May 26, 2011 (Filing Services Canada) -- Boxxer Gold Corp. (BXX - TSX Venture, BXXRF - OTCBB_Pink_Sheets), is pleased to announce that it has signed an Option Agreement with two private property owners to earn a 100% interest in the DOK copper-gold porphyry property located approximately 40 kilometres southwest of Telegraph Creek, in northwest British Columbia, Canada. The property consists of seventeen contiguous mineral claims covering approximately 18,500 acres. The addition of the DOK property is part of Boxxer's strategy to acquire up to four early-stage, essentially un-explored, poly-metallic porphyry projects with large tonnage potential. The majority of the exploration on the DOK property was completed in the early 1970's. Since that time very little exploration has been completed.
Technical Highlights of the work performed on the property are:
a) 81 copper occurrences have been located within the property, the majority of which occur within two large soil geochemical anomalies.
b) Two large, copper-gold-molybdenum-silver soil geochemical anomalies have been outlined over a five kilometre strike length on the property. The first zone measures 2,000 metres long by 1,400 metres wide. The second zone measures 1,500 metres long by 900 metres wide. Both anomalies are open along strike.
c) Copper concentrations in the soil geochemical anomalies range from 200 to 9,820 parts per million ("ppm"); as well as 0.03g/t to 2.2 g/t gold; 14 to 135ppm molybdenum; and 0.6g/t to 84.5g/t silver.
d) Chip sampling of copper mineralization in bedrock during the early 1970s returned 0.66% copper over 38 metres, 0.73% copper over 16 metres, and 0.32% copper over 25 metres. The gold-silver-molybdenum concentrations for these mineralized intervals have not been reported, and
e) The two soil geochemical anomalies and the copper-gold-silver mineralization in outcrop are associated with of andesite of the Stuhini Group and potassic altered quartz monzonite, quartz diorite, and granodiorite intrusives.
Option Agreement Highlights
Under the terms of the Option Agreement, Boxxer has the right to earn a 100% interest in the DOK property (subject to the NSR payable to the vendors) by making the following payments and exploration commitments:
a) Cash payments totaling $340,000 over six years, $20,000 of which is due on signing;
b) Exploration expenditures totaling $5,000,000 over six years, $500,000 of which is required in year one, following which there are no specific annual exploration expenditure requirements.
c) A one-time bonus payment of either $1,000,000 cash or $1,050,000 in common stock of the Company. This bonus shall become due and payable upon attaining certain minimum mineral resources, which will be established by an independent National Instrument 43-101 resource report. The Company has the right to determine whether the bonus is paid in cash or shares. The number of shares to be issued would be calculated using the closing price of the Company's common stock on the date of the release of the National Instrument 43-101 resource estimation report.
d) A 3% NSR to the property vendors, of which Boxxer has the right to repurchase 2% of the NSR at any time for a cash payment of $2,000,000.
"Boxxer's mandate has been to continue to assemble a portfolio of high quality, copper exploration properties with the potential to host large poly-metallic porphyry deposits," commented Colin Christensen, Boxxer's Vice President of Corporate Development. "With the addition of the DOK property in northwest British Columbia to the Company's Boss property in southwest Nevada, we have two potential world class properties, which will be further explored in 2011."
DOK Property Highlights;
The DOK property exhibits widespread copper-gold-silver mineralization (with minor concentrations of molybdenite) in potassic altered andesite of the Stuhini Group and altered quartz monzonite, quartz diorite, and granodiorite intrusives. The majority of the mineralization in outcrop and the altered rocks coincide with two large, copper-gold-molybdenum-silver soil geochemical anomalies. Mapping and sampling has also located numerous other outcrops containing medium to high-grade copper-gold-silver mineralization along with significant (<100ppm) concentrations of molybdenum throughout the property. The geology and mineralization on this property exhibits many similarities with other known large alkali porphyry copper-gold deposits located in northern British Columbia such as Galore Creek held by Nova Gold and Teck Resources Limited and Red Chris held by Imperial Metals Corporation.
2011 Exploration Plans;
The work planned by Boxxer during the summer of 2011 for the DOK property consists of mapping and sampling, a high resolution aeromagnetic survey as well as a deep penetrating Induced Polarization/Resistivity survey over the large copper-gold-molybdenum-silver soil geochemical anomalies. Diamond drilling of these two large geochemical anomalies is contingent on the results of the geophysical surveys.
Elmer B. Stewart, MSc. P. Geol., President of Boxxer, is the Corporation's nominated Qualified Person pursuant to National Instrument #43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release.
About Boxxer Gold Corp.
Boxxer Gold is a Canadian junior resource company involved in the exploration of two copper 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
Colin B Christensen
Vice-President Corporate Development
Tel: 403-264-4811
Fax: 1-403-237-6292
email: colin@boxxergold.com
Boxxer Gold Corp
John L. Maslanyk
Vice President & Chief Information Office
Tel: 1-403-804-2251
Toll Free: 1-888-479-3596
email: jmaslanyk@yahoo.ca
Torrey Hills Capital
James Macdonald
Senior Account Manager
Tel: 1-858-458-7300
Fax: 1-858-481-4306
email: 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, is 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. There is no certainty that either the proposed airborne or ground geophysical surveys will define significant concentrations of copper-gold-silver mineralization. There is also no certainty that the geophysical surveys would define targets for diamond drilling. For any forward-looking information given, Management has assumed that the results it has received 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 statements. For such statements, the Corporation claims safe harbour for future releases. 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 Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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Source: Boxxer Gold Corp. (TSX-V: BXX) http://www.boxxergold.com
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