Lorraine Copper

News

Plan of Arrangement; Spin-Off of Jajay Interest

News Releases
October 31, 2007
Plan of Arrangement; Spin-Off of Jajay Interest
Eastfield Resources Ltd. (TSX-V: ETF; the “Company”) is pleased to confirm that it is proceeding with a proposed Plan of Arrangement (the “Arrangement”) as announced on November 27, 2006.

Pursuant to the Arrangement, each issued and outstanding common share of the Company will be exchanged for one new common share and one reorganization share of the Company, all the reorganization shares will be transferred by shareholders to a newly incorporated affiliate of the Company, Lorraine Copper Corp., in exchange for 20,000,000 common shares of Lorraine Copper Corp. to be issued on a pro-rata basis (close to four common shares of Lorraine Copper Corp. are expected to be issued to shareholders by Eastfield Resources Ltd. for each nine reorganization shares); and the Company will redeem all of the reorganization shares by the transfer to Lorraine Copper Corp. of its interest in the Jajay mineral property and $150,000 of working capital. The Company’s other mineral properties and the balance of its working capital will remain with the Company.

Concurrently with the Company’s spin out of its interest in the Jajay property to Lorraine Copper Corp., its co-owner of the Jajay property, Lysander Minerals Corp. (“Lysander”), will also spin out its interest in the Jajay property to Lorraine Copper Corp. pursuant to a plan of arrangement having the same terms as the Arrangement (the “Lysander Arrangement”). This will result in a consolidation of the Company’s and Lysander’s interests in the Jajay property in Lorraine Copper Corp.

As a result of the Arrangement and the Lysander Arrangement, holders of common shares of the Company will end up holding common shares in both the Company and Lorraine Copper Corp. and holders of common shares of Lysander will end up holding common shares in both Lysander and Lorraine Copper Corp. and Lorraine Copper Corp. will hold all the interests in the Jajay mineral property currently owned by the Company and Lysander. The Company and Lysander will retain their respective remaining mineral properties.

The purpose of the Arrangement is to restructure the Company by separating the Jajay mineral property from its other mineral properties and consolidating the respective interests in the Jajay property held by the Company and Lysander in Lorraine Copper Corp. The Company believes this will be beneficial, as the separate identity created for each of the Company and Lorraine Copper Corp. will facilitate future financing and maximize shareholder value in the Company’s diverse portfolio of mineral properties.

The Arrangement and Lysander Arrangement are described more thoroughly in the Company’s Information Circular, currently being mailed to shareholders. The Arrangement is subject to shareholder approval, which will be sought at the Company’s Annual and Special Meeting of Shareholders to be held on November 7, 2007.

On behalf of the Board,

J. W. (Bill) Morton
President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.