Exploring for Gold in the Rainy River and Red Lake districts of Northwestern Ontario

81m @ 5.08 g/t Gold, 28m @ 13.28 g/t Gold, 9m @ 12.88 g/t Gold, 46.6m @ 2.28 g/t Gold plus Bonanza grade Silver (up to 1760 g/t)

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Bayfield Drills 61.02 g/t Gold over 7m & 64.66 g/t Gold over 5m in Two near surface Infill Holes at Burns Block in Rainy River, NW Ontario

NEWS RELEASE

November 29, 2011

Vancouver, BC - Bayfield Ventures Corp.(TSX-V: BYV.V - News) (Frankfurt: B4N.F -News) (the "Company") is pleased to announce additional high grade gold and silver intercepts on its 100% owned Burns Block property in the Rainy River District of north-western Ontario. The Burns Block is situated adjacent to the east and on strike to Rainy River Resources` (TSX: RR.TO -News) multi-million ounce gold deposit.

Rainy River gold properties claims map:
http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf

Highlights:

  • East to west oriented infill drill holes (54 degrees, 60 degrees and 65 degrees dips) have been successfully completed to test for the lateral and vertical continuity of the bonanza grade gold and silver mineralization reported previously for hole RR11-71 (see news release June 27, 2011).

  • Hole RR11-180 intercepted 30 metres grading 12.98 g/t Au including 5 metres of 64.66 g/t Au at a vertical depth of 40 metres.

  • Hole RR11-181 intercepted 33 metres grading 13.73 g/t Au including 7.20 metres of 61.02 g/t Au (silver assay pending).

  • Hole RR11-182 intercepted 12.00 metres of 9.53 g/t Au and 31.35 g/t Ag.

  • Total vertical distance between these three holes within the high grade zone is approx. 12 metres.

  • A forth east to west oriented infill drill hole (45 degree dip) passed over the zone within till cover but did intersect 15 metres of 2.89 g/t gold and 23.02 g/t silver in a separate zone to the west.

  • Three dimensional modeling of these near surface intercepts is underway and will be extended to include the total width along the north and far north fences for which mineralization of greater than 5.0 g/t Au has been discovered. This width is currently at approximately 130 metres west to east.

  • Silver assays for these east west holes are only partially received.

  • Assays for sixteen additional completed holes are pending.

Discussion of Current Western High Grade Area Delineation Drilling Results:

Recently, Bayfield initiated the drilling of a series of holes drilled on due west azimuths in the northwest corner of the Burns Block. The purpose of these drill holes is two fold: to further delineate known high grade gold and silver zones and to explore for additional electrum bearing fracture zones between the existing pattern of north facing dill holes.

Currently, the Company has three set-ups for these east-west drill holes in order to test the lateral thicknesses and vertical extensions of the bonanza grade gold zones previously intercepted in holes RR11-71, RR10-15 and RR10-52.

Updated Burns Block drill hole location map:
http://www.bayfieldventures.com/i/maps/BYV_Burns_Exploration_Map_July_2010.jpg

The initial results from these east-west infill drill holes are highly encouraging. Drill hole RR11-180 intercepted 30.00 metres grading 12.98 g/t Au and 39.65 g/t Ag at a vertical depth of 40 metres. The length of this intercept demonstrates that the high grade zone intercepted in hole RR11-71 (11.2 metres of 60.05 g/t Au and 362.96 g/t Ag) has significant lateral width to it from east-west. It also illustrates that the high grade drill intercept reported in RR11-71 did not result from down-dip drilling through a narrow high grade structure. This fact is also supported by hole RR11-181 which intercepted 7.20 metres of 61.02 g/t Au (silver assay pending). Drill hole RR11-182 intercepted 12.00 metres of 9.53 g/t Au and 31.35 g/t Ag and was drilled 5 degrees below hole RR11-180 from the same collar.

