VANCOUVER, BC--(Marketwired - September 30, 2016) - Brixton Metals Corporation (TSX VENTURE: BBB) (the "Company" or "Brixton") is pleased to announce that it has entered into a purchase and sale agreement with Agnico Eagle Mines Limited ("Agnico Eagle") dated September 30, 2016 (the "Acquisition") to acquire 100% control over certain additional real property adjoining the Company's Langis Property.
Chairman and CEO of Brixton, Gary R. Thompson stated, "The acquisition of the Penna lands are both patented surface and mineral rights which cover the lands over shaft number 7 filling in our Langis mine holdings. This area has been where our most recent drilling has taken place."
Upon completion of the Acquisition, Brixton will pay Agnico Eagle $200,000 and assume environmental and mine closure liabilities in the amount of approximately $56,000. Agnico Eagle retains a 2.0% net smelter returns on any future production from the property, subject to Brixton's right to purchase from Agnico Eagle one-half of such royalty for $500,000. The Acquisition is subject to customary closing conditions and the discharge of encumbrances.
About Brixton Metals Corporation
Brixton Metals is an Canadian exploration company focused on the advancement of its gold and silver projects toward feasibility.
The Langis project is located 500 kilometres north of Toronto, Canada near Lake Timiskaming. The high-grade silver mineralization occurs as steeply-dipping veins within any of the three main rock types: Archean volcanics, Coleman Member sediments and Nipissing diabase. The Cobalt camp has historically produced over 500 million ounces of Ag. Brixton owns two past producing mines in the Cobalt-silver camp, the Langis and Hudson Bay mines. The Langis mine produced 10.4Moz Ag at 25 oz/t Ag and the Hudson Bay mine produced 6.4 Moz Ag at 123 oz/t Ag.
The wholly owned Thorn Project is located in northwestern British Columbia, Canada, approximately 105 km ENE from Juneau, AK. The Thorn project hosts a district scale Triassic to Cretaceous volcano-plutonic complex with many styles of mineralization related to porphyry and epithermal environments. Targets include sediment hosted Au-Ag, Ag-Au-Pb-Zn diatreme-breccia, Au-Ag-Cu veins; and volcanic hosted structurally controlled Au-Ag. Brixton has established a maiden inferred resource of 21.5Moz AgEq from 7.4 Mt at 89.75 g/t AgEq based on limited drilling. Further information regarding the resource estimates, can be found on the in the Company's technical report prepared by SRK Consulting dated December 12, 2014 and filed on SEDAR. Read more at http://brixtonmetals.com/thorn-technical-reports/
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: 604-630-9707 or email: email@example.com
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.
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, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, the proposed closing of the Acquisition, the discharging of encumbrances by Agnico Eagle, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the exploration potential of the Langis property based on historical information resources estimates on the Thorn Project 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 TSXV 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.