Beaufield Resources Inc.

Beaufield Resources Inc.

May 13, 2005 08:30 ET

Beaufield Closes $4,162,900 Financing

OTTAWA, ONTARIO--(CCNMatthews - May 13, 2005) - Beaufield Consolidated Resources Inc. (TSX VENTURE:BFD)(the "Company") is pleased to announce that it has completed its $4,000,000 brokered private placement financing (the "Offering") with First Associates Investments Inc. ("First Associates") as previously announced on March 28 and April 20, 2005. The Offering was oversubscribed with the Company raising gross proceeds of $4,162,900 through the issuance of 2,318,000 "flow-through" common shares (the "Flow-Through Shares") at a price of $0.30 per Flow-Through Share and 13,870,000 units (the "Units") at a price of $0.25 per Unit; each Unit consisting of one "non-flow-through" common share (a "Common Share") and 1/2 of one non-transferable share purchase warrant (each whole warrant a "Warrant"). Each Warrant entitles the holder thereof to purchase an additional common share (a "Warrant Share") at a price of $0.34 per share on or before November 10, 2006. The Flow-Through Shares, the Common Shares and the Warrant Shares, if any, are subject to a four month hold period expiring on September 12, 2005. Directors and officers of the Company purchased a total of 200,000 Flow-Through Shares and 900,000 Units of the Company under the Offering.

In consideration for its efforts, the Company has paid to First Associates a cash commission of $333,032 representing 8% of the gross proceeds raised, a corporate finance fee of $25,000 and an agent's option to purchase up to 1,295,040 common shares of the Company at a price of $0.25 per share on or before May 11, 2007.

With the proceeds of the Offering the Company is now in a strong financial position to advance its high quality mineral exploration projects. Noranda Inc. has presented a cash call for $284,000 to start the summer program of joint exploration on the Troilus base metal project. This work will begin immediately. Work on the Company's Opinaca gold project which adjoins the Virginia Eleonore gold discovery will continue immediately after breakup in early June. Geophysics from the winter program on the Opinaca property is being interpreted.

The Company wishes to extend its thanks and appreciation to First Associates for its efforts in raising the Offering.

Jens E. Hansen - President

Beaufield Consolidated Resources Inc.

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

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