BUXTON RESOURCES LIMITED — Capital/Financing Update 2012

Oct 30, 2012

ASX ANNOUNCEMENT

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ABN:ASX Code:	86 125 049 550BUX, BUXO
Frankfurt:Share Price:	3B4.F$0.495_(at 30/10/12)_
Shares on Issue:	46.6M
No of listed options:	4.0M
Market Cap:	23.08M
Cash at Bank:	2.45M
Board Members
Seamus Cornelius
Chairman
Anthony MaslinManaging Director
Julian Stephens
Non-Executive Director
Liu Xing Zhou
Non-Executive Director
Joint Company Secretaries
Sam Wright
Jodi Haslinger
Website
www.buxtonresources.com.au

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31st October 2012

Airborne VTEM Survey Commences at Widowmaker

 HeliVTEM program has begun over Widowmaker Ni-Cu Project

 HeliVTEM survey will test for potential sulphide bodies in the interpreted mafic and ultramafic sequence at Widowmaker – 22km along strike from Sirius Resources’ Nova Discovery

 Survey will cover 165km[2] at relatively close line spacing for optimal results

31 October 2012

Buxton Resources Ltd – ASX Announcement

Summary

Buxton Resources Limited (“Buxton” or “the Company”) (ASX: BUX & BUXO) is pleased to announce a HeliVTEM survey to fly the Widowmaker (E28/2201) Project commenced yesterday, October 30. The Widowmaker Project is located approximately 22km along strike from Sirius Resources’ (ASX: SIR) Nova Ni-Cu sulphide discovery in the newly identified Fraser Range Nickel Province, Western Australia.

HeliVTEM Survey

The survey will cover an estimated 165 square kilometres and will be flown at 150m spacing for optimal results (Figure 1). If conductivity anomalies indicating potential sulphide bodies are encountered, additional infill lines will be considered.

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Figure 1: HeliVTEM survey marked by white outline

The Company believes the HeliVTEM is the quickest and most optimal exploration technique for identification of potential Ni-Cu targets at Widowmaker.

The survey area is focused on the similar prospective, interpreted mafic and ultramafic sequence that trends in a northeast direction along strike from Sirius’ Nova discovery. This area also contains significant historical nickel, copper, cobalt and PGE soil geochemistry targets.

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

Ph: 08 9380 6063 Fax: 08 9381 4056

31 October 2012

Buxton Resources Ltd – ASX Announcement

Concluding Comments

The recent $2.1M capital raising from NBH Group has allowed the Company to begin to deliver on its promise of aggressive exploration at Widowmaker whilst retaining a strong cash position. Any significant targets identified from the HeliVTEM survey will be followed up in the shortest practical timeframe.

Competent Person: The information in this report that relates to Exploration Targets is based on information compiled 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