Table 1: East to West Drill Holes

Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) AuEq (g/t) Drill Fence
RR11-180 26.00 32.00 6.00 0.15 14.88 0.45 Far North
40.00 41.00 1.00 0.16 11.00 0.38 Drilled
47.00 77.00 30.00 12.98 39.65 13.77 east-west
including 47.00 66.50 19.50 19.85 56.48 20.98 to RR11-71
including 47.00 61.00 14.00 27.30 59.46 28.49 intercept
including 52.00 57.00 5.00 64.66 89.12 66.44
RR11-181 44.00 77.00 33.00 13.73 37.82 14.49 Far North
including 48.40 58.00 9.60 46.30 92.82 48.16 Drilled
including 49.80 57.00 7.20 61.02 pending 61.02 east-west
86.00 99.50 13.50 1.05 18.97 1.43 to RR11-71
intercept
RR11-182 22.90 33.50 10.60 0.15 12.64 0.40 Far North
44.00 48.50 4.50 0.20 7.93 0.36 Drilled
53.00 81.50 28.50 4.14 17.91 4.50 east-west
including 54.50 66.50 12.00 9.53 31.35 10.16 to RR11-71
including 59.00 65.00 6.00 16.62 40.98 17.44 intercept
87.50 90.50 3.00 0.97 40.40 1.78
including 87.50 89.00 1.50 1.65 58.60 2.82
96.50 101.00 4.50 0.41 21.13 0.83
including 98.00 99.50 1.50 0.68 36.20 1.40
RR11-184 30.00 44.00 14.00 0.18 11.42 0.41 Far North
48.50 77.00 28.50 0.43 9.50 0.62 Drilled
including 48.50 66.50 18.00 0.53 9.70 0.72 east-west
92.00 107.00 15.00 2.89 23.02 3.35 to RR11-71
intercept
RR11-185 113.00 114.50 1.50 1.04 0.20 1.04 Central
189.50 195.50 6.00 0.39 17.85 0.75 Drilled
including 189.50 192.50 3.00 0.69 28.50 1.26 east-west
246.50 252.50 6.00 0.42 12.00 0.66 to RR10-15
including 249.50 251.00 1.50 0.83 24.60 1.32 intercept
261.80 264.50 2.70 1.95 40.08 2.75

* g/t = grams per metric tonne
* The down hole interval lengths are estimated to be approximately 65%-95% of true width
* AuEq (gold equivalent) values calculated at a 50 to 1 (gold price vs. silver price) ratio and metallurgical recoveries and net smelter returns are assumed to be 100%
* The intervals were determined using a 0.35 g/t gold equivalent cut-off grade with a maximum gap of 3.0 metres between intervals below the cut-off grade

The geometry of the three holes RR11-180, RR11-181 and RR11-182 produces approximately 12 metres of vertical continuity of the high grade zone along with highly variable but significant east-west continuity ranging from 7.2 to 30 metres. This high grade gold and silver zone is near surface and well above 100 metres vertical depth.

The highest grade portions of these intercepts have similar mineralogy, including coarse gold, electrum, dark brown sphalerite and locally abundant galena. The structure and alteration are also similar to identical in each intercept.

Three points are worthy of highlighting given the results stated above:

  1. Previous Hole RR11-71 (11.2 metres of 60.05 g/t Au and 362.96 g/t Ag) intersected a robust zone of bonanza grade gold-silver mineralization.

  2. The zone has complex geometry including highly variable east-west width.

  3. More drilling is needed to define both the upper and lower extents of high grade mineralization and to help determine whether this high grade mineralization is in fact the upper portion of similar grade material intersected in previously drilled holes RR10-15, RR10-18 and RR10-52 to the south.

Surrounding these high grade zones on the western portion of the Burns Block is a pervasive, lower grade mineralized envelope. This envelope is significant to the overall value of the gold and silver mineralization hosted at the Burns Block. The mineralization commences immediately under 15 to 25 metres of glacial till cover in the northwest corner of the property. Bayfield continues to see high variability in gold and silver content of the mineralized intervals.

Three dimensional modeling of the near surface gold and silver intercepts is underway and will be extended to include the total width along the north and far north fences for which mineralization of >5.0 g/t Au has been discovered. This width is currently at approximately 130 metres west to east on the Burns Block.

The high grade mineralization is complex in nature and contains both gold-rich and silver-rich portions as well as intercepts that are very rich in both gold and silver. Work is underway to help determine the mineralogy of the silver mineralization in several drill holes in the northwest portion of the Burns Block. The pattern of strong gold and silver mineralization being in swarms of mm-scale cracks filled with sulfides and electrum continues to be present. However, detailed examination of the gold intercepts has revealed the presence of coarse gold in pyrite clots away from the electrum filled cracks suggesting the possibility that at least two gold mineralization events are present at the Burns Block project. The gold, electrum and galena filled cracks are dominantly oriented at low to sub-parallel angles to the core axis in the north-south oriented drill holes and at higher angles to the core axis in the east-west oriented holes. This geometry continues to strongly suggest that relatively late, largely north-south oriented fractures were a primary location for deposition of high grade mineralization at the Burns Block.

