TORONTO, ONTARIO--(Marketwire - Oct. 1, 2012) - Brionor Resources Inc. ("Brionor" or the "Company") (News - Market indicators) 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.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure by the parties to complete the Transaction, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement
Neither 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.