ExGen Announces New Claims Staked at Empire Mine Project
ExGen Announces New Claims Staked at Empire Mine Project
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
VANCOUVER, British Columbia, Dec. 06, 2017 -- ExGen Resources Inc. (TSX-V:EXG) (OTC:BXXRF) (“ExGen”) is pleased
to provide an update in respect of Phoenix Global Mining Ltd.’s (“Phoenix”) exploration and development activities at the
Empire Mine Project in Idaho, USA. Further to previous ExGen news releases, ExGen owns 20% and Phoenix owns 80% of
Konnex Resources, Inc. (“Konnex”), which holds the leases to the Empire Mine Project. ExGen further has a 2.5% NSR
royalty on the Empire Mine Project and owns 11,300,000 Phoenix common shares.
ExGen is pleased to report that Phoenix has expanded the land position of the Empire Copper Mine in Idaho, USA (the
‘Empire Mine’) with the addition of 33 unpatented mining claims in the Horseshoe Block immediately north of the existing
property. Phoenix reports the following:
Staking Highlights:
• 33 mining claims (564 acres) acquired around the past-producing lead-zinc Horseshoe Mine; the new claims are along
strike and to the immediately north of the Empire Mine property
• The Empire Mine land position increases by 70% from 819 acres to a total land package of 1,383 contiguous acres
• The new claims extend the exploration area to the north of the existing AP open pit by approximately 1.2 kilometres
• Claims staked and registered in the name of Konnex Resources Inc.
Historical Production:
Historical production from numerous adits and shafts in the Horseshoe Block, including the former Horseshoe Mine, was
predominantly from quartz-carbonate veins in marbleized limestone near its contact with granite. Mineralisation is documented
as predominantly galena and sphalerite, with minor chalcopyrite and pyrrhotite. Mining in the area dates back to the early
1900s and records indicate production as recently as 1979.
The Horseshoe Mine produced 13,916 tons of vein ore grading 15.0% lead, 10.7 oz/t silver, 1.6% zinc and 0.13% copper from
1916 to 1971. In 1979, the mine is reported to have sent 2,900 tons of ore to the Empire Mine mill. This ore is reported to have
graded 3.8% copper and 12% zinc (Idaho Geol. Surv. Staff Report 97-2, 1997, and USGS Bulletin 2064-I, 1995).
This new land package is an important addition to the Empire property because several outcrops of skarn have been reported
by previous operators between the northern edge of the Empire claim block and the Horseshoe Mine. All of the mineralization
at Empire is hosted by skarn.
Phil van Angeren, P. Geo., a Qualified Person as defined by National Instrument 43-101, and less than 1% shareholder in both
Phoenix Global Mining and ExGen Resources, has reviewed and verified the technical mining information provided in this
release. Mr van Angeren was exploration manager of the Empire Mine project from 2004 to 2008, and project consultant from
2012 to 2017.
Mr. Jason Riley, CEO of ExGen commented: “We are excited by the potential of the addition of the Horseshoe Block to the
Empire Mine property package, as it nearly doubles our previous land footprint. The new Horseshoe Block is contiguous to our
existing land position and extends the exploration area along strike to the north of the AP Pit by approximately 1.2 kilometres.
The surface geology, as well as the historically recorded copper, lead, zinc, silver and gold production from the numerous
workings in the Horseshoe Block, provide encouraging signs that mineralisation is not limited to the previous claim package of
the Empire Mine. The Horseshoe Block also provides a greater footprint for future operations in the existing area at a minimal
cost.”
About ExGen Resources Inc.
ExGen, formerly Boxxer Gold Corp, is a project accelerator that seeks to fund exploration and development of our projects
through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for
ExGen, while maintaining the upside exposure to new discoveries and potential cash flow. The company intends to build a
diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has 6 projects in
Canada and the US.
For more information on ExGen please contact ExGen Resources Inc.
Jason Tong
Chief Financial Officer
Email: [email protected]
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 contains 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 news release contains forward-looking
information in relation to: the Empire Mine Project and the exploration and development of the Empire Mine Project; the
earning of the Option by Phoenix and the potential transfer back to ExGen of the Konnex shares; the exploration and
development strategy of the Empire Mine Project, including the exploration program, drilling, mine development, completion of
a potential NI 43-101 resource calculation and a potential pre-feasibility study in compliance with NI 43-101, and the timing for
completion of these events; the timing for the completion of exploration drilling and the receipt of exploration information and
drill assays; the potential of the underground sulphide mineralization and the potential re-opening of the 700 and 1100 level
portals to assist in the analysis of the potential sulphide mineralization. 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 can be no assurance that the development of the Empire Mine Project will be completed, and if development is
completed, that such development will result in a producing mine. In the forward looking information contained in this news
release, ExGen has made numerous assumptions, based upon practices and methodologies which are consistent with the
mineral industry. In addition, ExGen has assumed: the continued market acceptance of its joint venture partnership model; the
ability of ExGen to raise future equity financing, if needed, at prices acceptable to ExGen; ExGen's current and initial
understanding and analysis of the Empire Mine Project; the ability of ExGen or third parties to discover viable exploration
targets and the results of exploration on the Empire Mine Project; the ability of Phoenix to explore and develop the Empire
Mine Project; the cost of exploration, including sampling, drilling and assaying, on the Empire Mine Project, the costs of
developing the Empire Mine Project and the costs and the ability of Phoenix to produce a NI 43-101 compliant resource
calculation and pre-feasibility study; the costs and work required to re-open the 700 and 1100 level portals; and ExGen's
general and administrative costs remaining constant. While, ExGen considers these assumptions to be reasonable, these
assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown
risk factors which could cause ExGen's observations, actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by the forward-looking information contained
herein. Known risk factors include, among others: there is no certainty that the Option will result in significant exploration of
the Empire Mine Project or development of the Empire Mine Project into a producing mine; uncertainties relating to
interpretation of drill results and the geology, continuity and grade of mineralization and uncertainty as to the actual results of
exploration and development or operational activities; uncertainty as to the availability and terms of future financing; uncertainty
as to timely availability of permits and other governmental approvals; ExGen may not be able to comply with its ongoing
obligations regarding its properties; the early stage development of ExGen and its projects, and in particular, the Empire Mine
Project; general business, economic, competitive, political and social uncertainties; capital market conditions and market
prices for securities, junior market securities and mining exploration company securities; commodity prices, in particular
copper, gold, silver, and zinc prices; competition; changes in project parameters as plans continue to be refined; accidents
and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals;
changes in legislation, including environmental legislation, affecting ExGen; conclusions of economic evaluations; and lack of
qualified, skilled labour or loss of key individuals. A description of additional assumptions and risk factors used to develop
such forward-looking information that may cause actual results to differ materially from forward-looking information can be
found in ExGen's disclosure documents on the SEDAR website at www.sedar.com. Although ExGen has attempted to identify
important factors that could cause actual results to differ materially from those contained in forward-looking information, there
may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place
undue reliance on forward-looking information. ExGen does not undertake to update any forward-looking information except in
accordance with applicable securities laws.