Canadian Company Press Release 1999-04-08
X-Cal Resources: Agreement Approved, Resource Figures Pending, Sleeper Gold Project, Battle Mountain Trend, Humboldt County, Nevada, USA
VANCOUVER, BRITISH COLUMBIA--The new option to purchase agreement between X-Cal Resources Ltd. and Kinross Gold Corp. that was announced on March 30, 1999 has been approved by The Toronto Stock Exchange.
The agreement grants X-Cal the right to purchase the remaining Kinross interest in the Sleeper Gold Project. If the option is exercised by X-Cal then the Kinross interest in the gold project will be through common shares of X-Cal.
The opportunity to consolidate title to the entire property under the new option is an important step forward for the Sleeper Gold Project. X-Cal Resources Ltd. currently has 100 percent interest in 391 Sleeper area mineral claims (7,820 acres) and shares title to the mine site area and other Sleeper mineral claims 50/50 with Kinross Gold Corporation. If the option is exercised, X-Cal Resources Ltd. will also have 100 percent title to the Kinross Sleeper area claims. The total project area is approximately 22,000 acres, centering on the mine site and extending northwest and southeast within a well-defined geologically favorable trend. The mill (a 2,500 ton per day facility), select above ground assets and infrastructure are included under the terms of the new option. (See news release dated March 30, 1999 for details.)
New resource figures for the Sleeper mine site are pending as part of a feasibility that is being carried out by Kappes, Cassiday & Associates (see news release dated February 18, 1999).
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
(604) 662-8245
(604) 688-7740 (FAX)
Website: www.x-cal.com
Note: X-Cal Resources Ltd. can be referenced through the Standard & Poors Directory. |
