Beaufield Resources Intersects 147 Metres of 34% Iron in Schefferville

MONTREAL, QUÉBEC--(Marketwire - Nov. 20, 2012) - Beaufield Resources Inc. ("Beaufield" or the "Company") (TSX VENTURE:BFD) is pleased to announce the results from its exploration drill program on its 100% owned Schefferville property, located near the town of Schefferville, Quebec. A total of 22 sub-vertical holes were drilled totalling 2,147 metres, testing 6 different areas over a strike of 42 km. Of these 22 holes, 21 intercepted iron mineralization, confirming the presence of high grade iron throughout the property.

Highlights include:

• Hole SC-12-16 intersected 147 metres of 34% Iron.
• Hole SC-12-11 returned assays of 43.75% Iron over 76.5 metres including 18 metres over 52.22% Iron.
• 12 out of 22 holes were terminated within mineralized zones, open at depth.
• 21 holes intercepted the Sokoman Iron formation with excellent widths.
• Of the 20 targets identified with Airborne Geophysics 11 were drill tested and 9 targets remain to be tested.
• Presence of enriched iron identified over a 42 km trend.
• Hematite-rich iron formations with low impurities
• Property is near existing infrastructure.

The exploration drilling focused on 6 different areas defined with an airborne gravity and high resolution magnetic survey. 21 holes out of 22 intersected iron mineralization returning an average total iron value over 30%. Twelve holes are still open at depth and were terminated within mineralization. Iron values were determined by X-ray fluorescence (XRF) major element analysis.

Drill Results:

Table 1 provides the average total Iron content and the Phosphorus values for each hole (refer to figure 1-Drill hole location plan). Note: a low Phosphorus value is considered very favourable in iron ore as it a deleterious substance in steel manufacturing.

Hole	From (m)	To (m)	Interval (m)	Fe (%)	P (%)	DTWR (%)
SC-12-01	11	15	4	35.92	0.09	0.20
	27	51	24	31.05	0.07	0.04
Including	30	46.5	16.5	34.06
SC-12-02*	93	146	53	34.04	0.03	8.25
Including	126	134	8	37.94
SC-12-03	15	165	150	30.81	0.04	5.47
Including	132	144	12	43.22
SC-12-04	1.3	108	106.7	36.04	0.03	3.74
Including	69	96	27	40.42
SC-12-05	3	27	24	32.99	0.04	<0.01
Including	3	18	15	41.31
SC-12-06	1.5	82	80.5	39.16	0.03	7.78
Including	43	72	29	45.5
SC-12-07	17	144	127	36.11	0.03	6.31
Including	114	138	24	45.43
SC-12-08	4.5	103.5	99	38.66	0.03	0.60
Including	65	91.5	26.5	46.32
SC-12-09*	19.5	108	88.5	35.53	0.02	4.78
Including	94.5	108	13.5	39.74
SC-12-11	15	91.5	76.5	43.75	0.02	0.02
Including	48	66	18	52.22
SC-12-12*	15	49	34	34.67**	0.02	1.71
SC-12-13*	12	37.5	25.5	32.02**	0.03	32.07
SC-12-14*	48	58.4	10.4	26.46	0.02	24.35
SC-12-15*	3	78	75	32.79	0.01	14.72
Including	3	13.5	10.5	39.66
SC-12-16	12	159	147	34.24	0.03	20.29
Including	135	159	24	40.05
SC-12-17*	14.8	66	51.2	32.75	0.02	15.78
Including	42	66	24	34.55
SC-12-18*	2	78.5	76.5	23.29	0.10	5.62
Including	60	78.5	18.5	33.31
SC-12-19*	2.75	54	51.25	31.23	0.02	27.10
Including	28.5	45	16.5	34.27
SC-12-19*	96	121.2	25.2	34.54	0.03	41.32
Including	100.5	121.2	20.7	35.26
SC-12-20*	24	54	30	29.68	0.02	16.35
Including	42	51	9	34.17
SC-12-21*	30	45.5	15.5	29.01	0.07	31.07
Including	33	42	9	30.91	0.02
SC-12-22*	2.9	48	45.1	37.19	0.01	0.62
Including	2.9	18	15.1	40.88	0.01

* hole terminated within mineralization

SC-12-10 did not return any significant iron values.

