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Bonterra Resources Inc (2)
Symbol BTR
Shares Issued 228,083,579
Close 2018-05-23 C$ 0.52
Market Cap C$ 118,603,461
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Beaufield options 70% of Quebec claim block to Bonterra

2018-05-23 12:25 ET - News Release

See News Release (C-BFD) Beaufield Resources Inc (2)

Mr. Ronald Stewart of Beaufield reports

BEAUFIELD OPTIONS 70% INTEREST IN A BLOCK OF CLAIMS TO BONTERRA RESOURCES CONTIGUOUS TO THE GLADIATOR GOLD DEPOSIT

Beaufield Resources Inc. has entered into a letter of intent with Bonterra Resources Inc., whereby the corporation has granted Bonterra an option to acquire a 70-per-cent interest in 81 mineral claims totalling 3,590 hectares, located in the Urban Barry greenstone belt of Quebec, Canada.

Figures associated with this news release are available on-line.

The property is an assemblage of contiguous mineral claims located immediately adjacent to the boundaries of Bonterra's Urban Barry properties containing the Gladiator deposit and extensions. 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 believe this transaction with Bonterra represents a win-win for the shareholders of both companies. In addition to receiving the cash and share payments, Beaufield will retain a 30-per-cent interest in the project as Bonterra fulfills the $4.5-million work commitment. Bonterra, in turn, has the resources to aggressively advance the property, which dovetails nicely with their existing Gladiator discovery. In addition, Beaufield will retain 100 per cent of the northern portion of the Rouleau block, covering 3,261 hectares, which is contiguous with Osisko Mining's Windfall project. Furthermore, Beaufield will retain 100 per cent of the Macho, Golden Retriever and other district claims covering an additional 15,474 hectares in this emerging gold camp. We look forward to working with Bonterra as we look to unlock the value of this portion of the property," commented Ron Stewart, president and chief executive officer of Beaufield.

Under the terms of the LOI, which will be formalized by a definitive agreement, Bonterra can earn a 70-per-cent interest in the property by issuing four million common shares to Beaufield upon closing of the agreement, paying Beaufield a total of $750,000 in equal amounts over a three-year period ($250,000 upon closing of the agreement), and incurring a total of $4.5-million 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.

The transaction is subject to the acceptance of the TSX Venture Exchange.

Qualified persons

This news release has been prepared and approved by Mr. Stewart, PGeo, president and chief executive officer of Beaufield, and Mathieu Stephens, PGeo, vice-president of exploration and corporate development for Beaufield, the qualified persons, as defined by National Instrument 43-101.

About Beaufield Resources Inc.

Beaufield is a mineral exploration company with its exploration activity focused in Quebec and Ontario. 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.

We seek Safe Harbor.

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