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December
03, 2007 (TSX-V: BYV)
NEWS
RELEASE
Rainy
River Resources & Bayfield Ventures Sign Option Agreement on Burns Block
Located East of 17/ODM Gold Trend
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N)
and Rainy River Resources Ltd. (TSX-V: RR) announce that the
companies have entered into an Option Agreement where Rainy River
Resources has been granted an option on Bayfield’s “Burns
Block”, Parcel #15961, located in the Richardson Township, Rainy River
District of northwestern Ontario. The Burns Block property adjoins the
immediate east of the main Rainy River Resources’ block which hosts the
17/ODM gold and base metal trend and where four drill rigs are actively
exploring three parallel, east-southeast gold bearing trends. The Burns Block
lies approximately 120 meters east-northeast of recently announced (October
15, 2007 news release by Rainy
River) drill hole
NR07-189 which intersected 9.0 m grading 6.64 g/t Au between 439.50 and
448.50 m down the hole. A new property location plan will be posted on Rainy River’s website at www.rainyriverresources.com and
on Bayfield’s website www.bayfieldventures.com
today.
Rainy River Resources has entered
into a three year Option Agreement with Bayfield Ventures to earn a 60%
interest in the Burns Block. In consideration for the option, Rainy River
Resources has agreed to a work program totaling $3,000,000, will make cash
payments to Bayfield Ventures totaling $200,000, and will issue Bayfield
Ventures 60,000 shares of Rainy River Resources’ shares over the three
year term of the Option Agreement. This will consist of $1,000,000 in
exploration expenditures in each year during the term of the option. This
Option Agreement is subject to acceptance by the TSX Venture Exchange.
Rainy River Resources has advised Bayfield
Ventures that they will begin a diamond drill program as soon as
one of the four rigs becomes available on the Burns Block. A linecut grid has
recently been established on the Burns Block in anticipation of a detailed
ground magnetic survey also being conducted at this time.
Bayfield Ventures entered into an
Option Agreement with Kenneth, Brian, Stephen and Robert Burns (the
“Optionors”) to earn 100% in the Burns Block mineral rights as
announced by News Release dated October 11, 2007.
Bayfield Ventures Corp. is actively involved in the
exploration for gold in Northwestern Ontario, and copper-gold and coal in the
South Gobi region of Mongolia.
Property partners include Goldcorp and BHP Billiton.
For further information on Bayfield Ventures Corp. (TSX-V: BYV), visit the
Company’s web site at www.bayfieldventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim Pettit”
JAMES G. PETTIT
Director
Shares Issued &
Outstanding
19.0 Million Shares
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