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Gold/Mining/Energy : X-CAL RESOURCES (TSE:XCL)
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To: John Sladek who wrote (46)1/14/1999 2:43:00 PM
From: John Sladek  Read Replies (2) of 225
 
Ciao,

Well no need to speculate, there's a press release out today:

January 14, 1999: Letter of Intent

Shawn Kennedy, President of X-Cal Resources Ltd. announces that the Company and Kappes, Cassiday & Associates have signed a letter of intent and commenced studies to determine the economic potential of currently identified gold and silver resources at Sleeper. The studies will assist X-Cal to assess the viability of acquiring the remaining interest held by Kinross Gold Corporation in the Sleeper Gold Project.

Kappes, Cassiday & Associates are an integrated engineering group with the ability to provide a complete range of engineering and metallurgical services to the project. They are also manufacturers of recovery equipment for gold and silver ores.

The agreement grants Kappes, Cassiday & Associates staged equity participation (up to 365,000 common shares) through the common stock of X-Cal Resources Ltd. in return for the design cost studies. If X-Cal implements recommendations from a positive feasibility by Kappes then further project participation will be negotiated.

The 3.0 million ounce gold resource at Sleeper (independent calculation) is contained in "above ground" and "near surface" materials. The initial work is aimed at identifying recoverable portions of the resource. (Silver resource figures are not available at this time.)

[***SNIP***]

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