A joint venture agreement has been signed between Falconbridge Ltd. and Beaufield Resources which gives the latter company the right to earn a 25% stake in 897 claims owned by Falconbridge.
Located 30 miles north of Quevillon, Que., the ground covers geology believed to be favourable for hosting gold mineralization. A gold showing exists on claims adjacent to the Falconbridge property.
Beaufield can earn its interest by spending $500,000 on exploration over a two year period. A second gold property which will be explored by Beaufield is located in Quevillon and Franquet Twps., Que. Funds for exploration will come from a flow-through share offering being completed by Beaufield. A letter of intent has been completed for a private placement which will gross the company a minimum of $419,000 and a maximum of $1 million.
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