March 24, 2008 06:00 ET

Boxxer Announces Letter of Intent on Indin Lake Gold Project

CALGARY, ALBERTA--(Marketwire - March 24, 2008) - Boxxer Gold Corp (TSX VENTURE:BXX) ("Boxxer" or the "Corporation") has entered into a Letter of Intent ("LOI") with Ursa Polaris Developments Corporation (the "Vendor"), an arms length third party, to purchase a 100% interest in 15 Mineral Leases covering approximately 3,277 acres located in the Indin Lake mafic volcanic belt. These Mineral Leases are located approximately 210 kilometres northwest of Yellowknife, Northwest Territories.

Mr. Elmer Stewart, President and CEO of Boxxer stated, "the preliminary review of the information indicates that the Mineral Leases contain similar lithologies, alterations, structural setting and styles of gold mineralization to the gold mineralization in the Yellowknife and Hope Bay mafic volcanic belts. Assuming that the transaction is completed, Boxxer would use an exploration model similar to the Yellowknife Mining District to explore this property".

Highlights of LOI:

Subject to completion of legal, financial and technical due diligence satisfactory to Boxxer, Boxxer shall have the right to purchase a 100% interest in the Mineral Leases. The salient points of the LOI are:

a) The completion of the proposed transaction is subject to the approval of the TSX Venture Exchange, shareholders and other regulatory bodies if required,

b) Boxxer will issue 4.5 million fully paid and non-assessable common shares as payment for 100% interest in the Mineral Leases and all available technical information,

c) Boxxer shall have the option until July 31, 2008 to purchase the existing camp and other infrastructure located on the Mineral Leases for a purchase price of $100,000. A $25,000 non-refundable payment toward the $100,000 has been made and the balance of $75,000 will be payable on exercising the option.

d) Assuming that Boxxer exercises its option to purchase the camp and other infrastructure located on the Mineral Leases, the Vendor has agreed to assign its $50,000 bond related to clean up and if required removal of the camp to Boxxer.

e) The parties have agreed to work toward completion of financial, legal and technical due diligence and closing the transaction within 90 days based on due diligence acceptable to Boxxer and receipt of all approvals required.


The Indin Lake mafic volcanic belt is located within the Slave Structural Province of the Canadian Shield and is similar to other volcanic belts in the Slave Structural province such as the Yellowknife volcanic belt and the Hope Bay volcanic belt. The Indin Lake mafic volcanic belt is underlain by andesitic and basaltic volcanics, volcaniclastic sediments, and turbidites which have been intruded by quartz feldspar porphyry dikes.

Structural Setting and Mineralization:

The dominant structural feature within the Mineral Leases is a seven kilometre long, broad, northeast trending carbonate-sericite-pyrite altered shear zone that hosts 18 reported zones of gold mineralization. The gold mineralization where described is hosted in carbonate-sericite-pyrite altered mafic volcanics in what is described as; quartz veins, silicified zones, quartz blow-outs and in quartz feldspar porphyry dikes. In addition to gold, arsenopyrite-galena-sphalerite and other sulfosalt minerals are also reported to occur within the mineralized zones. The historical exploration results (underground channel sampling and the diamond drilling) report that the gold mineralization ranges from 0.5 up to 7.0 metres in width.

Historical Exploration:

The Mineral Leases were extensively explored between 1947 and 1957. The early exploration (1947 - 1957) consisted of diamond drilling, construction of shafts, drifting and crosscutting to provide underground access to the gold mineralization and channel sampling. Based on the historical exploration results, shafts, drifting, crosscutting and channel sampling of the mineralized zones were completed at the North Inca and Diversified zones. The historical exploration at the Lexindin zone consisted of core drilling and surface channel sampling. This zone is located approximately three kilometres northeast of the North Inca zone. Since the 1960's exploration of the Mineral Leases has been sporadic consisting of limited geophysical surveys, prospecting and channel sampling and limited core drilling on the previously located zones of gold mineralization.

The above exploration information described under Structural Setting and Mineralization and Historical Exploration is historical in nature and has not been verified by a Qualified Person as that term is defined in National Instrument 43-101 and its companion policies. As such this historical information should not be relied upon.

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 that has an option to earn a 65% interest in the Nalesbitan gold deposit. The Nalesbitan gold deposit has a current mineral resource of 7.4 million tonnes at an average grade of 1.15 g/t gold. Boxxer is also involved in the exploration of copper-gold porphyry and Iron-Oxide-Copper-Gold projects in the state of Nevada, and a shear hosted gold project located 110 kilometres north of Yellowknife NWT, Canada.

Forward Looking Statements: This news release contains forward - looking information including but not limited to comments regarding the timing and content of upcoming work programs and geological interpretations. Forward - looking information includes disclosure regarding possible future events, conditions or results of operations that is based on assumptions and therefore, involves inherent risks and uncertainties. For any forward looking information given, management has assumed that the analytical results it has received are reliable, and has applied geological 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, we claim safe harbour.

The TSX Venture Exchange Does Not Accept Responsibility for the Adequacy or Accuracy of This Release.

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