Beaufield Drills 22 Holes for Iron in Schefferville

OTTAWA, ONTARIO--(Marketwire - Aug. 16, 2012) - Beaufield Resources Inc. ("Beaufield" or the "Company") (TSX VENTURE:BFD) is pleased to announce the completion of its drill program of 22 holes totalling 2,141 metres on its 100% owned Schefferville property in northern Quebec located immediately north of the town of Schefferville.

The targets cover several distinct geophysical anomalies as well as areas where high-grade iron was encountered in historical Iron Ore Company of Canada ("IOCC") drill holes and confirmed by Beaufield surface sampling in 2011 (Press release January 16, 2012).

Hole Sc-12-01 located in the southern portion of the property targeted the southern extension of the Wollett Direct Shipping Ore ("DSO") deposit (owned by Labrador Iron Mines) where historical IOCC drill holes encountered high-grade iron (60.5% Fe over 7.6 m and 48.4% Fe over 19.8 m). The iron bearing formation extends for several kilometres onto Beaufield's ground.

Holes Sc-12-02 to Sc-12-11 targeted large geophysical anomalies interpreted as extensions of the MacDonald DSO deposit (owned by Tata Steel Minerals Canada) which are surrounded by Beaufield claims. Portions of these deposits fall on Beaufield claims. Eight holes encountered the Sokoman Iron Formation, which is the host of the Schefferville iron deposits, with a total estimated true width of approximately 136 metres. Several holes intercepted highly oxidized iron, including goethite and limonite, evidence of enriched iron, which may indicate the presence of DSO iron.

DSO targets from an airborne gradient gravity survey were identified, in the northern portion of Beaufield's property, by Condor Consulting and Jean Hubert, experts in the interpretation of this type of data. 11 holes were conducted to test those anomalies (holes Sc-12-12 to Sc-12-22) and all the drilled holes intersected the Sokoman Iron formation with evidence of iron enrichment.

941 core samples, totalling 1,461.6 metres were bagged, control samples (duplicate, blanks and standards) were systematically inserted in the sequence. Core processing included descriptive logging and systematic sampling for analysis. Every sampled interval was split in half with a core splitter. Half of any sampled core was left in the core box for future reference and the remaining half was bagged and sealed and sent to commercial laboratory. Assays are performed at SGS Minerals in Lakefield, Ontario. The processed samples were submitted to a XRF-76 and Davis tube testing.

Beaufield's 100% Schefferville property extends from the town of Schefferville in a north westerly direction for 50 kilometres and covers 38,370 hectares. The centrally located property hosts a substantial portion of the Sokoman Geological iron formations and it is an area of developing DSO iron mines. Roads constructed by the IOCC during its previous mining operations run the length of the property hence facilitating access and new railway is to be built in close proximity to Beaufield's property.

Please refer to the adjoined map of the Beaufield property for the locations of the drill holes (http://media3.marketwire.com/docs/Map_Beaufield_0816.pdf).

Management considers that this first stage of drilling is adequate for the planning of future stages of the drilling program recommended by SRK Consulting in the recently completed 43-101 independent technical report (News release of April 18, 2012). Assay results and geology will be compiled, interpreted and used for planning a second stage of drilling in order to characterize and prioritize the more promising targets.

This news release has been prepared by Jens E. Hansen, P.Eng., President and CEO of Beaufield, the Qualified Person under section 43-101 with assistance from Mathieu Stephens, project geologist for the Schefferville project.

About Beaufield:

Beaufield is a mineral exploration company with its exploration activity focused on Quebec.

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. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Depending on exploration results and available financing, the Company may at any point modify the suggested work program for 2012.