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Beaufield Resources Inc (2)
Symbol BFD
Shares Issued 213,460,519
Close 2018-07-09 C$ 0.07
Market Cap C$ 14,942,236
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Bonterra Resources firms up Duke option with Beaufield

2018-07-09 13:16 ET - News Release

See News Release (C-BTR) Bonterra Resources Inc (2)

Mr. Nav Dhaliwal of Bonterra reports

BONTERRA SIGNS DEFINITIVE AGREEMENT WITH BEAUFIELD RESOURCES INC.

Further to its news release of May 23, 2018, Bonterra Resources Inc. has now completed and entered into an option agreement with Beaufield Resources Inc., whereby Beaufield has granted the company an option to acquire a 70-per-cent interest in 81 strategic mineral claims totalling 3,590 hectares, located in the Urban Barry greenstone belt in Quebec and known as the Duke property.

Under the terms of the option agreement, Bonterra can earn a 70-per-cent interest in the property by issuing four million common shares to Beaufield upon acceptance of the transaction by the TSX Venture Exchange, paying Beaufield a total of $750,000 in equal amounts over a three-year period and incurring a total of $4.5-million in exploration expenditures on the property over three years.

The property is an assemblage of contiguous mineral claims located immediately adjacent to the northern boundaries of the company'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.

"We look forward to working with the Beaufield team in fully exploring the Duke lands with greatly enhanced benefits of shared experience and open claim boundaries; as well, the potential Gladiator deposit extensions can now be efficiently defined and expanded. Upon completion of the recently announced acquisition of Metanor, Bonterra has not only cemented its hold on a number of developing new deposits in the region, it will also own the only operating and expandable mill in the Urban Barry camp," commented Nav Dhaliwal, president and chief executive officer of Bonterra.

Upon completion of the option, the parties will enter into a joint venture agreement on standard industry terms.

The transaction is subject to the acceptance of the TSX Venture Exchange, such acceptance to be sought forthwith.

Dale Ginn, PGeo, has approved the technical information contained in this release. Mr. Ginn is a director and vice-president of exploration of Bonterra and a qualified person as defined by National Instrument 43-101.

We seek Safe Harbor.

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