Brixton Metals Enters into Definitive Purchase and Sale Agreement

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES/

VANCOUVER, Feb. 1, 2013 /CNW/ - Brixton Metals Corporation (TSXV: BBB) (the "Company" or "Brixton") is pleased to announce that, further to its news release issued on January 8, 2013, it has entered into a definitive purchase and sale agreement (the "Purchase and Sale Agreement") with Rimfire Minerals Corporation ("Rimfire") and Kiska Metals Corporation ("Kiska") to acquire a 100% interest in the Thorn property (the "Thorn Property") (the "Transaction").

Under the terms of the Purchase and Sale Agreement, Brixton will acquire a 100% interest in the Thorn Property through the payment to Kiska of $1.5 million in cash and the issuance of an aggregate of 7 million common shares of Brixton. The consideration shares will be subject to voluntary trading restrictions which will restrict their transferability for a period of twelve months from the closing date. The completion of the Transaction is subject to a number of conditions, including completion by Brixton of a financing (or other transaction) and receipt of TSX Venture Exchange approvals. The Transaction is scheduled to close by February 28, 2013 (or such other date as mutually agreed to by parties). There can be no assurance the Transaction will be completed as proposed or at all.

Corporate Update

Brixton appointed and promoted Carrie Sikman to Vice President Investor Relations effective February 1, 2013.

Project Update

Brixton filed its 2012 Assessment Report on the Thorn Project with the British Columbia Ministry of Energy and Mines. A copy of the report can be viewed at the following link. http://brixtonmetals.com/wp-content/uploads/Thorn2012_Assessment.pdf

The 2012 program at Thorn included; 2,890m of NQ core drilling from 26 holes at the Oban zone; the collection of 362 soil-talus fines samples from the Amarillo area; multispectral ASTER data was acquired; the Oban grid IP geophysical data was inverted into a 3D IP model; petrology for mineralization and alteration was conducted on 6 core samples from the Oban zone.  See link to view a 3D grade shell model of the Oban zone:  http://brixtonmetals.com/thorn-3-d-model/

Brixton identified a Northeast trending (Ag-Pb-Au-Zn) anomaly of 1,000m by 500m in the Amarillo Creek area which in part overlaps with a multi-kilometer scale area of alunite-illite-kaolinte alteration from ASTER data. The geochemical and ASTER data trend is coincident with the 2010 airborne EM geophysical anomaly.

The most significant hole at the Oban zone in 2012 was hole THN12-84, see below as previously released, where 90 percent of the 337m hole was mineralized.

Hole ID	From	To	Interval	Gold	Silver	Copper	Lead	Zinc	AuEq	AgEq
	(metre)	(metre)	(metre)	g/t	g/t	%	%	%	g/t	g/t
THN12-84	26.00	336.00	310.00	0.71	105.82	0.03	0.90	1.76	4.03	223.51
including	26.00	227.00	201.00	0.95	145.03	0.05	1.26	2.35	5.48	303.64
including	44.00	167.00	123.00	1.19	190.68	0.06	1.74	3.25	7.26	402.52
including	104.00	121.00	17.00	1.45	251.47	0.05	2.78	3.99	9.49	526.14

Exploration Plans for 2013

The 2013 program at Thorn is proposed to include: expansion drilling at the Oban zone, drill testing to the south, north and at depth: drill testing the Oban-sister IP anomaly to the east; infill and expand the 3d IP geophysical survey centered around the Oban area; infill and expand soil sampling over the anomalies identified in 2012 in the Amarillo area; infill and expand soil sampling over the large Outlaw geochem anomaly.

Mr. Sorin Posescu, P. Geo., is a Qualified Person as defined under National Instrument 43-101 standards and has reviewed and approved this news release.

About Brixton Metals Corporation

Brixton is an exploration company engaged in the exploration of precious metal assets and advancing them to feasibility. The Thorn property is centered on high-grade silver-gold-lead-zinc-bearing breccia-diatreme zones, high-grade Ag-Au-Cu veins and potential porphyry targets. The Thorn Property is located in northwestern British Columbia, Canada, between the past producing Golden Bear Mine and Chieftain's Tulsequah Chief Mine Development and about 130 km south from the village of Atlin, BC. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB. For more information about Brixton please visit our website at www.brixtonmetals.com.

On Behalf of the Board of Directors

Mr. Gary R. Thompson, Chairman and CEO,

Tel: [phone]

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; the completion of the Transaction and the proposed financing, the receipt of any regulatory approvals for the Transaction and statements about the closing date, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Brixton undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 

 

SOURCE: Brixton Metals Corporation

Mr. Gary R. Thompson, Chairman and CEO,
Tel: [phone]