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CALGARY, Jan. 22, 2014 /CNW/ - Boxxer Gold Corp. (TSX Venture: BXX/OTC: BXXRF) ("Boxxer") announced today that, further to the press releases dated July 4, 2013, July 23, 2013 and August 26, 2013, Boxxer has issued 2,000,000 common shares to Musgrove Minerals Corp. ("Musgrove") pursuant to the Empire Project Option Agreement, as amended, among Konnex Resources Inc. ("Konnex") and Musgrove.
Konnex became the wholly-owned subsidiary of Boxxer on August 30, 2013 pursuant to the recent acquisition of all the common shares of Konnex by Boxxer (the "Acquisition"). At the time of the Acquisition, pursuant to the Empire Project Option Agreement, in order to exercise the option on the Empire Project, Konnex was required to issue Musgrove 1,000,000 Konnex shares (which equates to 5,000,000 Boxxer common shares) and pay $950,000 to earn a 95% interest. Konnex can also elect to pay an additional $225,000 to Musgrove to earn the final 5% interest. On September 19, 2013, Konnex, Boxxer and Musgrove entered into an amending agreement in relation to the Empire Project Option Agreement (the "Amending Agreement"). Pursuant to the Amending Agreement, Boxxer and Konnex agreed to issue an additional 1,000,000 Boxxer common shares to Musgrove (for a total of 6,000,000 Boxxer common shares). In exchange for issuing the additional 1,000,000 Boxxer common shares, Musgrove agreed to defer $330,000 of option payments until July 1, 2015. In addition, pursuant to the Amending Agreement, the parties agreed to amend the timing of the issuance of the Boxxer common shares required to exercise the option under the Empire Project Option Agreement such that 2,000,000 Boxxer common shares were due on October 30, 2013, 1,000,000 Boxxer Shares are due on April 30, 2014 and 3,000,000 Boxxer common shares are due on October 30, 2014.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company involved in the exploration for large polymetallic copper deposits in North America. Boxxer's active projects include the Boss and Buena Vista copper projects in the state of Nevada, the Empire copper-gold-silver property in Idaho, the DOK copper-gold porphyry property in Northwest B.C., and the East Breccia copper-silver-molybdenum property in Ontario. Boxxer also has the Gordon Lake gold project located 110 kilometres north of Yellowknife NWT, Canada.
Neither the 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.
Forward-Looking Information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. In particular, this press release contains forward-looking information in relation to the exercise of the Empire Project Option Agreement. There is no certainty that Boxxer will exercise its option on the Empire Project and there is no certainty that additional exploration will identify additional exploration targets or expand the dimensions of known zones of mineralization on the Empire Project. For any forward-looking information given, Management has assumed that the results it has received and reviewed in relation to the Empire Project and the interpretation thereof are reliable, and has applied geological and geophysical interpretation methodologies which are consistent with industry standards. Although Management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such forward-looking information. A description of additional assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Boxxer's disclosure documents on the SEDAR website at www.sedar.com. Boxxer does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE: Boxxer Gold Corp.
For further information:
on Boxxer please visit our website at www.boxxergold.com or contact Boxxer Gold Corp.
Elmer B. Stewart
President and Chief Executive Officer
Email: [email protected]
Email: [email protected]