Beaufield Closes $2 Million Offering to Increase Schefferville Iron Project Drilling

OTTAWA, ONTARIO--(Marketwire - March 2, 2012) -

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Beaufield Resources Inc. ("Beaufield" or the "Company") (TSX VENTURE:BFD) is pleased to announce that it has completed its previously announced brokered private placement (the "Offering") by issuing 5,000,000 flow-through units (the "Units") at a price of $0.40 per Unit (the "Offering Price") for gross proceeds of $2,000,000.

Each Unit is comprised of one flow-through common share and one-half of a common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles its holder thereof to acquire one additional common share of Beaufield at a price of $0.65 for 12 months following the closing of the Offering.

The proceeds of the Offering will be used to accelerate drilling on Beaufield's 100 percent owned Schefferville iron property. This property occupies a key central position adjacent to the town of Schefferville. Beaufield has agreed that expenditures incurred with proceeds will constitute Canadian exploration expense ("CEE") (as defined in the Income Tax Act) and will be renounced to the subscribers.

Industrial Alliance Securities Inc. ("Industrial Alliance") acted as agent on a best-efforts basis for the Offering. In connection with the Offering, Industrial Alliance was paid a cash commission of $120,000 and was issued 250,000 compensation options entitling it to purchase, for a period of 12 months from the closing of the Offering, at the Offering Price, 250,000 additional common shares in Beaufied's share capital.

All securities issued by Beaufield pursuant to the Offering are subject to a four-month hold period ending on July 3, 2012 under applicable securities laws. The Offering is subject to the final approval of the TSX Venture Exchange.

The Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

PDAC conference

Beaufield will be exhibiting at the 2012 Prospectors & Developers Association of Canada (PDAC) International Trade Show & Investors Exchange in Toronto and wishes to invite all current and potential investors to visit Booth 3302 and discuss first-hand with management the latest exploration developments on its Schefferville Iron property.

The PDAC International Convention, Trade Show & Investors Exchange is the world's largest convention for mineral exploration. The four-day annual Convention held in Toronto, Canada is the event of choice for the world's mineral industry. The convention attracts over 1,000 exhibitors and 27,000 attendees from 120 countries. The PDAC is being held at the Metro Toronto Convention Centre, South Building, and runs from Sunday March 4 to Wednesday March 7. Times and details can be accessed at www.pdac.ca.

About Beaufield Resources Inc.

Beaufield has diversified properties with exposure to gold, iron ore and base metals, all located in the provinces of Quebec and Ontario. The Company is focused on building shareholder wealth by acquiring, exploring and developing high-quality exploration prospects resulting in discovery. Beaufield has approximately $9 million in working capital.

In January 2012 Beaufield reported high grade iron results from its 100% owned Schefferville property (see press release of January 16, 2012). These results will be incorporated in a 43-101 technical report being prepared by a consulting firm and will serve as the basis for planning a 2012 summer drill program for which a budget of $2 million is planned.

Beaufield's holdings are centrally located within the Schefferville Iron district, having common boundaries with Tata Steel, New Millennium Iron Corp, Century Iron Mines and Labrador Iron Mines. Tata and Labrador are developing DSO (Direct Shipping Ore) deposits within 3 kilometres of their boundary with Beaufield.

The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Beaufield deems the expectations reflected in these forward-looking statements to be reasonable, the Company cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements.