VANCOUVER, British Columbia, June 17, 2005 (PRIMEZONE) -- Bayfield Ventures Corp. (Bayfield) (TSX-V:BYV) is pleased to announce that it has signed an Option Agreement with BHP Billiton World Exploration Inc. (BHP Billiton), whereby BHP Billiton will have the right to earn a 51% interest in all three of Bayfield's Mongolian properties (the Properties) situated in Southern Mongolia.
Bayfield currently holds 100% of three mineral licenses located in the Hanbogd district, the Bayan Ovoo district, and the Sevrei district, situated in the Gobi Region in south central Mongolia. The three land packages (Hanbogd 2, Navtgar Uul, and Hurmen Uul properties) total approximately 300,000 hectares (760,000 acres), and are located east and west of Ivanhoe Mines' Oyu Tolgoi copper gold deposit.
BHP Billiton can earn a 51% interest in the Properties by incurring US$1,250,000 in exploration expenditures on the Properties on or before December 31, 2007 and keep the Company properties in good standing over the term of the agreement.
Prior to June 30, 2006, BHP Billiton will use its proprietary Falcon system and solely finance a major airborne geophysical survey and incur exploration costs of a minimum of US$250,000. BHP Billiton will finance all aspects of the survey -- inclusive of mobilization, as well as processing and interpretation -- using the most advanced and proprietary techniques.
Falcon is an airborne gravity gradiometer that measures minute changes in the earth's gravity. This technology gives BHP Billiton a competitive advantage in the search for mineral and hydrocarbons deposits and has helped in the resource evaluation of some major operations, such as the Ekati diamond mine in the Northwest Territories, Canada, and the Cannington silver and lead mine in Queensland, Australia. This competitive advantage is backed by its unique value-added processing and interpretation capabilities.
Following BHP Billiton's vesting in the project, a 51%/49% joint venture will be established between the companies and the parties will contribute $2,000,000 in exploration and development costs on a pro rata basis. BHP Billiton may further earn an additional 24% interest in the Properties and the Joint Venture by solely funding the cost of further work until completion of a Feasibility Study up to US$25,000,000.
Bayfield Ventures Corp. is actively involved in the exploration and development of a gold property in the Red Lake region of northwestern Ontario, Canada, and three copper-gold-coal properties in the South Gobi region of Mongolia.
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 For further information contact myself or: Don Myers Bayfield Ventures Corp. Corporate Communications Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@bayfieldventures.com
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 & Exchange Commission.