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Mon Nov 3, 2008 Burns Block Option Agreement Terminated
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) (the "Company") announces it has received notice from Rainy River Resources that it has terminated its Option Agreement on Bayfield's Burns Block located in the Richardson Township, Rainy River District of northwestern Ontario.
Rainy River Resources has informed Bayfield that in order to assure surviving this unprecedented economic uncertainty, it was resolved by Rainy River's Board that it should focus on defining near-surface ounces. Rainy River states Bayfield's Burns Block has excellent potential to host commercial grade gold mineralization at depths below 400 metres.
On September 16, 2008, Rainy River Resources announced that its drill Hole NR08-283 extended the 17 gold zone further east onto Bayfield's Burns Block. Hole NR08-283 was collared on the eastern boundary of Rainy River Resources property and deviated eastward where, approximately 30 metres inside Bayfield's Burns Block at the 420 metre level, it intersected a 4.5 metre interval grading 7.34 g/t Au. Rainy River also announced two of its four rigs had been mobilized to Bayfield's Burns Block. One was dedicated to the northern part of the property and the second rig continued to define the 17 East Zone both up-plunge and along strike.
To date, Rainy River Resources has just completed seven holes on the Burns Block for a total of 3303 metres at an estimated exploration expenditure of approximately $416,000. Rainy River Resources was required to spend $1,000,000 by November 26, 2008 under an Option Agreement where Rainy River Resources had the right to earn a 60% interest in Bayfield's 100% owned Burns Block property over a 3 year period by incurring $1 million in exploration expenditures in each year. Rainy River states that assays from 6 holes are still pending.
Bayfield Ventures plans to put together a drilling program for its Burns Block for the New Year.
In other news, on October 21, 2008 Bayfield Ventures announced that a drill rig has been mobilized to its "B" claim block, located in Richardson township, in the Rainy River District, North Western Ontario.
The Company contracted to Rodren Drilling of Winnipeg to carry out an approximate 1500 metre drill program to be completed before year end. The "B" claim block is located 800 metres east of a major drill program being carried out by Rainy River Resources.
This Phase 2 drill program is being concentrated in the southwest corner of the "B" claim block. Bayfield believes that the geological setting on the "B" claim block is similar to the recently announced drill results by Rainy River Resources (see their news release Sept 9, 2008). Rainy River Resources reported that a new high-grade gold discovery has been intersected with three (3) multi-gram gold intervals near surface, one of which spanned 79.5 metres. (up to 12.17 g/t gold over 5.2 metres). This new gold discovery is located approximately 800 metres from the southwest portion of the Bayfield's "B" claim block. The Company is of the opinion that the highly altered dacitic tuff breccia zone, seen in the Rainy River Resources core, continues in an easterly trend on to the "B" claim block held 100% by Bayfield Ventures. The Company will focus this round of drilling on the southwest target area of the property.
Bayfield Ventures Corp. is actively involved in the exploration for gold in Northwestern Ontario. Property partners include Rainy River Resources and Goldcorp.
ON BEHALF OF THE BOARD OF DIRECTORS
Donald C. Huston
For further information contact myself or:
Bayfield Ventures Corp.
Toll Free: 800-567-8181
You can view the Next News Releases item: Mon Nov 10, 2008, 3rd Tranche Share Issuance for Claim Block "C", Sifton Twp, Rainy River, Ontario
You can view the Previous News Releases item: Tue Oct 21, 2008, Bayfield Ventures Begins Drill Program on its Rainy River Claim Block Located 800 Metres from New Gold Discovery
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