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Gold/Mining/Energy : X-CAL RESOURCES (TSE:XCL) -- Ignore unavailable to you. Want to Upgrade?

To: Mr Metals who wrote (39)	7/8/1998 10:27:00 PM
From: John Sladek	Respond to of 225

July 8, 1998 - Agreement With HSBC Securities X-Cal Resources Ltd. and HSBC Securities have entered into an agreement which appoints HSBC Securities as exclusive financial advisor to the Company. HSBC Securities is part of the HSBC group, one of the world's largest banking and financial service organizations. X-Cal Resources Ltd. and HSBC Securities will work together to enhance shareholder value. Financing, fairness opinions and general business assistance are covered by the agreement. Note: X-Cal Resources Ltd. can be referenced through the Standard & Poors Directory. The 1997 Annual Report is available through X-Cal Resources Ltd. X-Cal Resources Ltd. Shawn Kennedy President (604) 662-8245 (604) 688-7740 (FAX)

To: Mr Metals who wrote (39)	7/23/1998 9:43:00 PM
From: John Sladek	Respond to of 225

Mr. Metals, I am on XCL's mailing list, and just received a copy of an analysis done by HBSC, dated June 23, 1998. If you (or anybody else) wants a copy of this report (or the companies annual statements) you could give them a call at(604) 662-8245. They recommend the company as a speculative buy, with a two year target price of $2.00. I certainly agree with the "speculative" part, and don't think that picking a $2.00 target is going out on a limb too far, since it did trade as high as $1.50 in the past year. Right now it seems stuck between $0.40 to $0.50, and could very well stay there for a while. Hopefully Shawn's up-beat feelings turn out to be justified and a deal with a major is announced relatively soon, although I realize that these things can take time, so I'm not holding my breath. A recent press release from XCL follows: Regards, John Sladek July 20, 1998 - Sole Ownership to One Third of Sleeper Gold District Sleeper Gold Project - Humboldt County, Nevada, USA 7,800 acres of the 22,000 acre Sleeper area land package are now 100 percent the property of X-Cal Resources Ltd. and are not subject to the terms of the X-Cal Resources Ltd./Kinross Gold Corp. operating agreement for the district. X-Cal has become sole owner of more than one third of the Sleeper area lands within the area of interest, following an election by Kinross to not contribute their pro rata portion of the acquisition costs for 391 claims. The claims that were staked during 1996 and 1997 are considered to be prospective for new gold deposits by X-Cal and represent a significant portion of the Sleeper Gold District. (See attached map.) Note: X-Cal Resources Ltd. can be referenced through the Standard & Poors Directory. The 1997 Annual Report is available through X-Cal Resources Ltd. X-Cal Resources Ltd. Shawn Kennedy President (604) 662-8245 (604) 688-7740 (FAX)

To: Mr Metals who wrote (39)	11/10/1998 4:42:00 PM
From: John Sladek	Read Replies (1) \| Respond to of 225

November 10, 1998 - Outline of Sleeper Gold Project Presentation to be Made at AGM Abstract: The probability of new deposits of greater than 5 million ounces of gold is excellent within the lands controlled by X-Cal Resources Ltd. in the Sleeper Gold District (Battle Mountain Trend, Nevada). The potential for these deposits is evident in the project data. History: Approximately $ 10 million has been invested to assemble the land package and document the presence of a major gold system. Present Resource Estimates: The Sleeper Gold system is considerably larger than previous descriptions. The total of independent calculations for present resource and past production exceeds 5 million ounces. Exploration Review: Target areas and data that accompanies some of the targets will be presented. Summary and Conclusions: The Sleeper Gold system is larger than previously thought. This type of Nevada gold system would not normally produce just one deposit as demonstrated on both the Carlin and Battle Mountain Trends. The data shows potential for 4 or 5 new major gold deposits in addition to the existing resource. * The presentation by Winthrop A. Rowe, MSc., V.P. X-Cal Resources will take place at the Annual General Meeting of the shareholders to be held at the Ontario Club in Toronto on November 17, 1998 at 3 p.m. EST. TEL: (604) 662-8245 Shawn Kennedy, President FAX: (604) 688-7740