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CALGARY,
March 14, 2014 /CNW/ - Boxxer Gold
Corp. (TSX Venture: BXX/OTC: BXXRF) ("Boxxer") is
pleased to announce today that, together with Konnex Resources,
Inc. ("Konnex") a wholly owned subsidiary of Boxxer, it has entered
into a letter agreement with Musgrove Minerals Corp. ("Musgrove")
(TSX.V: MGS) to amend (the "Amendment") the payment schedule for
the Empire Mine Option first announced by Musgrove on April 27, 2012.
Pursuant to the Empire Mine Option, Boxxer and
Konnex have already made cash payments to Musgrove of $345,000 and issued 1,150,000 Konnex shares and
2,000,000 Boxxer shares to Musgrove. The new payment schedule and
terms as agreed by Boxxer and Musgrove are as follows below:
The Option may be exercised with Boxxer earning
a 100% interest in and to the Property by making (i) aggregate cash
payments of $100,000 over the next 3
years, (ii) a cash payment of $100,000 on completion of a
NI43-101 Pre-Feasibility Study and (iii) an additional cash
payment of $250,000 per each
100,000,000 lbs of copper reserves as determined by a NI43-101
Feasibility Study. Boxxer will also be required to issue an
additional 6,000,000 shares to Musgrove by April 30, 2014. Musgrove will also no longer have
a 2% NSR Royalty.
Jason Riley, EVP
of Boxxer comments: "this broad re-negotiation of the terms for the
Empire Mine Option reflects the good faith between Boxxer and our
partner Musgrove in light of the current junior mining market
conditions. By restructuring $1,145,000 in cash payments to Musgrove, Boxxer
now has significantly greater flexibility to advance the Empire
Mine project forward. We look forward to the eventual return of
more favourable market conditions and the exciting next steps on
the Empire Mine Project."
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.
For more information on Boxxer please visit our
website at www.boxxergold.com or contact Boxxer Gold Corp.
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.