MONTREAL, QUEBEC -- (Marketwired) -- 07/26/17 -- Beaufield Resources Inc. ("Beaufield") (TSX VENTURE: BFD) is pleased to announce the closing of the acquisition of a 50% interest in the Launay gold property (the "property") from Melkior Resources Inc. (TSX VENTURE: MKR) ("Melkior"), thereby becoming a 100% owner of the Property.
At closing, Beaufield paid $125,000 in cash and issued of 2,500,000 of its common shares to Melkior subject to a four month hold period. Melkior also retains a 1.5% net smelter royalty on the Property, one-half of which (i.e. 0.75%) may be purchased by Beaufield for $750,000.
The Property is located in Launay township, in the Abitibi Greenstone Belt in Quebec. For additional information on the Property please refer to the news release issued on July 17, 2017.
Beaufield is a mineral exploration company with its exploration activity focused in Quebec and Ontario. Please refer to Beaufield's website to view the Corporation's properties in Urban-Windfall, Eleonore-Opinaca, Troilus, Hemlo and Launay. The Corporation is actively exploring, well financed with approximately $7.5 million in working capital, has no debt and has excess work credits on its properties.
The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Beaufield deems the expectations reflected in these forward-looking statements to be reasonable, the Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
Interim President and CEO
VP Exploration and Corporate Development
Partner at FCCC