Mr. Ronald Stewart of Beaufield reports
BEAUFIELD RESOURCES ACQUIRES 100% INTEREST IN THE URBAN-WINDFALL SECTOR
Beaufield Resources Inc. has acquired a 100-per-cent interest in the 299-hectare Windfall East project from Alto Ventures Ltd. The property, strategically located, is adjacent to Osisko Mining's Windfall deposit and on trend from Osisko's new Lynx discovery in Urban-Barry township, Quebec.
Terms of acquisition of the property:
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Beaufield will pay Alto $300,000 cash.
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Beaufield will issue 2.75 million Beaufield shares to Alto.
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Alto will retain a 1-per-cent net smelter return royalty on the property with a buyback provision for 0.5 per cent of the net smelter return royalty by Beaufield for $1-million.
Concurrently with this acquisition, Beaufield will subscribe for 2,916,667 shares of Alto at a price of 12 cents per share for proceeds of $350,000.
The acquisition is subject to approval of the TSX Venture Exchange.
About Beaufield Resources Inc.
Beaufield is a well-financed mineral exploration company with its exploration activity focused in Quebec and Ontario. The corporation is actively exploring, is well financed with approximately $8-million in working capital, has no debt and has excess work credits on its properties.
We seek Safe Harbor.
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