A financing agreement has been negotiated which will raise a maximum of $800,000 for Beaufield Resources. Beaufield plans to issue 516,129 common shares at a price of $1.55 per share on a flow-through basis. The funds will be used to finance ongoing exploration programs on the company’s properties in Quebec.
Diamond drilling programs are scheduled to start by early September, President George S. Slightham says. In Douay Twp., east of Joutel, Que., drilling will test 24 anomalous gold targets which have been outlined by reverse circulation drilling. A geochemical survey will also be conducted on Beaufield’s Lake Abitibi area property near La Sarre, Que.
A joint venture agreement is also being negotiated with a major company which, if concluded, will see Beaufield perform exploration in return for an interest in the project. The property is in the Casa Berardi area of Quebec.