BUXTON RESOURCES LIMITED — Capital/Financing Update 2007

Oct 18, 2007

15 October 2007

Mr Nicholas Ong Australian Stock Exchange Limited Level 2 8 The Esplanade Perth WA 6000

Dear Nick

COMPLETION OF LETTER AGREEMENTS

Buxton Resources Limited confirms the completion of the following letter agreements between the Company and :

• Montezuma Mining Company Limited & South Boulder Mines Ltd Western Shaw Project

• $\triangleright$ Montezuma Mining Company Limited Eelya Hills Project
• $\geq$ Ronald Smit Dempster Project

• Duketon Consolidated Limited Warda Warra Project

These agreements were completed on 15 May 2007 with the issue of shares to each party as per the terms of their respective agreements.

If you require any further information please contact me.

Yours sincerely

$\sum_{\substack{ \text{if } \text{if } \text{if } \text{if } \text{if } \text{if } \text{if } \text{if$ $\Delta_{\rm{eff}}$

Graeme Smith Company Secretary