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Beaufield Resources Terminates Balmat Due Diligence Process, Cuts CEO; Shares Edge Away From Yr Lows

Beaufield Resources Inc. (BFD.V), which has edged away from a year low 6 cents today, announced that due to the current financial and market conditions for resource companies its Board of Directors has decided to terminate the Balmat zinc mine due diligence process and has notified Hudbay (HBM.TO) accordingly.

As a consequence of Beaufield's decision to resume an exploration, development focus, the company "terminated" its President & CEO, mining engineer, Kevin Weston's contract and Weston has resigned as Director of the company.

Beaufield has a 2013 exploration budget of $2 million to pursue advancement of its key projects, Opinaca , Tortigny and Schefferville. The board of directors has nominated Jens E Hansen as interim President and CEO.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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