VANCOUVER, British Columbia, Oct. 20, 2005 (PRIMEZONE) -- Bayfield Ventures Corp. (Bayfield) (TSX-V:BYV) is pleased to provide this update to its shareholders. The Company has 100% of approximately 300,000 hectares (760,000 acres) contained in 3 mineral licenses in the South Gobi Region of Mongolia. A significant achievement in 2005 was the optioning of all three of Bayfield's Mongolian properties to BHP Billiton World Exploration Inc., the world's largest diversified resources company. Bayfield Ventures has been exploring for mineral deposits in Mongolia since 2001. The Company's land packages are ideally located to the immediate west and east of the world-class copper-gold deposit (Oyu Tolgoi) that is now being defined for production by Ivanhoe Mines Ltd. With the addition of the skilled and experienced people of BHP Billiton being responsible for the new work programs on Bayfield's acreage in Mongolia, the Company believes this could be its ultimate key to success in the lower Gobi Region of Mongolia.
Map: http://www.bayfieldventures.com/i/maps/mongolia.jpg
BHP Billiton affiliate, BHP Minerals Asia Inc., has now been assigned the above mentioned Option Agreement with Bayfield Ventures. BHP Minerals Asia Inc. is using its proprietary Airborne Falcon System and is solely financing the major airborne geophysical survey and incurring costs of a minimum US$250,000. This airborne program has now commenced and it is expected to take up to 12-14 weeks for all airborne data to be processed, interpreted, and reported on.
Bayfield's Hanbogd-2 and Navtgar Uul Mongolian properties are interpreted to represent the faulted and offset continuation of the Copper-Gold porphyry belt of southern Mongolia that is host to the Oyu Tolgoi Cu-Au discovery of Ivanhoe Mines Ltd. Additional prospecting and geologic mapping of the Bayfield properties are scheduled to commence after detailed analysis of the airborne survey, which is now in progress.
Bayfield's share structure is approximately 14,900,000 shares issued and outstanding with a market capitalization of approximately $7,000,000. With the size of its land position, where the Company's acreage is situated (South Mongolia), and its Option Agreement with BHP Minerals Asia Inc., Bayfield believes the Company has a very good opportunity to add shareholder value in the coming months.
BAYFIELD VENTURES CORP. is actively involved in the exploration and development of copper-gold and coal properties in the South Gobi region of Mongolia, and a gold property in the Red Lake region of northwestern Ontario, Canada.
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 "Don Huston" DONALD C. HUSTON President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities and Exchange Commission.