Bayfield Ventures Corp.
TSX VENTURE : BYV

Bayfield Ventures Corp.

May 31, 2006 08:30 ET

Bayfield Ventures Corp.: Letter of Intent to Earn 100% Interest in Bannockburn Gold Property, Madoc Township, South East Ontario

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 31, 2006) - Bayfield Ventures Corp. (TSX VENTURE:BYV) (the "Company") announces that it has entered into a Letter of Intent with 635329 BC Ltd. and Mr. Michael Kirsh (the "Optionors") for an option to earn a 100% interest in the Bannockburn property (the Property) located in Madoc Township, Hastings County, south eastern Ontario.

The Bannockburn property consists of a 21 year Mining Lease and the Lloyd Patent. The property has had detailed exploration programs carried out from 1984 to 1997, that included geophysical surveys, geological mapping, diamond drilling, and underground drifting and mining.

Diamond drill programs (30,818 feet) carried out from 1984 to 1986 have outlined a series of gold bearing quartz veins that are calculated to contain a drill indicated and inferred resource of 372,154 tons with a cut grade of .395 oz/ton gold in the Discovery Zone (King, B.R. Nov. 15, 1986). Further development through a decline to the 75 foot level, drifting on quartz veins, and underground drilling confirmed the continuity of the Discovery Vein. A resource estimate calculated from this work delineated "Modified Geological Reserves" totaling 248,160 tons grading .267 oz/ton gold (uncut) over 6 feet (Saunders, C.R. and Morrison, T.A Oct. 6, 1988).

A "deep drilling " project in 1988 has traced the Discovery Vein to depths exceeding 450 feet and has showed that the gold grade within the High Grade Zone continues down rake to depth.

An initial "bulk sample" taken in 1997 was shipped to the Horne Smelter at Noranda, Quebec. A total of 110 tons were shipped, and the average assay returned was 0.34 oz/ton gold, 1.69 oz/ton silver and 71.7 % silica (Schorn, T.F June 8, 1998).

The above results are contained in the 1986, 1988, and 1998 reports and are historical in nature and not current National Instrument 43-101 compliant and therefore cannot be relied upon. Investors are cautioned that recent independent verification of the data has not been performed and Bayfield has not completed any exploration to verify the historical resource and reserve estimates.

Bayfield Ventures considers the Bannockburn property may have the potential to become a mining and milling operation based on the historical estimates contained in the 1986, 1988, and 1997 reports. An aggressive exploration program is planned upon successful completion of due diligence and a compilation of all previous workings on the property.

David J. Busch, B.A., B.Sc., PGeo., is the qualified person, under the meaning of National Instrument 43-101, and has reviewed the data in this News Release.

Pursuant to the terms of the Letter of Intent, the Company shall pay the sum of $5,000 and carry out a 60 day due diligence program on the Property. Upon conclusion of favourable due diligence, the parties will enter into a definitive agreement (the "Definitive Agreement"). Bayfield Ventures proposes to acquire a 100% interest in the Bannockburn gold property.

BAYFIELD VENTURES CORP. is actively involved in the acquisition, exploration and development of precious and base metal properties in the Red Lake region of Ontario and in the South Gobi region of Mongolia.



ON BEHALF OF THE BOARD OF DIRECTORS

"Don Huston"

----------------------------
DONALD C. HUSTON
President


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.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.

Contact Information

  • Bayfield Ventures Corp.
    Don Huston
    President
    (604) 687-3376 or Toll Free: 1-800-567-8181
    or
    Bayfield Ventures Corp.
    Don Myers
    Director
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    Email: info@bayfieldventures.com
    Website: www.bayfieldventures.com