                4.78
Including         94.5    108       13.5     39.74                          
SC-12-11            15   91.5       76.5     43.75  0.02                0.02
Including           48     66         18     52.22                          
SC-12-12(i)         15     49         34 34.67(ii)  0.02                1.71
SC-12-13(i)         12   37.5       25.5 32.02(ii)  0.03               32.07
SC-12-14(i)         48   58.4       10.4     26.46  0.02               24.35
SC-12-15(i)          3     78         75     32.79  0.01               14.72
Including            3   13.5       10.5     39.66                          
SC-12-16            12    159        147     34.24  0.03               20.29
Including          135    159         24     40.05                          
SC-12-17(i)       14.8     66       51.2     32.75  0.02               15.78
Including           42     66         24     34.55                          
SC-12-18(i)          2   78.5       76.5     23.29  0.10                5.62
Including           60   78.5       18.5     33.31                          
SC-12-19(i)       2.75     54      51.25     31.23  0.02               27.10
Including         28.5     45       16.5     34.27                          
SC-12-19(i)         96  121.2       25.2     34.54  0.03               41.32
Including        100.5  121.2       20.7     35.26                          
SC-12-20(i)         24     54         30     29.68  0.02               16.35
Including           42     51          9     34.17                          
SC-12-21(i)         30   45.5       15.5     29.01  0.07               31.07
Including           33     42          9     30.91  0.02                    
SC-12-22(i)        2.9     48       45.1     37.19  0.01                0.62
Including          2.9     18       15.1     40.88  0.01                    

(i) Hole terminated within mineralization

SC-12-10 did not return any significant iron values.

True widths of the reported intercepts in the table vary depending on the angle of the individual drill holes and are estimated to be between 80 per cent and 100 per cent of the reported core interval. Values obtained in hole SC-12-12 and SC-12-13 are approximate (ii), in these holes only 26 per cent and 53 per cent respectively of the intervals were sampled and assayed. The remaining core is still available in Schefferville and will be sampled as part of a follow-up drill program. The values obtained were averaged because of their consistency. Most holes are hematite rich with a low phosphorus (P) level. Five holes are magnetite rich with a calculated Davis Tube weight recovery (DTWR) of higher than 20 per cent. DTWR is a laboratory measure of the magnetite content of iron ore. Hole SC-12-16 with 34.24 per cent iron over 147 metres represents the best intersection and the highest grade (52.22 per cent iron over 18 metres) was obtained in hole SC-12-11.

Hole SC-12-01 drilled in the southeastern part of the property intersected a very altered, hematite-rich, iron formation. The intense alteration is responsible for the poor recovery and 12 metres of missing core from 15 metres to 27 m. The important alteration may be indicative of the presence of direct shipping ore (DSO). More work with reverse circulation drilling technique is required to properly explore the area due to the high core loss associated with diamond drilling in DSO-type mineralization.

The northwestern part of the property was drill tested with only a single hole. Hole SC-12-22 returned 37.19 per cent iron over 45.10 metres shows high potential. The company has planned to drill five additional holes in this area as part of the next drill campaign.

President and chief executive officer, Kevin Weston, states: "These drill results surpass our expectations as they are indicative that the property hosts enriched iron formations with substantial widths throughout our claimholdings. Beaufield is anxious to return to Schefferville to follow up on these results and the remaining nine targets interpreted from the airborne gravity and high-resolution magnetic survey. Of the untested targets, we consider three of them to be the best anomalies on the property and may require reverse circulation drilling to be properly tested."

Beaufield's 38,370-hectare property is strategically located in the middle of the Schefferville camp and borders Tata Steel, Labrador Iron Mines, New Millenium Iron and Century Iron ground. The property is known to host a substantial portion of the Sokoman geological iron formation and it is an area of developing DSO iron mines and has access to significant infrastructure. Roads constructed by the IOCC during its previous mining operations run the length of the property hence facilitating access and a new railway is to be built in close proximity to Beaufield's property. Two processing DSO plants are now operational within 10 kilometres of Beaufield's property.

With approximately $8-million in working capital, including $2-million in flow-through financing to be dedicated for exploration by the end of 2013, Beaufield is well positioned to advance its excellent portfolio of properties and identify other potential opportunities in the mineral exploration or development stage that we can add value to on behalf of shareholders.

Quality assurance/quality control

Core processing included descriptive logging and systematic sampling for analysis. The drill core was completely cut in half, with one-half sent to a commercial laboratory and the other half retained for future reference. Total iron analysis was performed using X-ray fluorescence (XRF) and the magnetic component was determined using the Davis Tube method. This program includes the systematic addition of blank samples and certified standards to each batch sample sent for analysis at commercial laboratories. Blank samples are used to check for possible contamination in laboratories while certified standards determine the analytical accuracy and precision. Drill core samples from the drilling program were assayed at SGS Canada Inc., in Lakefield, Ont.

This news release has been prepared by David Rivard, PGeo, vice-president exploration of Beaufield, the qualified person under Section 43-101.

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