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Brixton Metals Signs LOI for Atlin Goldfields Project to Pacific Bay Minerals with $ 3.2 Million in Cash, $ 10 Million Shares, $ 7 Million Jobs, NSR 2%, Canadian Business Journal

Vancouver, British Columbia, March 24, 2022 (GLOBE NEWSWIRE) — Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (“Company” or “Brixton”) Pacific Bay Minerals Ltd. (TSXV: ““PBM” or “Pacific Bay”), Subject to the final agreement. Under the agreement, Pacific Bay has the option to acquire a 100% stake in the Atlin Gold Fields project within the traditional territory of Tacribert Ringgit First Nations in Atlin, British Columbia, Canada.

Gary R. Thompson, Chairman and Chief Executive Officer, said: This deal is Brixton’s second option deal, which recently offered the Hog Heaven Project to Ivanhoe Electric as an option. While the company is focusing on its flagship Thorn project, it will add value to Brixton shareholders. “

Contract terms:

Under the terms of the Letter Agreement, Pacific Bay may acquire up to 100% interest in the Atlingold Fields Project by completing the following:

  1. Pacific Bay may earn 51% interest on the property by completing $ 3,500,000 in exploration spending, paying $ 1,725,000 in cash and issuing 5,000,000 Pacific Bay shares prior to the fourth anniversary of the signing of the agreement. I can do it.
  2. If 51% interest is earned, Pacific Bay will complete additional exploration spending of $ 3,500,000, pay $ 1,500,000 in cash and issue 5,000,000 Pacific Bay shares prior to its 7th anniversary to add properties. Earn 49% interest. Of the conclusion of the contract.

If Pacific Bay chooses to exercise 51% revenue and not an additional 49% revenue, Pacific Bay and Brixton will start a joint venture. And 51% agree with Brixton, with each party participating in the program and budget according to the benefits of proportional distribution.

If Pacific Bay completes the option and acquires 100% of the property, Brixton will hold 2% Net Smelter Revenue Loyalty (NSR) and 1% of NSR will be available for purchase by Pacific Bay at any time for $ 2,500,000. ..

Table 1. Payment and work schedule.

event cash stock Exploration
Spending
When you sign the LOI $ 25,000
Completion of definitive agreement $ 100,000 750,000
1st anniversary $ 200,000 1,000,000 $ 500,000
2nd anniversary $ 250,000 1,000,000 $ 1,000,000
3rd anniversary $ 500,000 1,000,000 $ 1,000,000
4th anniversary $ 650,000 1,250,000 $ 1,000,000
5th anniversary $ 500,000 1,000,000 $ 1,000,000
6th anniversary $ 500,000 2,000,000 $ 1,000,000
7th anniversary * $ 500,000 2,000,000 $ 1,500,000
* 100% total earned $3,225,000 10,000,000 $7,000,000

All values ​​are Canadian dollars. Anniversaries are based on a final agreement.

About Brixton Metals Corporation

Brixton is a Canadian exploration and development company focused on promoting mining projects. Brixton has the Thorn Copper-Gold-Silver Project in northwest BC, the Atrin Goldfields Project (now under LOI with Pacific Bay Minerals), the Langis-Hudbay Silver-Cobalt Project in Ontario, and Hog Haven Silver. I completely own four exploration projects. -A gold and bronze project in Northwest Montana, USA (based on an option contract with Ivanhoe Electric Inc). Brixton Metals Corporation is traded on the TSX-V under the ticker symbol. BBBAnd under the OTC QB ticker symbol BBBXF.. For more information on Brixton, please visit: www.brixtonmetals.com..

On behalf of the board of directors

Gary R. Thompson, Chairman and Chief Executive Officer
Tel: 604-630-9707 or Email: info@brixtonmetals.com

For investor information, please contact:

Mitchell Smith, Vice President of Investor Relations
Tel: 604-630-9707 or email: mitchell.smith@brixtonmetals.com

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.

The information contained in this news release may contain forward-looking statements under applicable securities laws. Forward-looking statements are related to future events, not past. In this context, forward-looking statements often correspond to expected future business and financial performance, “expect,” “believe,” “plan,” “estimate,” and “expect.” , Often include statements such as “intended”. Actions or events “possible”, “possible”, “possible”, including statements dealing with potential amounts and / or grades of minerals, potential sizes, and expansion of mineral zones. “There”, “should”, or “occur”, the proposed timing of exploration and development plans, or other similar expressions. All statements except, but not limited to, statements of historical facts contained in this document, including but not limited to statements regarding the use of revenue. By its nature, forward-looking statements include known and unknown risks, uncertainties, and other factors, expressed by actual results, performance, outcomes, or other future events. Or it may differ materially from the implied future results, performance, or outcomes. A statement about such a future outlook. These factors include, among other things, the following risks: Need for additional funding. Operational risks associated with mineral exploration. Product price fluctuations; The title is important. In addition, additional risks identified in our annual information form or other reports and filings with TSXV and applicable Canadian securities regulators. Forward-looking statements are based on management’s beliefs, estimates and opinions on the day of the statements, and if these beliefs, estimates, opinions or other circumstances change, we will do so. , Applicable securities law. Investors are warned of giving undue certainty to forward-looking statements.


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Brixton Metals Signs LOI for Atlin Goldfields Project to Pacific Bay Minerals with $ 3.2 Million in Cash, $ 10 Million Shares, $ 7 Million Jobs, NSR 2%, Canadian Business Journal

Source link Brixton Metals Signs LOI for Atlin Goldfields Project to Pacific Bay Minerals with $ 3.2 Million in Cash, $ 10 Million Shares, $ 7 Million Jobs, NSR 2%, Canadian Business Journal

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