Opinaca

[Ed Monton]

Beaufield arranges $3.4-million financing with Goldcorp


2006-01-11 08:43 ET - News Release

Mr. Jens Hansen reports

GOLDCORP ACQUIRES STRATEGIC STAKE IN BEAUFIELD

Beaufield Consolidated Resources Inc. has entered into an agreement with Goldcorp Inc. whereby Goldcorp will purchase, on a private placement basis, 6.8 million units of Beaufield at a price of 50 cents per unit for gross proceeds of $3.4-million. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at 55 cents for a period of two years.

Following the transaction, Goldcorp will hold 9.9 per cent of Beaufield's common shares and 14.2 per cent on a fully diluted basis after giving effect to the exercise of the warrants.

Goldcorp has previously announced that it has signed a definitive agreement with Virginia Gold Mines Inc. to acquire the company, which holds the Eleonore gold property adjacent to Beaufield's Opinaca property. The strategic relationship with Beaufield will now give Goldcorp a toehold investment in Beaufield which owns the land package directly adjoining Eleonore and will allow for both companies to pool their exploration efforts in the camp. Beaufield will continue to control and explore its properties, including Opinaca, with cash on hand and with the newly acquired funds from Goldcorp.