Phoenix Reports Ongoing Metallurgical Testing at

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Phoenix Reports Ongoing Metallurgical Testing at

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE US VANCOUVER, British Columbia, July 06, 2021 (GLOBE NEWSWIRE) – ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Company”) is pleased to announce an update on the exploration and development activities of Phoenix Copper Ltd. (“Phoenix”) on the Empire Mine Project in Idaho, USA. In addition to previous ExGen press releases, ExGen owns 20% and Phoenix 80% of Konnex Resources, Inc. (“Konnex”) which holds the leases and claims for the Empire Mine Project. ExGen also holds a 2.5% NSR royalty on the Empire Mine Project and owns 1,330,000 common shares of Phoenix. ExGen is pleased to announce that Phoenix (the operator of the Empire Mine Project) has announced that its Idaho registered operating subsidiary Konnex Resources Inc. (“Konnex”) has an operating plan (the “Plan”) with the Bureau of Land Management (“BLM”) on June 30, 2021 for review and approval for the construction and operation of the Empire Mine Open Pit in Custer County, Idaho, USA (“Empire” or the “Empire Mine”). Highlights Operation plan is an important step in moving the Empire mine towards production. No significant environmental issues have been identified on the Empire property and Phoenix expects a straightforward permitting process. Phoenix is ​​running an extensive work program at the Empire mine this summer with electromagnetic surveys and drilling on all properties Base studies on the Company’s flagship Empire Mine property for possible inclusion in an operational plan for submission to federal government agencies responsible for mine permits and licenses. Since then, Konnex and its consulting firms have conducted studies on climate and air quality, surface and groundwater hydrology, soil characterization, land use planning, cultural resources, mill processing, transport, socio-economics, water use and treatment, labor, sanitation and solids waste management, plants and wildlife, aquatic biology, Aesthetics, Recreational Impact, Fire and Safety, Long Term Recovery and Damage Control, Geochemical Characterization, Emergency Response and Emergency Planning, and Community and Infrastructure Planning. The operational plan provides federal, state and county regulators with a detailed overview of planned mining and processing activities and looks at the potential impacts of these activities on the environment, the economy and the local community. Regulators will begin by reviewing the plan, evaluating any alternatives or mitigation steps, and finally passing a resolution to formally approve the plan to allow the Empire Mine Open Pit for further development and production. Jason Riley, ExGen CEO, commented, “We would like to congratulate the entire Phoenix team on achieving this critical milestone in the development of the Empire Mine. The submission of the operational plan to the BLM is the result of many years of focused work by the Phoenix team and represents a very significant step for ExGen in the direction of Empire metal production. With copper prices well over US $ 4 per pound, we believe that the Empire Project has the potential to generate a highly attractive IRR. ”Qualified Person Kieran Downes, Ph.D., P.Geo., A Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information in this news release. ABOUT EXGEN RESOURCES INC. ExGen, formerly Boxxer Gold Corp, is a project accelerator that aims to fund the 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 risk from new discoveries and potential cash flows. The company intends to build a diverse portfolio of projects across exploration phases and different commodity groups. ExGen currently has 5 projects in Canada and the USA. For more information on ExGen, please contact ExGen Resources Inc. Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Forward-Looking Information: This press release contains certain forward-looking information. All statements contained 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 this information will prove to be accurate, and actual results and future events could differ materially from those anticipated in this information. In particular, this news release contains forward-looking information relating to: the Empire Mine Project and the exploration and development of the Empire Mine Project; the exploration and development strategy for the Empire Mine Project, including the exploration program, drilling, mine development and permitting; the review process with the regulators, the record of the decision and the approval of the plan of operations in the Empire mine. There can be no assurance that this information will prove to be accurate, and actual results and future events could differ materially from those anticipated in this information. There can be no assurance that development of the Empire Mine Project will be completed and, if development is complete, that development will result in a producing mine. In the forward-looking information contained in this press release, ExGen has made numerous assumptions based on practices and methodologies consistent with the mineral industry. In addition, ExGen has inherited: the continued market adoption of its joint venture partnership model; the ability of ExGen and its partners to raise future equity financing as necessary at prices acceptable to ExGen or its partners; 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; Phoenix’s ability to explore and develop the Empire Mine Project; the cost of exploration, including sampling, drilling and analysis, for the Empire Mine Project, the cost of developing the Empire Mine Project, and Phoenix’s cost and ability to conduct a NI 43-101 feasibility study; and ExGen’s general and administrative costs remain sustainable. Although ExGen deems these assumptions reasonable, these assumptions are inherently subject to considerable uncertainties and contingencies. In addition, there are known and unknown risk factors that could cause ExGen’s observation, actual results, performance, or accomplishments to differ materially from future results, performance, or accomplishments expressed or implied in the forward-looking information contained herein. Known Risk Factors include, but are not limited to: There is no assurance that the Option will result in significant or successful exploration of the Empire Mine Project or development of the Empire Mine Project into a producing mine; Uncertainties regarding the interpretation of drill results and the geology, continuity and grade of mineralization and uncertainty regarding the actual results of any exploration and development or operating activities; Uncertainty about the availability and terms of future financing; Uncertainty about the timely availability of permits and other regulatory approvals; ExGen may not be able to meet its ongoing obligations in relation to its properties; the early development of ExGen and its projects, particularly the Empire Mine Project; general business, economic, competitive, political, and social uncertainties; Capital market conditions and prices for stocks, subordinated stocks and securities of mining exploration companies; Commodity prices, especially copper, gold, silver and zinc prices; Competition; Changes in project parameters as the plans are further refined; Accidents and other risks inherent in the mining industry; lack of insurance; Delays in or failure to obtain approvals from the board of directors or the supervisory authorities. Legislative changes, including environmental legislation, which affect ExGen; Conclusions of economic evaluations; and lack of qualified specialists or loss of key people. For a description of additional assumptions and risk factors that are used to develop such forward-looking information, which could cause actual results to differ materially from the forward-looking information, please refer to ExGen’s disclosure documents on the SEDAR website at www.sedar .com. While ExGen has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, other factors could cause results not to be as expected, estimated or intended. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. ExGen undertakes no obligation to update any forward-looking information except as required by applicable securities laws.

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