Discussion of Results from Hole RR11-1:

Hole RR11-1 was collared near the southwest corner of the Burns Block and intersected high grade gold and silver mineralization in a position 80 metres down-plunge of the previously announced high grade gold intercept in hole RR10-18. Hole RR11-1 was the first hole drilled by Bayfield in 2011 and is part of the Company's continued exploration and delineation of the high grade gold chute located on the western portion of the Burns Block.

Visible gold, electrum and native silver were noted during logging of the mineralized interval. Coarse gold and electrum occur as cross cutting fracture fillings within a distinctive foliated and sericite altered dacite host rock. Native silver (or silver rich electrum) occurs as mm-scale blebs, smears or dendritic clumps localized within the strong foliation. Accessory minerals include abundant dark brown sphalerite, blebs of chalcopyrite and arsenopyrite as well as deformed pyrite stringer veins and cross cutting galena veinlets.

Significant assay results from RR11-1 are summarized below. Note that silver mineralization occurs with the gold mineralization and that the silver content of the mineralization has an important impact on the grade of the mineralized zones when combined and expressed as gold equivalent values or AuEq.

Gold and Silver Assay Results from RR11-1:

* RR11-1: 116.6m of 1.05 g/t Au, 13.34 g/t Ag (1.35 g/t Au eq.),

including 0.70m of 21.60 g/t Au, 21.00 g/t Ag (22.07 g/t Au eq.);

and 10.95m of 1.71 g/t Au, 78.36 g/t Ag (3.45 g/t Au eq.);

and 2.20m of 33.13 g/t Au, 208.18 g/t Ag (37.76 g/t Au eq.)

Current Exploration Summary:

Bayfield is still at an early stage of exploration on its Rainy River properties with approximately 28,000 metres of drilling completed out of the planned 50,000+ metre drill program. Assays are pending for nine more holes (RR11-2 through RR11-10).

The Company is currently using two diamond drill rigs to carry out the exploration of the eastern extension of Rainy River Resource's main ODM17 gold zone onto the Burns Block. One of the rigs is currently defining the high grade gold chute near the western border of the Burns property by delineating the up-plunge extension of the high grade gold mineralization. The second rig is conducting the initial exploration of the foliated, sericite altered and mineralized dacite volcanic host rock to the east further into the Burns Block. The most easterly hole drilled in this program on the Burns Block is 150 metres from the western boundary, leaving 650 metres of strike length yet to be drilled to the east.

Jim Pettit, CEO of Bayfield Ventures, stated: "Hole RR11-1 is a very encouraging start to the year as it has intersected the down-plunge high grade extension from holes RR10-18, 15 and 52. The delineation of this high grade chute is ongoing on the Burns Block as well as the continued easterly step-out drilling. With 650 metres of unexplored strike length on the property, the Company is excited with the potential for new gold and silver discoveries over to the east.

Comments: Excellent drill results that add high-grade ounces to BYV's credit, and increase the company's attractiveness as a takeover target. We can't say that we knew this, specifically, was coming, but we can say that we knew --and said -- that the previous underwhelming results were not the end of the story.

We're pleased with the results, of course, but would not chase the stock at this point. Better to wait and see if it settles back. Meanwhile, congrats to those who recently bought under C$0.72 are are now nicely in the black.