Northfield Metals Inc.

October 24, 2007 12:15 ET

Northfield Acquires Portfolio of Uranium Properties in Quebec

TORONTO, ONTARIO--(Marketwire - Oct. 24, 2007) - NORTHFIELD METALS INC. ("Northfield" or the "Company") is pleased to announce the acquisition of a portfolio of uranium properties, all located in the province of Quebec, Canada. The 17 uranium properties (the "Properties") contain 176 claims covering 9,653 hectares in three separate strategically located uranium exploration camps.

Northfield has agreed to acquire a 100% interest in the Properties by paying C$60,000 to two arm's length parties (the "Vendors"), and by issuing 800,000 common shares of the Company to the Vendors. The Vendors retains a 1% Net Smelter Returns royalty, of which Northfield can purchase 0.5% for C$500,000.

James Bay Area

Northfield has acquired 62 claims totaling 3,197 hectares in the James Bay area. Some of the highlights from historical showings include:

- Lac Desjardins Property: Grab sample taken from fractured granitic rocks yielded 0.32% U3O8 (GM 34314)

- Zone 27 Property: Grab sample taken from radioactive Pegmatite dyke yielded 1736 ppm Th and 178.1 ppm U (GM 34314)

- Domino Property: Diamond drill hole DO-78-4 intersected a shear zone which yielded 447 ppm over 4.5 m (GM 34229)

- Lac Bellamant Property: Grab sample No. 1806 taken from fractured granitic rocks yielded 2179 ppm Th and 243 ppm U (GM 3456)

Sept-Iles Area

In the Sept-Iles area, Northfield has acquired 81 claims totaling 4,503 hectares. Findings from previous historical work on the properties include:

- F14 - R2 Property: Pegmatite dyke yielded scintollometer readings of up to 6000 cps. A grab sample yielded 0.055% U3O8 and 0.135% ThO2 (GM 49164)

- C5-R2 Property: A surface trench sampling program within a mixture of quartzites and pegmatites yielded 0.02% U3O8 and 0.12% ThO2. (GM 49166)

Mount Laurier Area

Northfield has acquired 33 claims totaling 1,953 hectares in the Mount Laurier area. Some of the highlights from historical showings include:

- Maine property: 3 grab samples from a radioactive pegmatite dyke yielded 0.025% to 0.088% U3O8 (GM 02863)

- Kelly property: Visible mineralization includes Uranothorite, Uranophane, Zircon and Sphene. A composite sample yielded between 1.3 and 2.6% Zr (GM 07568-A). Another series of grab samples yielded 0.22% U3O8 and 0.68% ThO2 (GM 05473).

- Manitou Property: Diamond drill hole No. 9 intersected a pegmatite dyke which yielded 0.052% U3O8 over 0.30 m. Another hole No. 14 intersected 0.70% ThO2 and 0.02% U over 0.50 m, (GM 25484)

Northfield is currently proceeding with a compilation study on the Properties in order to determine the most efficient focus of its exploration efforts. Other uranium asset opportunities are also being evaluated. Company representatives have also recently met with strategic associates in order to optimize their exploration strategy and Northfield is currently in the process of medium to long term project planning.

The technical content of this press release has been prepared by, and revised under the supervision of Martin Bourgoin, P. Geo., a qualified person under the guidelines of National Instrument 43-101.

Contact Information

  • Northfield Metals Inc.
    Thomas G. Larsen
    Chairman, President and C.E.O.
    (416) 360-8006 or 1-800-360-8006
    (416) 361-1333 (FAX)
    Northfield Metals Inc.
    Jorge Estepa
    Vice President and Secretary
    (416) 360-8006 or 1-800-360-8006
    (416) 361-1333 (FAX)