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Gold/Mining/Energy : X-CAL RESOURCES (TSE:XCL)

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To: Richard Lam who wrote ()9/29/1997 11:38:00 PM
From: John Sladek   of 225
 
September 29, 1997 - Proposal From Placer / Annual Report

X-Cal Resources Ltd. has received a letter proposal from Placer Dome U.S. Inc. intended as an outline for a possible new
agreement between the companies to continue exploration and development of the Sleeper Gold Project.

A second major company who has a team assigned to the Sleeper Gold Project is also nearing completion of its analysis.

X-Cal is reviewing the purchase option it holds on the Amax Gold Inc. half of the Sleeper Gold Project to determine if a
restructuring will contribute to rapid project advancement.

The Sleeper Gold Project is scheduled to be presented in detail to analysts and financial institutions by X-Cal over the next
10 days. X-Cal Resources Ltd. 1997 Annual Report will be mailed this week.

Note: X-Cal Resources Ltd. can be referenced through the Standard & Poors Directory. The 1997 Annual Report is
available through X-Cal Resources Ltd.

TEL: (604) 662-8245 Shawn Kennedy, President FAX: (604) 688-7740
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