TORONTO, ONTARIO--(Marketwired - Nov. 14, 2014) -
NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Urbana Corporation ("Urbana") (TSX:URB)(TSX:URB.A)(CSE:URB)(CSE:URB.A) and Beaufield Resources Inc. ("Beaufield") (TSX VENTURE:BFD) have entered into a joint exploration agreement on their Urban Township properties in Quebec.
This joint exploration agreement consists exclusively of a line cutting program to be immediately followed by detailed Induced Polarization and Magnetometer geophysical surveying on both Urbana's and Beaufield's claims. This agreement is exclusively for the line cutting and geophysical surveying, not a total exploration agreement.
Urbana has 44 contiguous claims covering 1116 hectares in the area.
Urbana and Beaufield have agreed to jointly explore and share the boundary information. Each party will retain 100% ownership of their respective properties. Beaufield has agreed to be the operator.
In the area, gold is known to occur alongside pyrite and chalcopyrite which can be detected by induced polarization techniques. The current survey will allow for better resolution and higher precision than any other historical surveys conducted on the properties. Results from the current work program will be compiled and interpreted with historical work to identify and prioritize drill targets.
Urban Township hosts numerous gold and base metal occurrences and is currently the focus of a significant gold program at Windfall Lake by Eagle Hill Exploration Corporation. The Windfall gold deposit is on strike with the Beaufield-Urbana properties and located 5 kilometres to the northeast of the current work.
About Urbana Corporation
Urbana Corporation is a closed-end investment company with current interests across the financial services sector from exchanges to banks to broker dealers and investment managers.
The goal of Urbana Corporation is to generate long term asset growth through a combination of public and private investments. The mix of an actively managed, liquid portfolio with private equity investments ensures non committed assets are productively employed as we seek out and evaluate opportunities in the non-public sphere. Many of the latter investments take time to mature and typically encompass high risk/high return characteristics.
Urbana Corporation, as a result of its permanent capital base, has both the scope and flexibility to act quickly as opportunities arise.
About Beaufield
Beaufield is a mineral exploration company with its exploration activity focused in Quebec. Beaufield is well positioned to advance its portfolio of exploration properties and identify other potential opportunities in the mineral exploration or development stage. The Corporation is actively exploring, well financed, has no debt and has excess work credits on its properties.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Urbana and or Beaufield to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Unless required by applicable securities law, neither Urbana nor Beaufield assumes any obligation to update these forward-looking statements.