Re: Bayfield Ventures Corp.

News Release Tuesday, August 24, 2010 Bayfield Drills 31.71 g/t Au over 3.0m within 12.88 g/t Au over 9.0m in Rainy River, NW Ontario To: .

Vancouver, BC - Bayfield Ventures Corp.

(TSX-V: BYV) (FWB: B4N) (the "Company") is pleased to announce a significant high grade gold discovery on its Burns Block property in the Rainy River District of north-western Ontario.

The Burns Block is situated immediately to the east and on strike to Rainy River Resources (TSX-V: RR) multi-million ounce gold deposit with an average grade of 1.25 g/t gold. Rainy River gold properties claims map:
Highlights: . Significant high grade gold discovery early in 20,000+ metre (50+ holes) diamond drill program . Bayfield intersects 31.71 g/t gold over 3.0 metres within 12.88 g/t gold over 9.0 metres . New high grade gold zone intersected at a vertical depth of 160 metres . The combination of the high grades and length of this gold intercept is one of the more notable gold discoveries in the Rainy River area, especially considering the shallow depth of the zone . 8 additional holes completed; assays pending Drill hole RR10-15 has intersected high grade gold mineralization within the upper portion of a lapilli tuff unit from 190 metres to 199 metres down hole.

The intercept totals 9 metres at 12.88 g/t gold and includes 3.0 metres of 31.71 g/t gold.

The hole was collared to explore for the eastward extension of Rainy River Resources ODM17 gold zone.

This extends the known mineralization previously encountered in exploration holes drilled by Rainy River Resources in 2008 and by Bayfield earlier this year.

The high grade gold mineralization in drill hole RR10-15 is surrounded above, below and to the west by more disseminated gold mineralization indentified in holes RR10-12, RR10-13, RR10-14 and RR10-16.

These holes all encountered highly anomalous gold values ranging up to 55 metres thick within the known mineralized West Gold Zone.

The gold values within the mineralized envelope range from 200 ppb to 1000 ppb.

In hole RR10-15, low grade, disseminated gold mineralization occurs up hole and down hole of the new zone. Burns Block drilling exploration map:
Significant gold intercepts from the latest batch of assay results are listed below including hole RR10-15:
DRILL HOLE DIP AZ. FROM (m) TO (m) INTERVAL (m) GOLD (g/t) GOLD ZONE RR10-12 60� 360� 189 213 24.0 0.51 West Zone including 207 211 4.0 1.43 including 207 209 2.0 2.47 RR10-15 55.5� 355� 190 199 9.0 12.88 "606 High including 194 197 3.0 31.71 Grade Gold including 194 195 1.0 48.10 Zone" within West Zone
Hole RR10-15 was drilled to the north at an initial inclination of 60 degrees.

The hole flattened to an inclination of 55.5 degrees towards the end of the hole at 293 metres.

The geometry of the hole indicates that the high grade gold zone is relativity shallow at 160 to 168 metres vertically below surface. Fine grains (to 3 mm) of visible gold occur in the highest grade portions of the intersection (15 to 20 gold grains noted in the 195.5 to 195.75 metre interval).

This mineralogical data strongly suggests that the intersection is not based on sporadic occurrence of very coarse gold but rather due to the presence of pervasive mineralization of microscopic gold within the entire zone.

Geologic Character of the High Grade Gold Zone The new gold zone contains abundant pyrite, local sphalerite and intense sericite alteration of the lapilli tuff host rock.

The sulfides occur as stringer veinlets and clots, typical of other mineralized zones in the Rainy River area.

The zone is strongly deformed and contains scattered quartz veinlets.

Discussion of Assay Results Bayfield is referring to this new zone of gold mineralization as the 606 High Grade Gold Zone.

Where intersected in hole RR10-15, the 606 Zone lies within the previously established West Gold Zone.

Favourable comparison can be made between the 606 High Grade Gold Zone and the Bonanza grade gold zones recently discovered by Rainy River Resources immediately to the west.

In both cases, high grade gold zones occur within large zones of more disseminated gold mineralization.

The combination of intercept grade, length and depth of the 606 Zone would rank high on the list of all gold intercepts in the Rainy River district to date. Based on the details of core logging of the gold zone in RR10-15, as well as logging results from surrounding holes, Bayfield believes the 9 metre interval in RR10-15 reported here is close to or at true width. Jim Pettit, CEO of Bayfield Ventures, stated: "The current 20,000+ metre drill program on Bayfields Rainy River properties has made some serious headway very early on.

The discovery of a high grade gold zone in only the eighth hole drilled illustrates the early success as well as the irrefutable exploration potential going forward.

Bayfield believes that with enough drilling it can define a gold resource on the Burns Block and prove up the eastern extension of Rainy River Resources multi-million ounce gold deposit." Exploration Potential The discovery of high grade gold mineralization on the Burns Block property fully confirms Bayfields earlier assessments of the exploration potential of the ground and that the mineralization at the Burns Block is the direct eastward extension of the adjacent Rainy River Resources ODM17 gold zone.

The importance of the discovered high grade gold cannot be overstated as it documents that strong gold mineralization found in Rainy River Resources ODM17 gold zone continues onto Bayfields ground.

In addition, very fine-grained grey sulfides have been tentatively identified as galena which is typically associated with silver values in the district.

Silver assays of all zones are now being carried out and will be reported at a later date.

Bayfield is still at a very early stage of exploration on both the Burns and the "B" Block properties.

The Company is now developing plans to continue the eastward strike expansion of mineralized rock as well as to explore for higher grade gold zones throughout both properties.

Bayfield feels that its current exploration method of drilling to establish the presence of the lower grade gold envelope followed by infill drilling to define higher grade gold zones is working well.

This exploration method will be applied at both the Burns and the "B" Blocks as the exploration of both properties advances. 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 metre intervals.

The core samples were analyzed for gold by 30-gm fire assay with AA finish and by gravimetric methods from assays over 3000 ppb (over limit).

Screened total metallic assays are being performed on samples assaying over 10,000 ppb.

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.

Shane Hu, P.Geo., Project Geologist for Bayfield Ventures is the Qualified Person, as defined by National Instrument 43-101 and supervised both the project field 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 approximately 41 million shares outstanding. For further information on Bayfield Ventures Corp.

(TSX-V: BYV), visit the Companys web site at . ON BEHALF OF THE BOARD OF DIRECTORS "Jim Pettit" _______________________________ James G.

Pettit Chairman and CEO For further information contact myself or: Jordan Trimble Corporate Communications Bayfield Ventures Corp. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: You can also view this News Release on our website at: http://www.bayfieldventures.com/s/NewsReleases.asp?ReportID=415773
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