Brixton Metals Corporation Announces Completion Of Flow Through Private Placement Unit Offering

VANCOUVER, March 31, 2011 � Brixton Metals Corporation (�Brixton� or the �Company�) is pleased to announce it has completed its first tranche of a financing announced March 3, 2011 with MineralFields Group. The brokered placement is for 4,000,000 flow-through units of the Company (each a �Flow-though� unit) at $0.25 per unit (the �offering�) for total gross proceeds of $1,000,000.  Each unit consists of one common share and a one-half of one purchase warrant, with each full purchase warrant being exercisable into one common share of the Company at $0.40 for a 24-month period.  The securities issued pursuant to this offering are subject to a hold period of four months and one day from the closing date.
 
The Company has also priced its previously announced unit offering at $0.20 per unit (the �Units�).  The Units will consist of one common share of the Company and one-half of one purchase warrant (each whole warrant, a �Warrant�). Each warrant will be exercisable for one common share of the Company for a period of 24 months from the closing date at an exercise price of $0.30.
 
The finder for the Flow-through is First Canadian Securities (a division of Limited Market Dealer Inc.) which received a cash finder�s fee, equal to 6% of the gross proceeds received and finders units equal to 8% of the Flow-through units sold (the �Finder Units�).  The Finders Units are exercisable at $0.25 into units of the Company consisting of one common share and one-half of one non-flow-through warrant, each whole warrant is exercisable into a common share of the company at $ 0.40 for a period of 24 months following the closing date.
 
Gary Thompson, Chairman and CEO of Brixton, commented on the offering �Brixton is very pleased to add MineralFields Group as an Institutional Investor. This is an important milestone in the growth of Brixton and we look forward to working with MineralFields Group as we develop our Thorn project in Northern British Columbia�
 
The Thorn property is a high sulphidation silver-gold-copper project covering 19,000-hectares. Originally a Kennco discovery in 1959, it has had approximately $5 million in exploration spent to date, which included 6,386 meters of drilling and numerous geophysical and geochemical surveys.
 
Gary Thompson added �We see many similarities with other high sulphidation metal deposits around the world including La Bodega in Colombia, Lepanto in Philippines and El Indio in Chile which all share comparable characteristics to Thorn. We see Thorn as a high-grade Ag-Au, Cu mineralized vein system forming as a series of veins as parallel, sheeted and or clusters of veins.�
 
Brixton now has a phase one budget for Thorn of about $1.3 million, which will mainly focus on drilling at the Talisker Zone. Toby Hughes, VP of Exploration, commented on the upcoming year �We are very optimistic about this years program at Thorn. Previous operators have found some excellent numbers with high grades on many of the zones.� Drilling is anticipated to begin early June 2011.
 
Toby Hughes, P. Geo., is a Qualified Person as defined by the National Instrument 43-101.
 
A summary of results is presented below, (previously reported in the NI-43-101 Report on the Thorn property available on both Brixton�s website and Sedar.com)

Thorn Property: Historical Samples
 

 
An additional zone, Outlaw, has a 2000meter by 400meter multi-element soil anomaly associated with an IP Chargeability response.

See below link for proposed 2011 drill program targets.

http://files.newswire.ca/945/ThornProposed.pdf

About Brixton Metals Corporation 

Brixton is a Vancouver based mineral exploration company engaged in the acquisition and exploration of precious metals 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 Kahilt District is the name Brixton has given to its lands within the Kahiltna Terrane, a 650 km long section of Alaska that was infused with copper and gold mineralization. The Kahiltna Terrane hosts the giant Pebble gold-copper deposit of Anglo-American and Northern Dynasty, the Whistler gold-copper deposit being developed by Kiska Metals, and Millrock Resources' Estelle gold property being explored in joint venture with Teck American Incorporated. Brixton Metals trades on the TSX Venture Exchange under ticker symbol BBB. For more information about Brixton please visit our website at www.brixtonmetals.com.
 
About MineralFields, Pathway and First Canadian Securities �:
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com.  First Canadian Securities � (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies.  MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities �.        
 
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO

For Further Information Please Contact

Peter Oates, Investor Relations Manager
Brixton Metals Corp.
(604) 630 9707
peter.oates@brixtonmetals.com

This news alert does not constitute a solicitation to buy or sell securities. Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

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