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August 01,
2008
(TSX-V: BYV)
NEWS RELEASE
Rainy River Resources Announces Drill Results
Located 60 Metres West Southwest of Bayfield?s Burns
Block,
Director Appointed
Vancouver, BC - Bayfield
Ventures Corp. (TSX-V:
BYV) (FWB: B4N) (the ?Company?) reports that Rainy River
Resources Ltd. (TSX-V: RR) has announced drill results from hole NR08-258
located 60 metres west-southwest of the Burns Block owned by Bayfield
Ventures and under an option agreement with Rainy River Resources.
Rainy River
Resources is earning a 60% interest in Bayfield's "Burns Block"
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 deposits and where four drill
rigs are actively exploring. Rainy
River Resources will begin
drilling on Bayfield's Burns Block shortly.
Rainy River Ontario
Claims Map:
http://www.bayfieldventures.com/i/maps/BYV-RR-New-Area-All.gif
Last October
Rainy River
Resources reported a new gold discovery in hole NR07-187 a few hundred metres
east-southeast of the #17 zone, with a wide interval of 61.5 metres grading
1.77 grams per tonne gold including 9.0 metres grading 6.64 grams per tonne
gold (see Oct. 15, 2007, news issued by RR). NR08-258, collared 60 metres
east of NR07-187, was successful in intersecting this same gold zone with an
interval of 25.5 metres grading 1.57 grams per tonne gold, including a
higher-grade interval of 10.5 metres grading 2.83 grams per tonne gold. This
new gold zone is interpreted to represent either the faulted eastern
extension of the #17 zone, or a new stacked gold horizon lying between the
#17 and Cap zones. NR08-258, lies 60 metres west-southwest of the Burns block
owned by Bayfield Ventures Corp. and under an option agreement with Rainy
River Resources (see Dec. 3, 2007, news issued by RR). Detailed drilling is
planned to trace the limits of this new gold zone.
In other news, Bayfield
Ventures Corp. is pleased to announce the appointment of
Stanley Fiddis to the Board of Directors of the Company. Mr. Fiddis
brings with him over 30 years of diverse background in business.
The Company also announces that pursuant to its
stock option plan, the Company has granted incentive stock options to its
various directors, officers and consultants to purchase up to an aggregate of
264,565 common shares in the capital stock of the Company, exercisable
for a period of five years, at a price of $0.295 per share. In
conjunction with his appointment, Mr. Fiddis will receive 100,000 of the
incentive stock options granted. Bayfield Ventures? 10% rolling stock
option plan was approved by the shareholders at the Annual General Meeting of
the Company held on April 3, 2008. These options are subject to a
four-month hold period.
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.
ON BEHALF OF
THE BOARD OF DIRECTORS
?Jim
Pettit?
JAMES G. Pettit
Chairman
Shares
Issued & Outstanding
20.0 Million Shares
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