Boxxer enters LoI on Indin Lake Gold project

Boxxer Gold Corp has entered into a Letter of Intent (LOI) with Ursa Polaris Developments Corporation, 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 said, 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.