Business
Boxxer announces Letter of Intent on Gordon Lake Gold Project
Boxxer announces Letter of Intent on Gordon Lake Gold Project
About this update from Exgen Resources Inc.
[{"type":"text","content":"\n\n\n\nSep. 16, 2009 (Canada NewsWire Group) -- CALGARY, Sept. 16 /CNW/ -- Boxxer Gold Corp. (TSX Venture: BXX) (\"Boxxer\" or the \"Corporation\") today announced it has executed a Letter of Intent with Champlain Resources Inc. (\"Champlain\") on the Gordon Lake Gold Project (the \"Property\"). The earning-in by Champlain will be by way of a three-year option agreement. The proposed transaction is subject to regulatory and shareholder approval if required. Terms and conditions of the Letter of Intent are set out below.Terms and Condition of Transaction:a) Champlain has an option to earn a 55% interest over a three-yearperiod,b) In year one, Champlain makes a cash payment to Boxxer of $50,000,issues to Boxxer 250,000 common shares of Champlain and spends aminimum of $200,000 on exploration expenditures on the Property,c) In year two, Champlain makes a cash payment to Boxxer of $25,000,issues to Boxxer 500,000 common shares of Champlain and spends aminimum of $800,000 on exploration expenditures on the Property,d) In year three, Champlain makes a cash payment to Boxxer of $25,000,issues to Boxxer 500,000 common shares of Champlain and spends aminimum of $1,000,000 on exploration expenditures on the Property,The proposed transaction does not allow any partial earning of interest.The proposed transaction is subject to the following conditions:a) Champlain shall receive all approvals from necessary regulatoryauthorities,b) Champlain shall acquire adequate financing for one year minimum workcommitment, andc) Champlain shall have adequate time to perform due diligence on theGordon lake Project including title search and completion of anupdated National Instrument 43-101 complaint technical reports on theGordon Lake Project.The above conditions are expected to be satisfied by the end of October 2009. On satisfaction of the above mentioned conditions, Boxxer and Champlain shall enter into a formal option agreement.Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange) acceptresponsibility for the adequacy or accuracy of this release.Forward-Looking Statements: 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 involv...