East Burns Block Exploration Drilling:

Current drilling near the east boundary of the Burns Block is being carried out to test the high magnetic and conductive geophysical anomaly reported last December. Initial logging results show the anomaly is related to magnetite-sulfide alteration of mafic volcanic rocks. The main sericite altered zone target has been intersected below the mafic rocks and a significant interval of dark brown sphalerite, galena, chalcopyrite and arsenopyrite mineralization has been found and is in for assay.

Additional holes have also been completed in the eastern portion of the Burns Block. Logging results show the main and lower sericite altered zones increasing in both width and internal complexity. Assays are pending for these drill holes.

Current Exploration Summary:

Bayfield is currently continuing to drill east to west holes in the western portion of the Burns Block to define the dimensions of the previously discovered high grade zones. These holes are also designed to explore for additional, potentially north-south striking mineralized gold and silver zones.

To the east we are continuing to drill across the main sericite altered shear zone while also closely watching for additional mineralization in both the hanging wall and footwall of the main zone. Additionally, we have just commenced exploration drilling of the high magnetic/conductor anomaly identified by geophysical work completed last December.

Bayfield still plans a further 35,000 metres of diamond drilling to be completed on its Rainy River properties with the bulk of this drilling to be carried out on the Burns Block. Contracting of a third rig to conduct reconnaissance exploration of the large C Block land position to the west is still on the slate and is considered very important. The C Block is well positioned along the western extension of the Rainy River gold district and has had no previous diamond drilling done. Ground conditions will be the deciding factor in whether this exploration can be commenced this fall or whether it will have to wait until freeze up in early 2012.

Assay Results for Additional Completed Holes:

The following additional assay results have been received since the last news release reporting drill results (Oct. 20, 2011). They are organized by their location on the Burns Block.

Table 2: Southwest Burns Block Quadrant Drill Holes:

Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) AuEq (g/t) Drill Fence
RR11-144 666.80 667.90 1.10 0.36 14.50 0.65 South
669.30 670.70 1.40 0.28 3.10 0.34

Table 3: Northwest Burns Block Quadrant Drill Holes:

Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) AuEq (g/t) Drill Fence
RR11-149 47.00 84.50 37.50 0.60 11.97 0.84 Far North
including 51.50 71.00 19.50 0.96 17.37 1.31
including 51.50 54.50 3.00 2.76 42.20 3.60
93.50 96.50 3.00 0.40 8.00 0.56
RR11-150 54.50 86.00 31.50 0.37 11.24 0.59 Far North
RR11-151 56.00 86.00 30.00 0.49 11.29 0.72
including 56.00 57.50 1.50 2.10 5.60 2.21
100.35 101.35 1.00 0.39 4.30 0.48
RR11-153 50.00 53.00 3.00 0.22 8.95 0.40 Far North
59.00 75.50 16.50 0.31 9.21 0.49
83.00 86.00 3.00 0.54 5.65 0.65
RR11-154 54.50 57.50 3.00 1.43 11.90 1.67 Far North
including 56.00 57.50 1.50 2.62 16.40 2.95
65.00 74.00 9.00 0.72 26.03 1.24
including 68.00 71.00 3.00 1.62 59.50 2.81
89.00 96.50 7.50 0.23 4.92 0.33
RR11-155 54.50 56.00 1.50 0.20 14.70 0.49 Far North
69.50 81.50 12.00 0.50 19.49 0.89
including 71.00 78.50 7.50 0.64 26.94 1.18
86.00 87.50 1.50 0.24 8.70 0.41
90.50 99.50 9.00 0.39 9.40 0.58
including 90.50 92.00 1.50 1.02 21.60 1.45
RR11-156 53.75 56.00 2.25 0.16 14.08 0.45 Far North
66.50 71.00 4.50 2.37 46.40 3.30
including 66.50 68.00 1.50 4.83 75.30 6.34
75.50 80.00 4.50 0.22 6.97 0.36
87.50 92.00 4.50 0.50 3.27 0.57
RR11-157 56.00 62.00 6.00 0.27 9.80 0.47 Far North
75.50 81.50 6.00 0.46 25.33 0.97
including 80.00 81.50 1.50 1.00 64.10 2.28
90.50 93.50 3.00 0.28 4.45 0.37
95.00 98.00 3.00 0.85 5.35 0.96
including 95.00 96.50 1.50 1.28 7.90 1.44
RR11-158 60.50 62.00 1.50 0.17 12.60 0.42 Far North
66.50 72.50 6.00 0.35 11.00 0.57
77.00 86.00 9.00 0.32 10.17 0.52
90.50 101.00 10.50 0.28 7.79 0.43
RR11-161 44.50 45.80 1.30 0.32 14.30 0.61 Far North
53.00 71.00 18.00 0.84 17.72 1.19
including 62.00 71.00 9.00 1.56 28.75 2.14
77.00 86.00 9.00 0.34 4.38 0.43
RR11-164 41.00 56.00 15.00 0.26 9.42 0.45 Far North
77.00 91.00 14.00 0.92 22.35 1.37
including 90.00 91.00 1.00 4.20 16.30 4.53
RR11-165 38.00 39.50 1.50 4.07 36.00 4.79 Far North
47.00 53.00 6.00 0.29 9.68 0.48
57.50 81.50 24.00 1.25 20.81 1.67
including 69.50 81.50 12.00 2.15 35.09 2.85
including 75.50 77.00 1.50 7.41 NA 7.41
RR11-166 41.00 75.50 34.50 0.47 14.43 0.76
RR11-167 47.00 50.00 3.00 0.48 14.80 0.78 Far North
57.50 101.00 43.50 0.37 12.21 0.61
RR11-168 29.00 33.50 4.50 0.30 6.77 0.44 Far North
48.50 61.00 12.50 0.49 21.81 0.93
including 56.00 61.00 5.00 0.83 36.89 1.57
including 60.00 61.00 1.00 1.64 122.00 4.08
65.00 69.50 4.50 2.53 4.00 2.61
including 68.00 69.50 1.50 5.59 4.40 5.68
77.00 78.50 1.50 0.37 3.40 0.44
RR11-169 26.00 29.00 3.00 0.69 9.10 0.87 Far North
42.50 54.50 12.00 0.38 11.45 0.61
86.00 87.50 1.50 0.42 1.10 0.44
RR11-170 39.50 44.00 4.50 0.24 7.30 0.39 Far North
59.00 63.50 4.50 3.37 25.47 3.88
69.50 110.00 40.50 0.67 12.86 0.93
including 71.00 102.50 31.50 0.73 15.39 1.04
including 96.50 102.50 6.00 1.94 17.13 2.28
RR11-171 38.00 41.00 3.00 1.18 69.50 2.57 Far North
57.50 62.00 4.50 0.27 11.63 0.50
66.50 71.00 4.50 0.48 23.67 0.95
78.50 81.50 3.00 0.39 1.55 0.42
89.00 90.50 1.50 0.51 1.40 0.54
RR11-172 25.60 27.10 1.50 0.43 3.90 0.51 Far North
31.50 34.80 3.30 0.82 47.32 1.76
including 32.80 33.80 1.00 1.71 64.50 3.00
47.00 66.50 19.50 0.63 17.12 0.97
including 53.00 66.50 13.50 0.80 19.58 1.19
including 65.00 66.50 1.50 3.00 55.70 4.11
RR11-173 27.90 29.00 1.10 0.56 5.10 0.66 Far North
35.00 38.00 3.00 0.34 53.35 1.41
50.00 69.50 19.50 0.38 9.74 0.57
including 63.50 65.00 1.50 1.27 14.30 1.56
78.50 86.00 7.50 0.39 8.02 0.55
RR11-174 29.00 30.50 1.50 0.22 26.80 0.76 Far North
45.50 53.00 7.50 1.00 25.06 1.50
including 47.00 48.50 1.50 2.09 43.10 2.95
51.50 53.00 1.50 1.74 35.00 2.44
59.00 68.00 9.00 0.39 24.72 0.88
including 63.50 65.00 1.50 1.14 62.20 2.38
77.00 78.50 1.50 1.22 3.20 1.28
RR11-175 30.50 32.00 1.50 0.37 5.90 0.49 Far North
41.00 53.00 12.00 0.36 3.13 0.42
57.50 59.00 1.50 0.37 1.80 0.41
63.50 71.00 7.50 0.29 7.08 0.43
86.00 90.50 4.50 0.40 1.80 0.44
102.50 104.00 1.50 0.55 1.30 0.58
RR11-176 42.50 45.50 3.00 0.93 10.35 1.14 Far North
including 44.00 45.50 1.50 1.56 15.80 1.88
56.00 57.50 1.50 0.57 29.40 1.16
66.50 68.00 1.50 0.48 6.10 0.60
RR11-177 35.00 36.50 1.50 0.14 14.30 0.43 Far North
50.00 51.50 1.50 0.18 12.50 0.43
57.50 65.00 7.50 0.22 6.44 0.35
RR11-178 42.50 62.00 19.50 0.28 9.35 0.47 Far North
68.00 83.30 15.30 0.53 13.09 0.79
including 71.00 77.00 6.00 0.86 20.93 1.28

