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ExGen Provides Update on Phoenix IPO and AIM Listing

VANCOUVER, BC–(Marketwired – May 23, 2017) –

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

ExGen Resources Inc. (TSX VENTURE: EXG) (OTC PINK: BXXRF) (“ExGen“) is pleased to provide an update in respect of Phoenix Global Mining Ltd.’s (“Phoenix“) initial public offering (the “Phoenix IPO“) and Alternative Investment Market of the London Stock Exchange (“AIM“) listing. ExGen understands that Phoenix’s current plans include to complete the Phoenix IPO of approximately £4.5 million consisting of 112.5 million Phoenix shares resulting in a total of 227.3 million issued and outstanding shares of Phoenix after completion of the IPO. In addition, ExGen understands that Phoenix anticipates that the listing of its shares on AIM will occur during the second quarter of 2017.

Further to press releases dated July 21, 2015 and November 14, 2016, ExGen, Phoenix, a private British Virgin Islands based mining company focused on base metals development, and Konnex Resources, Inc. (“Konnex“), ExGen’s wholly owned subsidiary which holds the leases to ExGen’s Empire Mine Project (“Empire Mine Project“), have entered into an Option Agreement, as amended, on ExGen’s Empire Mine Project, pursuant to which Phoenix can acquire 80% of the common shares of Konnex (the “Option“). As part of the consideration under the Option, ExGen was issued 11,300,000 common shares of Phoenix, which represents just under 10% of the currently outstanding shares of Phoenix. For further information on the Option, including the circumstances pursuant to which the Konnex common shares would be transferred back to ExGen, please see the November 14, 2016 news 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.

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. 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 news release contains forward-looking information in relation to: the Empire Mine Project; the transfer of the 80% of the Konnex common shares to Phoenix and the earning of the Option by Phoenix; the Phoenix IPO including the completion and the timing for completion of the Phoenix IPO; the potential listing and timing for listing of the Phoenix shares on AIM; and the potential return to ExGen of the 80% of the Konnex common shares potentially issued to Phoenix pursuant to the Option. 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 assurances that the Option will result in the exploration of the Empire Mine Project or that the development of the Empire Mine Project will occur, and if development occurs, that such development will result in a producing mine. 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 to raise future equity financing, if needed, at prices acceptable to ExGen; ExGen’s current and initial understanding and analysis of the Empire Mine Project; the ability of ExGen or third parties to discover viable exploration targets and the results of exploration on the Empire Mine Project; the ability of Phoenix to explore and develop the Empire Mine Project; the cost of exploration, including sampling, drilling and assaying, on the Empire Mine Project, the costs of developing the Empire Mine Project and the costs and the ability of Phoenix to produce a feasibility study; the ability of Phoenix to complete the Phoenix IPO in a timely manner and to list the Phoenix shares on AIM in a timely manner; and ExGen’s general and administrative costs remaining constant. 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 exploration of the Empire Mine Project or development of the Empire Mine Project 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 development of ExGen and its projects, and in particular, the Empire Mine Project; 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; 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.

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Jason Tong
Chief Financial Officer
[email protected]

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