Boxxer signs Empire Mine amendment - Restructures $1.145m in cash payments to Musgrove

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CALGARY, March 14, 2014 /CNW/ - Boxxer Gold Corp. (TSX Venture: BXX/OTC: BXXRF) ("Boxxer") is pleased to announce today that, together with Konnex Resources, Inc. ("Konnex") a wholly owned subsidiary of Boxxer, it has entered into a letter agreement with Musgrove Minerals Corp. ("Musgrove") (TSX.V: MGS) to amend (the "Amendment") the payment schedule for the Empire Mine Option first announced by Musgrove on April 27, 2012.

Pursuant to the Empire Mine Option, Boxxer and Konnex have already made cash payments to Musgrove of $345,000and issued 1,150,000 Konnex shares and 2,000,000 Boxxer shares to Musgrove. The new payment schedule and terms as agreed by Boxxer and Musgrove are as follows below:

The Option may be exercised with Boxxer earning a 100% interest in and to the Property by making (i) aggregate cash payments of $100,000 over the next 3 years, (ii) a cash payment of $100,000 on completion of a NI43-101 Pre-Feasibility Study and (iii) an additional cash payment of $250,000 per each 100,000,000 lbs of copper reserves as determined by a NI43-101 Feasibility Study. Boxxer will also be required to issue an additional 6,000,000 shares to Musgrove by April 30, 2014. Musgrove will also no longer have a 2% NSR Royalty.

Jason Riley, EVP of Boxxer comments: "this broad re-negotiation of the terms for the Empire Mine Option reflects the good faith between Boxxer and our partner Musgrove in light of the current junior mining market conditions. By restructuring $1,145,000 in cash payments to Musgrove, Boxxer now has significantly greater flexibility to advance the Empire Mine project forward. We look forward to the eventual return of more favourable market conditions and the exciting next steps on the Empire Mine Project."

About Boxxer Gold Corp.

Boxxer is a Canadian junior resource company involved in the exploration for large polymetallic copper deposits inNorth America. Boxxer's active projects include the Boss and Buena Vista copper projects in the state of Nevada, the Empire copper-gold-silver property in Idaho, the DOK copper-gold porphyry property in Northwest B.C., and the East Breccia copper-silver-molybdenum property in Ontario. Boxxer also has the Gordon Lake gold project located 110 kilometres north of Yellowknife NWT, Canada.