Table 4: Southeast Burns Block Quadrant Drill Holes:

Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) AuEq (g/t) Drill Fence
RR11-152 NSV NSV NSV Central
RR11-160 268.85 274.15 5.30 0.44 12.18 0.69 Central
320.00 323.00 3.00 0.37 5.55 0.48
RR11-163 235.00 236.50 1.50 1.08 2.10 1.12 Central
341.00 345.50 4.50 0.72 8.67 0.89
including 342.50 344.00 1.50 1.16 12.40 1.41
443.00 446.00 3.00 0.45 2.55 0.50
646.00 647.50 1.50 0.51 1.20 0.53
RR11-179 117.50 119.00 1.50 0.50 2.30 0.55 Central
133.00 134.25 1.25 0.31 1.90 0.35
201.70 202.60 0.90 0.70 2.30 0.75
270.50 276.50 6.00 0.46 14.50 0.75
including 270.50 272.00 1.50 0.83 16.90 1.17
RR11-183 236.00 243.50 7.50 0.39 15.50 0.70 Central
including 239.00 240.50 1.50 0.83 28.90 1.41

* g/t = grams per metric tonne
* The down hole interval lengths are estimated to be approximately 65%-95% of true width
* AuEq (gold equivalent) values calculated at a 50 to 1 (gold price vs. silver price) ratio and metallurgical recoveries and net smelter returns are assumed to be 100%
* The intervals were determined using a 0.35 g/t gold equivalent cut-off grade with a maximum gap of 3.0 metres between intervals below the cut-off grade

Quality Assurance:

Drill core analysis and assaying is being conducted by ACT Labs in Thunder Bay, Ont. The lab is ISO/IEC 17025:2005 (CAN-P-4E) certified. The drill core is split and sampled in standard 0.5 metre to 1.5 metre intervals. The core samples were analyzed for gold by 30-gm fire assay with AA finish and by gravimetric methods from assays over 5,000 ppb (over limit). Screened total metallic assays are being performed on samples assaying over 5,000 ppb. The core samples were analyzed for silver by Ag Aqua Regia-ICP finish and Ag Fire Assay-Gravimetric from assays over 100 ppm (over limit). The Company has implemented a quality assurance and quality control program to ensure that the sampling and analysis of all samples is conducted in accordance with the best possible practices.

Robert Marvin, P.Geo., CPG, VP Exploration for Bayfield Ventures is the Qualified Person as defined by National Instrument 43-101 and supervised both the project field work and the preparation of the technical information in this release.

About Bayfield Ventures Corp.:

Bayfield Ventures Corp. is exploring for gold in the Rainy River District of north-western Ontario.

The Company has 62.8 million shares outstanding and approximately $6 million in its treasury.

On February 15th, Bayfield Ventures was recognized as a TSX Venture 50® company in 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license. The TSX Venture 50® are the top 10 companies listed on the TSX Venture Exchange, in each of five major industry sectors - mining, oil & gas, technology & life sciences, diversified industries and clean technology - based on a ranking formula with equal weighting given to return on investment, market cap growth, trading volume and analyst coverage. All data was as of December 31, 2010.

For further information on Bayfield Ventures Corp. (TSX-V: BYV.V - News), visit the Company`s web site at www.bayfieldventures.com.

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