Bayfield Ventures Corp.

Bayfield Ventures Corp.

August 01, 2008 09:00 ET

Rainy River Resources Announces Drill Results Located 60 Metres West Southwest of Bayfield's Burns Block, Director Appointed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2008) - Bayfield Ventures Corp. (TSX VENTURE:BYV)(FRANKFURT:B4N) (the "Company") reports that Rainy River Resources Ltd. 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:

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 VENTURE:BYV), visit the Company's web site at


JAMES G. Pettit, Chairman

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 and Frankfurt stock exchanges have not reviewed and do not accept responsibility for the adequacy or accuracy of the content of this press release.

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