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September 16,
2008
(TSX-V: BYV)
JOINT NEWS RELEASE
ROBUST GOLD INTERSECTION
RECORDED ON THE BAYFIELD ?BURNS BLOCK? ANOTHER NEW GOLD ZONE EMERGING ALONG
RAINY RIVER?S 17 GOLD TREND NR08-283 INTERSECTS 4.5 METRES GRADING 7.34 G/T
GOLD
Vancouver,
BC - Bayfield
Ventures Corp. (TSX-V:
BYV) (FWB: B4N) (the ?Company?) announces that Nelson W. Baker,
President and CEO of Rainy River Resources Ltd. (TSX-V: RR) reports
that another new gold zone is emerging along the 3.5 km long 17 Gold Trend.
This trend, which has been systematically explored for a 1.6 km strike
length, hosts the Beaver Pond, ODM and 17 Zones and now the 17
East Zone. Similar to the new discovery announced in Rainy
River?s September 9th, 2008 release,
the 17 East Zone lies in an area of thin overburden and extensive bedrock
outcrops outside the previously interpreted eastern margin of the main
caldera anomaly, one of Canada?s
largest gold footprints. The first indications of the 17 East Zone were
obtained late last year in hole NR07-189 (news release dated October 15,
2007) but the zone was not pursued at that time because the surface outcrops
are not anomalous in gold. The newest intersection, in Hole NR08-283, extends
the zone further east onto the ?Burns Block?, 100%-owned by Bayfield
Ventures Corp. (TSX-V: BYV). Under an option agreement, Rainy
River has the right to
earn a 60% interest in the Burns Block property over a 3-year period by
incurring $1 million in exploration expenditures in each year during the term
of the option (news release dated December 3, 2007).
Rainy River Ontario
Claims Map:
http://www.bayfieldventures.com/i/maps/BYV-RR-New-Area-All.gif
Hole NR08-283,
a 42 m step-out east of NR08-258 (news release July 29, 2008), was
collared near the eastern boundary of Rainy River?s property but deviated
eastward where, approximately 30 metres inside Bayfield?s ?Burns Block? at
the -420 m level, it intersected a 4.5 m interval grading 7.34 g/t Au.
Hole NR08-258 intersected 10.5 m grading 2.83 g/t Au and NR07-189,
~150 further west, intersected 9.0 m grading 6.64 g/t Au. The
strike length of the 17 East Zone is now 190 metres and the zone remains open
in all directions. The details of the mineralized intervals for holes
NR08-283, NR08-258 and NR08-189 are highlighted in Table I below and the hole
locations will be posted on Rainy
River?s website www.rainyriverresources.com .
Table I
|
Hole
|
From
|
To
|
Width
|
Au
|
Level (m)
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
|
NR08-283
|
501.5
|
506.0
|
4.5
|
7.34
|
-420
|
|
NR08-258*
|
524.0
|
528.5
|
4.5
|
4.62
|
-400
|
|
NR08-189*
|
454.0
|
458.5
|
4.5
|
11.91
|
-375
|
|
|
|
|
|
|
|
|
|
Two of
the four rigs actively drilling within the large gold footprint have now been
mobilized to Bayfield?s Burns Block. One will be dedicated to the northern
part of the property and the second rig, which is capable of drilling greater
than 1000-metre holes, will continue to define the 17 East Zone both
up-plunge and along strike.
Nelson
Baker, President of Rainy River remarked: ?This marks the second important
new gold discovery for Rainy in the space of a few weeks. Both occur in an
area that was previously thought to be outside of the large gold footprint.
This is truly an unusual gold project with so much upside potential for
additional discoveries?.
Rainy River?s
exploration program is being managed by Project Manager, Wally Rayner, P.
Geo., a Qualified Person within the meaning of NI 43-101. C.J. Baker, M.Sc.,
the Company?s regional exploration manager, is responsible for supervising
the Off Lake area exploration program. Nelson W. Baker, P.Eng., is the
Qualified Person for the project and the person responsible for the contents
of this news release. Rainy
River has implemented a
rigorous QA/QC program to ensure best practices in sampling and analysis of
drill core. The procedures of the QA/QC program are detailed on Rainy
River?s website at www.rainyriverresources.com.
Bayfield Ventures
Corp. is actively involved in the exploration for gold in Northwestern
Ontario. Property partners include Rainy River Resources and
Goldcorp.
For further information
on Bayfield
Ventures Corp. (TSX-V: BYV), visit the Company?s web site at www.bayfieldventures.com.
About Rainy
River Resources
Ltd. Rainy River
Resources is a Canadian precious metals exploration company whose key asset
is the Rainy River
gold project. With approximately $33 million treasury, the Company is well
funded to conduct an aggressive, year-round resource definition drilling
program and regional drill testing of high-priority gold targets. The
Company?s property is extremely well located in western Ontario
near the U.S.
border. It is accessed by a network of roads and is close to hydro-electric
infrastructure. The Rainy
River district has a
skilled labour force and is one of the lowest-cost areas for mineral
exploration. Ontario
has low political risk and, according to the annual Fraser Institute global
survey of the mining industry, has consistently ranked as one of the top
jurisdictions embracing mineral development.
*Previously
released Note: All intersected widths are estimated to be true width
intervals and all gold values listed above are uncut.
ON BEHALF OF THE BOARD OF DIRECTORS
?Don
Huston?
Donald C. Huston
President
Shares
Issued & Outstanding
20.0 Million Shares
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