Rainy River and BYV do a dealRAINY RIVER RESOURCES & BAYFIELD VENTURES SIGN OPTION AGREEMENT ON BURNS BLOCK LOCATED EAST OF 17/ODM GOLD TREND
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) and Rainy River Resources Ltd. (TSX-V: RR) announce that the companies have entered into an Option Agreement where Rainy River Resources has been granted an option on Bayfield's "Burns Block", Parcel #15961, 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 and base metal trend and where four drill rigs are actively exploring three parallel, east-southeast gold bearing trends. The Burns Block lies approximately 120 meters east-northeast of recently announced (October 15, 2007 news release by Rainy River) drill hole NR07-189 which intersected 9.0 m grading 6.64 g/t Au between 439.50 and 448.50 m down the hole. A new property location plan will be posted on Rainy River's website at www.rainyriverresources.com and on Bayfield's website www.bayfieldventures.com today.
Rainy River Resources has entered into a three year Option Agreement with Bayfield Ventures to earn a 60% interest in the Burns Block. In consideration for the option, Rainy River Resources has agreed to a work program totaling $3,000,000, will make cash payments to Bayfield Ventures totaling $200,000, and will issue Bayfield Ventures 60,000 shares of Rainy River Resources' shares over the three year term of the Option Agreement. This will consist of $1,000,000 in exploration expenditures in each year during the term of the option. This Option Agreement is subject to acceptance by the TSX Venture Exchange.
Rainy River Resources has advised Bayfield Ventures that they will begin a diamond drill program as soon as one of the four rigs becomes available on the Burns Block. A linecut grid has recently been established on the Burns Block in anticipation of a detailed ground magnetic survey also being conducted at this time.
Bayfield Ventures entered into an Option Agreement with Kenneth, Brian, Stephen and Robert Burns (the "Optionors") to earn 100% in the Burns Block mineral rights as announced by News Release dated October 11, 2007.
Bayfield Ventures Corp. is actively involved in the exploration for gold in Northwestern Ontario, and copper-gold and coal in the South Gobi region of Mongolia. Property partners include Goldcorp and BHP Billiton.
For further information on Bayfield Ventures Corp. (TSX-V: BYV), visit the Company's web site at www.bayfieldventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit"