MONTREAL, QUEBEC -- (Marketwire) -- 03/18/13 -- Beaufield Resources Inc. ("Beaufield" or the "Company") (TSX VENTURE: BFD) announces that due to the current financial and market conditions for resource companies its Board of Directors has decided to terminate the Balmat zinc mine due diligence process and has notified Hudbay accordingly (See press releases of February 19 and 27, 2013).
As a consequence of Beaufield's decision to resume an exploration, development focus, the Company terminated its President & CEO, mining engineer, Kevin Weston's contract and Mr. Weston has resigned as Director of the Company. The board of directors thanks Mr Weston for his dedication and contribution.
Beaufield has a 2013 exploration budget of $2 million to pursue advancement of its key projects, Opinaca , Tortigny and Schefferville. The board of directors has nominated Jens E Hansen as interim President and CEO.
Beaufield is a mineral exploration company with its exploration activity focused in Quebec. Beaufield is well positioned to advance its portfolio of exploration properties and identify other potential opportunities in the mineral exploration or development stage.
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 Company cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Company 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.
Jens E. Hansen
Interim President and CEO
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