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VANCOUVER, British Columbia, July 29, 2025 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) ("ExGen", the "Company") is pleased to announce that, subject to TSX Venture Exchange approval, it has signed an option agreement with a private individual whereby ExGen may earn a 100% interest in the Macrex property (the "Option Agreement"), located approximately 20 kilometres from the city of Port Alberni, British Columbia, Canada. The Macrex property covers approximately 5,115 acres (2,070 hectares).
The Macrex property is located in the Alberni Mining District of British Columbia approximately 20 kilometers from the city of Port Alberni. The claims are accessible via a series of logging roads reaching a significant portion of the property resulting in easy access for exploration and potential future development. The Macrex property was subject to considerable exploration going back to the 1980's and a number of copper, gold and silver showings are recorded throughout the property. The property surrounds the Mactush property which was optioned in 2024 for approximately $625,000. The Company has reviewed reports and assessment filings on Mineral Titles and has determined this property will complement its property portfolio.
OPTION TERMS
In order to earn a 100% interest in the Macrex property, ExGen must complete $1,500,000 of exploration work and pay $700,000 to the Optionor over five years. A further bonus payment of $3,000,000 is due within 30 days of publishing an NI 43-101 compliant resource on the property.
| Date | Cash | Work | |
| Signing | 150,000 | ||
| 1st Year Anniversary | 75,000 | 100,000 | |
| 2nd Year Anniversary | 75,000 | 200,000 | |
| 3rd Year Anniversary | 75,000 | 300,000 | |
| 4th Year Anniversary | 75,000 | 400,000 | |
| 5th Year Anniversary | 250,000 | 500,000 | |
| 700,000 | 1,500,000 | ||
QUALIFIED PERSON
Kieran Downes, Ph.D., P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information provided in this release.
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: jason@catapultgroup.ca | |
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. In particular, this news release contains forward-looking information in relation to: the Macrex property and the exploration and development of the Macrex property; the earning of the Option by ExGen; the exploration and development strategy of the Macrex property, including the exploration program, drilling, and the timing for completion of these events; the timing for the completion of exploration work including drilling and the receipt of exploration information and drill assays; 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 exploration of the Macrex property will be completed, and if ExGen will complete the earning of the Option on the Macrex property. 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 and its partners to raise future equity financing, if needed, at prices acceptable to ExGen or its partners; ExGen's current and initial understanding and analysis of the Macrex property; the ability of ExGen or third parties to discover viable exploration targets and the results of exploration on the Macrex property; the ability of ExGen to explore and develop the Macrex property; the cost of exploration, including sampling, drilling and assaying, on the Macrex property; and ExGen's general and administrative costs remaining sustainable. 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 or successful exploration of the Macrex property or development of the Macrex property 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 of ExGen and its projects, and in particular, the Macrex property, 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 and gold 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.