True widths of the reported intercepts above vary depending on the angle of the individual drill holes and are estimated to be between 80% and 100% of the reported core interval. Values obtained in hole SC-12-12 and SC-12-13 are approximate (**), in these holes only 26% and 53% respectively of the intervals were sampled and assayed. The remaining core is still available in Schefferville and will be sampled as part of a follow-up drill program. The values obtained were averaged because of their consistency. Most holes are hematite rich with a low phosphorus (P) level. Five holes are magnetite rich with a Calculated Davis Tube Weight Recovery (DTWR) higher than 20%. DTWR is a laboratory measure of the magnetite content of iron ore. Hole SC-12-16 with 34.24% iron over 147 metres represents the best intersection and the highest grade (52.22% iron over 18 metres) was obtained in hole SC-12-11.

Hole SC-12-01 drilled in the southeastern part of the property intersected a very altered, hematite rich, iron formation. The intense alteration is responsible for the poor recovery and 12 metres of missing core from 15m to 27m. The important alteration may be indicative of the presence of direct shipping ore (DSO). More work with reverse circulation drilling technique is required to properly explore the area due to the high core loss associated with diamond drilling in DSO type mineralization.

The Northwestern part of the property was drill tested with only a single hole. Hole SC-12-22 returned 37.19% iron over 45.10 metres shows high potential. The Company has planned to drill 5 additional holes in this area as part of the next drill campaign.

President and CEO, Kevin Weston states; "These drill results surpass our expectations as they are indicative that the property hosts enriched iron formations with substantial widths throughout our claim holdings. Beaufield is anxious to return to Schefferville to follow up on these results and the remaining 9 targets interpreted from the airborne gravity and high resolution magnetic survey. Of the untested targets, we consider 3 of them to be the best anomalies on the property and may require reverse circulation drilling to be properly tested."

Beaufield's 38,370 hectare property is strategically located in the middle of the Schefferville Mining camp and borders Tata Steel, Labrador Iron Mines, New Millenium Iron and Century Iron ground. The property is known to host a substantial portion of the Sokoman Geological iron formation and it is an area of developing DSO iron mines and has access to significant infrastructure. Roads constructed by the IOCC during its previous mining operations run the length of the property hence facilitating access and a new railway is to be built in close proximity to Beaufield's property. 2 processing DSO plants are now operational within 10 kilometres of Beaufield's property. A map of the area is available in figure 2.

With approximately $8 million in working capital, including $2 million in flow-through financing to be dedicated for exploration by the end of 2013, Beaufield is well positioned to advance its excellent portfolio of properties and identify other potential opportunities in the mineral exploration or development stage that we can add value to on behalf of our shareholders.

Quality Assurance / Quality Control

Core processing included descriptive logging and systematic sampling for analysis. The drill core was completely cut in half, with one half sent to a commercial laboratory and the other half retained for future reference. Total iron analysis was performed using X-ray fluorescence (XRF) and the magnetic component was determined using the Davis Tube method. This program includes the systematic addition of blank samples and certified standards to each batch sample sent for analysis at commercial laboratories. Blank samples are used to check for possible contamination in laboratories while certified standards determine the analytical accuracy and precision. Drill core samples from the drilling program were assayed at SGS Canada Inc., in Lakefield, Ontario.

This news release has been prepared by David Rivard, P.Geo., Vice-President Exploration of Beaufield, the Qualified Person under section 43-101.

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 future work program.

Figures are available at the following address: http://media3.marketwire.com/docs/bfd1119.pdf