VANCOUVER, British Columbia, Oct. 5, 2005 (PRIMEZONE) -- Bayfield Ventures Corp. (the Company) (TSX-V:BYV) announces that BHP Billiton, the world's largest diversified resources company, has commenced its Falcon(tm) airborne gravity gradiometer survey, to explore the Falcon Gobi Project. Bayfield Ventures currently holds 100% in 3 mineral licenses totaling approximately 300,000 hectares, (760,000 acres) situated in the Gobi Region of south central Mongolia. Two of the company's land packages are located to the east and the west of Ivanhoe Mines Oyu Tolgoi copper gold deposit. The Company has optioned its land packages to BHP Billiton (see 16/06/ 2005 news release), whereby BHP Billiton can earn a 51% interest in Bayfield's properties by incurring $1.25 million in expenditures on the properties on or before December 31, 2007, and keep the Company's licenses in good standing for the term of the agreement.
Mongolian Claims Map: http://www.bayfieldventures.com/projects/maps/mongolia.jpg
BHP Billiton will use its proprietary airborne Falcon system and solely finance a major airborne geophysical survey and incur costs of a minimum of $250,000US. This BHP Billiton proprietary airborne system will provide a new dimension in exploration for copper and gold deposits in Southern Mongolia with its ability to "see through" the surface cover to identify gravity anomalies, which then can be explored in detail with ground geophysics, sampling, and drilling. BHP Billiton will fund all aspects of the geophysical survey, inclusive of mobilization, as well as processing and interpretation, using the most advanced and proprietary techniques.
Following BHP Billiton's vesting in the project, a 51 / 49 joint venture will be established between BHP Billiton and Bayfield Ventures, and the parties will contribute all further exploration and development costs on a pro-rata basis.
BAYFIELD VENTURES CORP. is actively involved in the exploration and development of copper-gold & coal properties in the South Gobi region of Mongolia, and a gold property in the Red Lake region of northwestern Ontario, Canada.
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
"Don Huston"
DONALD C. HUSTON, President
For further information contact myself or Don Myers.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.