VANCOUVER, BC, August 19, 2011 – Brixton Metals Corporation (TSX-V: BBB) (the “Company” or “Brixton”) today announced it has initiated exploration work on its Kahilt Property located approximately 160 km northwest of Anchorage, Alaska. Exploration will be focused on the St. Eugene porphyry gold-copper prospect within the Cristo Claims and on the B Block Claims, a large-scale gold target.
The initial program will consist of soil and rock geochemical surveys and geological mapping to further define drill targets. The St. Eugene prospect is a 5 km by 2 km anomaly, as defined by alteration and soil-rock geochemical surveys. Rock grab samples have returned up to 2.2 g/t of gold and 1% copper to date. The B Block Claims cover a bulk heavy mineral concentrate sample taken by Cominco in the 1970’s which returned 30 g/t of gold.
Mr. Gary R. Thompson, Chairman & CEO, commented, “Kahilt’s location in the same Terrane that hosts Northern Dynasty’s Pebble deposit and the fact that it is adjacent to Kiska’s Whistler deposit and the property joint ventured between Millrock and Teck Resources gives us plenty of reason to be excited about this property. We are eager to build on the historic data in this first phase of surveying and sampling.”
Brixton also announced it has entered into an amending agreement (the “Amending Agreement”) with Millrock Resources Inc. (“Millrock”) to the option agreement (the “Option Agreement”) dated October 14, 2010, among the Company, Brixton Alaska Corporation, Millrock Alaska LLC, and Millrock, as amended, pursuant to which Millrock granted the Company an exclusive option to earn and acquire a 100% interest in certain mineral claims in the State of Alaska, known as the Cristo Claims as set out in the Option Agreement (the “Property”). Under the Amending Agreement, Millrock has agreed to extend the deadline by one year for various exploration expenditures to be paid by the Company on the Property. In return the Company has agreed to pay Millrock an additional 500,000 common shares of the Company by December 31, 2011.
The Amending Agreement was approved by the Company’s Board of Directors and the transactions contemplated there under are subject to the final approval of the TSX Venture Exchange.
About Brixton Metals
Brixton is a Vancouver based mineral exploration company engaged in the acquisition and exploration of precious metal assets. Brixton’s management is focused on advancing large-scale deposits to feasibility. Brixton’s portfolio is comprised of two properties: Thorn (BC), and Kahilt (Alaska). The Thorn property is a high-grade gold-silver-copper project located 50 km from the past producing Golden Bear Mine in Northwest BC. The Kahilt Project is a gold-copper porphyry target located in the Kahiltna Terrane of Alaska. The Kahiltna Terrane hosts the giant Pebble gold-copper deposit of Anglo-American and Northern Dynasty. Brixton’s Kahilt Project is adjacent to the Whistler gold-copper deposit being developed by Kiska Metals, and the Estelle gold property being explored in joint venture by Millrock Resources with Teck American Incorporated. Brixton Metals trades on the TSX-V under 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
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, statements about the exercising of the option on the Property, exploration expenditures and exploration potential of the Property 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; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSX-V and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company 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.
For further information: For more information about Brixton please visit our website at www.brixtonmetals.com. Peter Oates, Investor Relations Manager Brixton Metals Corp. (604) 630 9707 peter.oates@brixtonmetals.com