SOURCE: ExGen Resources Inc.

ExGen Resources Inc.

April 20, 2015 16:30 ET

ExGen Signs Empire Mine Option Exercise -- Earns 100% Interest

CALGARY, AB--(Marketwired - April 20, 2015) -

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ExGen Resources Inc. (TSX VENTURE: EXG)(OTC PINK: BXXRF) ("ExGen") is pleased to announce today that, together with Konnex Resources, Inc. ("Konnex") a wholly owned subsidiary of ExGen, it has entered into an amendment (the "Amendment") with Musgrove Minerals Corp. ("Musgrove") (TSX VENTURE: MGS) to the Empire Mine Option first announced by Musgrove on April 27, 2012. Konnex has also given notice of its exercise of the option (the "Option") to acquire a 100% interest in the Empire Mine (the "Property").

Subject to approval of the TSX Venture Exchange, by Konnex paying $30,000 and ExGen issuing 2,000,000 common shares to Musgrove, Konnex will have exercised the Option and acquired a 100% interest in and to the Property.

The following milestone based payments that were agreed to in the previous amendment (announced on March 14, 2014) will remain payable to Musgrove, but will no longer be required prior to Konnex earning the 100% interest: (i) a cash payment of $100,000 on completion of a NI43-101 compliant Pre-Feasibility Study and (ii) an additional cash payment of $250,000 per each 100,000,000 lbs of copper reserves as determined by a NI43-101 compliant Feasibility Study.

Jason Riley, CEO of ExGen comments: "We are pleased to have exercised our Option and acquired 100% of Musgrove's interest in Empire. This is a significant milestone for ExGen and will provide us with greater control and flexibility to pursue our project incubator business model and build a diversified portfolio of royalties and joint venture interests."

About ExGen Resources Inc.

ExGen, formerly Boxxer Gold Corp, is a project incubator with a strategy to aggregate projects during the current market downturn and then fund exploration 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 visit our website at http://exgresources.com or contact ExGen Resources Inc.

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 may contain 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 press release contains forward-looking information in relation to the exercise of the Empire Project Option Agreement. There is no certainty that ExGen will exercise its option on the Empire Project and there is no certainty that additional exploration will identify additional exploration targets or expand the dimensions of known zones of mineralization on the Empire Project. For any forward-looking information given, Management has assumed that the results it has received and reviewed in relation to the Empire Project 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 forward-looking information. A description of additional 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 ExGen's disclosure documents on the SEDAR website at www.sedar.com. ExGen does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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