Brionor Resources Inc.

October 01, 2012 09:13 ET

Brionor Amends Agreement With Xmet on Sale of Pitt Gold Project



TORONTO, ONTARIO--(Marketwire - Oct. 1, 2012) - Brionor Resources Inc. ("Brionor" or the "Company") (TSX VENTURE:BNR) announces that it has entered into an amended and restated asset purchase agreement ( the "Agreement") relating to the previously announced sale (the "Transaction") of twenty-four contiguous mineral claims (known as the "Pitt Gold Project") to Xmet Inc. ("Xmet" ) (TSX VENTURE:XME) (see press release of the Company dated May 16, 2012 for more information on the Transaction). As previously mentioned, the Pitt Gold Project is immediately adjacent to Xmet's flagship Duquesne-Ottoman Project in Quebec, and allows for the consolidation of significant NI 43-101 compliant resource ounces within the highly prospective Duparquet mining camp that lies within the historically prolific Porcupine Destor Break, in the Abitibi Greenstone Belt.

In exchange for 100% ownership of the Pitt Gold Project, Xmet will issue, subject to certain adjustments under the Agreement, 20,626,960 of its common shares to Brionor. Completion of the Transaction is subject to a number of conditions, including but not limited to, the exercise of Xmet's option to purchase a 75% interest in Duquesne-Ottoman Project (see press release of Xmet dated March 5, 2012), the acquisition from Cliffton Star Inc. of its 100% interest in a series of mineral claims know as the Duquesne Mine (see press release of Xmet dated September 20, 2012) and both parties obtaining all necessary corporate approvals, as well as the acceptance of the TSX Venture Exchange. Under the Agreement, the parties have agreed to extend the closing date of the Transaction to December 17, 2012.

Brionor is a junior mining exploration company with a portfolio of exploration projects in Québec.