Some news from XCL today. Did't know they had the funds in the kitty.
Perhaps this will get lost in the summer doldrums. Keeping my fingers crossed.
F.S.
X-Cal Resources Ltd XCL
Shares issued 47,416,244 Aug 22 2001 close $.180
Aug 23 2001 3:39:36
Mr. Shawn Kennedy reports
Quarterly report
X-Cal Resources has elected to hold its entire Nevada land position for 2001 -- 2002. The areas of the Sleeper gold project (20,000 acres or 30 square miles) and the Mill property (640 acres or one square mile) are unchanged. The annual U.S. land payments are being processed at this time.
X-Cal also owns the Snowbird gold deposit in British Columbia, Canada.
X-Cal's 100-per-cent-owned Mill property is located in the Cortez joint venture (Pipeline) area in Lander county, Nevada. Place Dome recently highlighted this area (see press release by Placer in Stockwatch Aug. 16, 2001) as a location where it produces in excess of one million ounces annually. The X-Cal property is positioned over the next "lower plate window" northwest of the Cortez joint venture (Placer/Kennecott) mines. A gold intercept of 10 feet of 0.52 ounce per ton gold on the X-Cal property is an indication of precious metals. A land assembly by a major company in this area is continuing.
X-Cal's Sleeper gold project, located in Humboldt county, Nevada, is considered by several geologists to be one of the most prospective gold projects in North America. The 30-square-mile total project area is composed of claims that are subject to the X-Cal/Kinross agreement and claims held 100 per cent by X-Cal (15,000 acres X-Cal/Kinross, 5,000 100 per cent X-Cal)
X-Cal's 100-per-cent-owned Snowbird gold deposit is located in British Columbia, Canada. The 7,000-acre property has a resource base. The company has purchased and eliminated the NSR that was held by the estate of Dr. Franc R. Joubin. A change of government has occurred in British Columbia. X-Cal anticipates more favourable conditions for development of this property.
The extended period of low gold prices has affected exploration and gold mining companies. In response to the gold price there have been dramatic industrywide reductions in exploration staffs and budgets. At the same time the highest grade reserves are being mined by the major producers in order to maintain cash flows. Logically the result will be reserve replacement shortfalls. Good gold projects will be required by the industry to sustain production.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com |
