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Boxxer signs letter of intent to acquire Konnex Resources
/ NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UN...
About this update from Exgen Resources Inc.
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, July 4, 2013 /CNW/ - Boxxer Gold Corp. (TSX Venture: BXX/OTC: BXXRF) (\"Boxxer\" or the \"Corporation\") announced today that it has signed a non-binding letter of intent (\"LOI\") with Konnex Resources Inc. (\"Konnex\") to acquire all of the issued and outstanding shares of Konnex.\n\n\nKonnex Resources Inc:\nKonnex is a private Canadian metals exploration company that seeks to\n identify and acquire undervalued projects located in low risk\n jurisdictions.  Konnex has a highly experienced board and management\n team with collectively over 100 years of experience in exploration,\n development, mine management, and project sourcing worldwide.   As of\n May 31, 2013 Konnex had net current liabilities of $316,048 and\n 9,160,000 shares outstanding.\n\n\nKonnex's main asset is an option on the Empire Mine (the \"Option\n Agreement\"), a former copper-gold-silver producer located within the\n Alder Creek mining District, 5.5 kilometers southwest of the town of\n Mackay in central Idaho.  The property consists of 23 patented mineral\n claims, 21 unpatented mineral claims and five unpatented mill-site\n claims covering a contiguous 301 hectares (743.7 acres) (the \"Empire Project\").\n\n\nThe Empire Project:\nThe historic Empire Mine is reported to have produced 694,000 tonnes\n grading 3.64% copper, 1.65 g/t gold and 53.9 g/t silver from\n underground workings during the period 1901 to 1942.  The property is\n classified as a polymetallic copper skarn.  The mineralization is\n represented by a vertical zone (5 to 15 metres wide) of higher grade\n copper-gold-silver sulphide mineralization located within and below a\n larger zone of lower grade copper-oxide mineralization.  Previous work\n on the property has encountered oxide and sulphide copper\n mineralization over a strike length of 1,200m, from 6 to 70m thick and\n to a depth in excess of 300m.\n\n\nExploration on the property by a number of exploration companies between\n 1964 and 1975 resulted in the drilling of 151 holes mostly within the\n area referred to as the AP pit.\n\n\nCambior Exploration USA Inc. explored the property from 1995 to 1997 and\n drilled 47 angle core holes (7,350m) mostly within the AP pit area\n (Sch...