BUXTON RESOURCES LIMITED — Capital/Financing Update 2012

Oct 31, 2012

ASX ANNOUNCEMENT

1st November 2012

==> picture [156 x 55] intentionally omitted <==

	1st November 2012
ABN:86 125 049 550ASX Code:BUX, BUXOFrankfurt:3B4.FShare Price:$0.53_(at 31/10/12)_Shares on Issue:46.6MNo of listed options:4.0MMarket Cap:24.71Cash at Bank:2.42MBoard MembersSeamus CorneliusChairmanAnthony MaslinManaging DirectorJulian StephensNon-Executive DirectorLiu Xing ZhouNon-Executive DirectorJoint Company SecretariesSam WrightJodi HaslingerWebsitewww.buxtonresources.com.au	Airborne VTEM Survey Identifies StrongConductors at Yalbra Graphite ProjectHIGHLIGHTS Preliminary EM data has been received for theYalbra Graphite ProjectHighly conductive response over the explorationtarget area of 8 – 12 Million Tonnes @ 7 – 11% C* New, large conductors with over 6km total strikelength identified Further modelling of the EM data will define drilltargets for 2013 programs*The potential quality and grade of the Yalbra Exploration Target is conceptual innature. There has been insufficient exploration to define a Mineral Resource and itis uncertain if further exploration will result in the determination of a MineralResource.

1st November 2012

Buxton Resources Ltd – ASX Announcement

Electromagnetic Survey

Buxton Resources completed a detailed 371 line km VTEM survey over E09/1985 the Yalbra Graphite Project on the 14[th] October 2012. The survey covered the entire tenement and highlighted very strong conductive responses to the south over previously drilled graphitic zones and the newly identified conductors to the north (Figure 1).

==> picture [481 x 399] intentionally omitted <==

Figure 1: EM response highlighting the exploration target and the newly identified conductors to the north striking over 6km in total

Buxton Resources Ltd Suite 1, First Floor, 14 – 16 Rowland St Subiaco WA 6008

Ph: 08 9380 6063 Fax: 08 9381 4056

1st November 2012

Buxton Resources Ltd – ASX Announcement

The survey was flown by Geotech Airborne Pty Ltd using a time domain VTEM system that is slung below a helicopter with the system sensor positioned 30 metres above ground surface (Figure 2).

The survey, conducted on flight lines spaced 100m apart, has provided high quality mapping of the highly conductive graphitic horizons.

==> picture [344 x 259] intentionally omitted <==

Figure 2: HeliVTEM survey (Photo courtesy of Geotech Airborne Pty Ltd)

Buxton Resources Ltd Suite 1, First Floor, 14 – 16 Rowland St Subiaco WA 6008

Ph: 08 9380 6063 Fax: 08 9381 4056

1st November 2012

Buxton Resources Ltd – ASX Announcement

Preliminary images from the survey have shown:

1. Historical drillholes correlate with the highly conductive main zone and remains open in both directions.

2. The newly identified northern zone extends over a 6km strike length representing a larger target area than the southern conductor that hosts the exploration target of 8 – 12 million tonnes @ 7 – 11% C* .

3. The northwest corner highlights a smaller eye shaped conductor (Figure 3).

*The potential quality and grade of the Yalbra Exploration Target is conceptual in nature. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

.

==> picture [481 x 273] intentionally omitted <==

Figure 3: Historical drill holes located at the southern conductor

Processing of the entire EM data set will continue over the coming weeks and will lead to the identification of drill targets for future testing. Drilling is planned to commence during the first half of 2013, upon grant of the tenement.

Reconnaissance Field Trip

A recent field trip to Yalbra was undertaken to identify historical drill collars, outcrop, trenches and gather rock chip samples.

Twelve trenches were located from the eastern side of the southern conductor to the western side (Figures 4 and 5). Several trenches and outcrop exhibited visible, high grade graphite across the 4km strike length which showed strong spatial correlation with historical graphite drill intercept (Figure 6). Laboratory analyses for the 26 rock chip samples taken are expected in approximately 3 weeks.

Buxton Resources Ltd Suite 1, First Floor, 14 – 16 Rowland St Subiaco WA 6008

Ph: 08 9380 6063 Fax: 08 9381 4056

1st November 2012

Buxton Resources Ltd – ASX Announcement

==> picture [369 x 325] intentionally omitted <==

Figure 4: Historical trench through the main graphitic zone

Buxton Resources Ltd Suite 1, First Floor, 14 – 16 Rowland St Subiaco WA 6008

Ph: 08 9380 6063 Fax: 08 9381 4056

1st November 2012

Buxton Resources Ltd – ASX Announcement

==> picture [293 x 362] intentionally omitted <==

Figure 5: Thick graphite horizons visible in trenching

==> picture [327 x 245] intentionally omitted <==

Figure 6: Coarse flake graphite vein in outcrop

Buxton Resources Ltd Suite 1, First Floor, 14 – 16 Rowland St Subiaco WA 6008

6

Ph: 08 9380 6063 Fax: 08 9381 4056

1st November 2012

Buxton Resources Ltd – ASX Announcement

Competent Person: The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled and/or reviewed by Dr Julian Stephens, Member of the Australian Institute of Geoscientists and Non-Executive Director for Buxton Resources Limited. Dr Stephens has sufficient experience which is relevant to the activity being undertaken to qualify as a “Competent Person”, as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion in this report of the matters reviewed by him in the form and context in which they appear.

For further information regarding Buxton Resources Limited please contact:

Anthony Maslin Managing Director amaslin@buxtonresources.com.au

Jodi Haslinger Joint Company Secretary jodi@buxtonresources.com.au

Buxton Resources Ltd Suite 1, First Floor, 14 – 16 Rowland St Subiaco WA 6008

Ph: 08 9380 6063 Fax: 08 9381 4056