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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 a Letter of Intent (the "LOI") with Phoenix Global Mining Ltd, a private British Virgin Islands based mining company focused on base metals development ("Phoenix") to earn an 80% interest in the Empire Mine Project.

The LOI allows Phoenix to acquire 80% of Konnex, ExGen's subsidiary that holds the leases to the Empire Mine Project, on the following headline terms:

• ExGen to retain a 20% carried interest until commencement of mine construction
• ExGen to be granted a 2.5% net smelter returns royalty for all metals on the Empire Mine Project (the "NSR")
• ExGen to be issued 10,000,000 common shares of Phoenix
• Phoenix to fund a minimum of US $1,000,000 within 18 months of signing the definitive agreement
• Phoenix to fund all Empire Mine Project property maintenance and sustaining costs of Konnex
• 30 mile area of interest applies to both ExGen's 20% carried interest and our 2.5% NSR

The 30 mile area of interest was structured to provide ExGen with the upside exposure to any potential regional exploration success on the Empire Mine Project.

The LOI is subject to several conditions being met, signing a definitive option and shareholders agreement and TSX Venture Exchange approval.

Mr. Jason Riley, CEO of ExGen commented: "We are pleased to have such an experienced group like Phoenix working with ExGen to put the Empire Mine back into production. This deal is a watershed event for ExGen as it provides the Company with a potential path to cash flow and significantly validates our joint venture and royalty business model."

The Phoenix team has previously built two companies from development through to production, Nelson Gold in Tajikistan, an 80,000 oz/annum gold producer (source: Nelson Gold financial statements and Northern Miner 8/31/98) and Oxus Gold's Amantaytau Goldfields in Uzbekistan, which produced more than half a million ounces of gold and almost 2.5 million ounces of silver in its first 6 years of production (source: Oxus Gold plc June 30, 2007 financial statements). Its principals have practical hands-on experience in precious and base metals exploration and mining, as well as being successful in project generative work, globally sourcing new projects for exploration and development for mid tier and major copper, gold, and iron ore producers.

Phoenix Chairman, Mr. Roger Turner, has an extensive mining career spanning over 40 years, including running multiple TSX and AIM listed companies and mining for copper in Granisle BC, Hudbay Minerals in Manitoba, Falconbridge in Uganda and for Rio Tinto Technical Services. Mr. Turner commented, "We are excited to be taking on the development of the Empire Mine in Idaho and working with the local community to build a wealth-creating future for all stakeholders. Our next steps will be to complete a NI43-101 Resource Calculation and pending the results, then proceeding with a Preliminary Economic Assessment Report."

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.