MONTREAL, QUEBEC--(Marketwired - May 24, 2017) - Beaufield Resources Inc. ("Beaufield") (TSX VENTURE:BFD) is pleased to announce the acquisition of a 100% interest in the 299 hectare Windfall East project (the "Property") from Alto Ventures Ltd. (TSX VENTURE:ATV). 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.
Property location
Terms of acquisition of the Property:
- Beaufield will pay Alto $300,000 cash.
- Beaufield will issue 2.75 million Beaufield shares to Alto.
- Alto will retain a 1% Net Smelter Return Royalty ("NSR") on the property with a buyback provision for 0.5% of the NSR by Beaufield for $1 million.
Concurrently with this acquisition, Beaufield will subscribe for 2,916,667 shares of Alto at a price of $0.12 per share for proceeds of $350,000.
The acquisition is subject to approval of the TSX Venture Exchange.
About Beaufield:
Beaufield is a well financed mineral exploration company with its exploration activity focused in Quebec and Ontario. Please refer to Beaufield's website to view the company's properties in Urban-Windfall, Eleonore-Opinaca, Troilus and Hemlo where a 100% interest was recently announced. The Corporation is actively exploring, well financed with approximately $8 million in working capital, has no debt and has excess work credits on its properties.
