Sep. 14, 2010 (Filing Services Canada) -- Boxxer Gold Corp. (BXX - TSX Venture), ("Boxxer" or the "Corporation") today announced it has finalized the transaction (the "Option Agreement") with Champlain Resources Inc. ("Champlain") on the Gordon Lake gold project (see news release dated September 16, 2009). Boxxer has received the year one cash payment and common shares of Champlain pursuant to the Option Agreement. The Option Agreement also stipulates that Boxxer will be the Operator of the Gordon Lake gold project.
Terms and Conditions of the Option Agreement:
a) Champlain has an option to earn a 55% interest over a three-year period,
b) In year one, Champlain makes a cash payment to Boxxer of $50,000 (paid), and issues to Boxxer 250,000 common shares of Champlain (issued) and spends a minimum of $200,000 of 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 a minimum of $800,000 of 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 a minimum of $1,000,000 of exploration expenditures on the property,
The Option Agreement makes no allowance for partial earning of interest at any stage.
Boxxer also confirms that it has received and is currently evaluating the results of the recently completed high-sensitivity airborne geophysical survey completed over the Gordon Lake gold project. It is expected that the results of the geophysical survey should be announced before the end of September, 2010.
About Boxxer Gold Corp.
Boxxer Gold is a Canadian junior resource company involved in the exploration of two copper-gold projects in the state of Nevada, and a shear hosted 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
John L. Maslanyk
Vice President & Chief Information Officer
Tel: 1-403-804-2251
Toll Free: 1-888-479-3696
e-mail: jmaslanyk@yahoo.ca
CHF Investor Relations
Alison Tullis
Senior Account Manager
Tel: 1-416-868-1079 ext. 233
Fax: 1-416-868-6198
e-mail: alison@chfir.com
Torrey Hills Capital
James Macdonald
Senior Account Manager
Tel: 1-858-456-7300
Fax: 1-858-481-4306
e-mail: jmacdonald@torreyhillscapital.com
Neither 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 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 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. A description of 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 the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Source: Boxxer Gold Corp. (TSX-V: BXX) http://www.boxxergold.com
Maximum News Dissemination by Filing Services Canada Inc. *
www.usetdas.com
Powered by 
Google Übersetzer
Google Übersetzer