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

To: Truk who wrote (50)	3/4/1999 10:59:00 PM
From: John Sladek	Respond to of 225

Truk, There has been significant selling by Nesbitt this week driving the price down to $0.21 ... Any comments...? I was aware that there was a lot of selling recently (500k shares over 2 days back about 10 days ago), although I wasn't aware that most of it was coming from one broker (Nesbitt). Based on this, I would guess that there is a large shareholder unwinding a position. If you look at what is happening X-Cal, there have been some positive developments, in the past couple of months 1) an institutional shareholder exercised a warrant to purchase 1,000,000 common shares of X-Cal at $0.35 per share - so X-Cal now has $350k in new working capital. I think that these were probably the warrants that were issued in the private placement from last March. 2) An agreement was reached with Kappes and Cassiday Associates to accomplish a complete feasibility study (design cost study) for the Sleeper Gold Project. This work is to be completed within the next five months. If you aren't aware of the details of these developments, I suggest that you read the press releases that are available at the X-Cal web site (http://www.x-cal.com/ ). This could very well be a buying opportunity. Certainly if this most recent round of selling is for reasons other than bad news (the only bad news is the statement in the most recent press release that Win Rowe is leaving the company), then we might see a recovery after the selling stops. Also, there is a large volume of shares currently available as you noted, so its pretty easy to buy right now. Of course you should be aware that X-Cal is a speculative investment, so if someone was to invest in it, there is a very real chance that they could lose all or most of their money. If you have anything else that you want to discuss, feel free to ask. Regards, John Sladek

To: Truk who wrote (50)	3/30/1999 6:29:00 PM
From: John Sladek	Respond to of 225

March 30, 1999 New Agreement: Important Step Forward for Sleeper Gold Project Shawn Kennedy, President of X-Cal Resources Ltd. announces that X-Cal Resources Ltd. and Kinross Gold Corporation have entered into a new option agreement that grants X-Cal the right to purchase the remaining Kinross interest in the Sleeper Gold Project for a combination of 2 million common shares of X-Cal Resources Ltd., US$1,350,000 cash, and assumption of reclamation liabilities at the Sleeper Mine site. The option has been initiated by a US$ 50,000 payment from X-Cal to Kinross. A payment of 500,000 common shares of X-Cal Resources Ltd. is also due at this time. A second payment of 500,000 common X-Cal shares is due by October 25, 1999. The final payment of 1,000,000 common shares and US$1,300,000 is due by April 25, 2000, concurrent with title transfer and assumption of reclamation liabilities at the site. The reclamation obligations are currently secured by a US$ 7,837,200 surety bond. X-Cal will have to meet bonding and reclamation requirements for title to transfer. In combination with its existing shareholdings, Kinross Gold Corporation will hold a total of 3.6 million shares of X-Cal Resources Ltd., if the option is exercised. X-Cal Resources Ltd. recently announced an agreement with Kappes, Cassiday & Associates (KCA) to carry out a feasibility study for the gold project (see news release dated February 18, 1999). The work in progress includes plant design, metallurgy, and reclamation planning. New global resource figures for the mine site area are pending. Detailed modeling (cross sections on 50 ft. centers and 20 ft. centers) is being carried out to target higher grade areas for additional drilling as part of the feasibility. 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% 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% 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. The X-Cal/Kinross agreement is subject to the approval of The Toronto Stock Exchange. TEL: (604) 662-8245 Shawn Kennedy, PresidentFAX: (604) 688-7740 X-Cal Resources Ltd.Internet: www.x-cal.com

To: Truk who wrote (50)	3/30/1999 11:46:00 PM
From: John Sladek	Respond to of 225

Truk, I don't know if you are still interested in X-Cal or not. I will assume that you are, and send you the following note. The most recent X-Cal resources press release shows some decent progress. They have renegotiated the terms of the option that allows them to take 100% ownership of the sleeper project. They have reduced the cash payment substantially, and it looks like they also will get ownership of the mill and mine infrastructure. The new terms have greatly increased the chances that X-Cal will be able to come up with the cash to exercise the option. The project is also progressing on other fronts. According to the press release, right now, Kappes & Cassiday are working on: plant design, metallurgy, and reclamation planning. New global resource figures for the mine site area are pending. Detailed modeling (cross sections on 50 ft. centers and 20 ft. centers) is being carried out to target higher grade areas for additional drilling as part of the feasibility. It looks like the feasibility study work is also progressing. Kappes and Cassiday kcareno.com appears to have the expertise to do all the work needed to get them to feasibility. They could also probably do most of the work if the project goes ahead. Regards, John Sladek