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

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To: MasterRichie who wrote (20)	3/12/1998 6:06:00 PM
From: John Sladek	Read Replies (2) of 225

March 12, 1998: Private Placements For Sleeper Gold Project Shawn Kennedy, President of X-Cal Resources Ltd. reports that the issue of private placement units announced by X-Cal Resources Ltd. on March 2, 1998 has been oversubscribed. Proceeds from the issue of 4.5 million units consisting of one common share of the corporation at $0.55 and a 1 year warrant to purchase an additional common share at $0.70 will be used to advance the Company's Sleeper Gold Project in Nevada. The terms of the X-Cal Resources Ltd./Amax Gold Inc. Sleeper area agreements require a US$1,250,000 payment by X-Cal to Amax Gold by March 17, 1998 (see news releases dated November 12, and 19, 1997). Note: X-Cal Resources Ltd. can be referenced through the Standard and Poors Directory. The 1997 Annual Report is available through X-Cal Resources Ltd. TEL: (604) 662-8245 X-Cal Resources Ltd. FAX: (604) 688-7740 Shawn Kennedy, President

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