X-Cal Q3 Financials, MD&A Filed and Update
Feb 14, 2008
The potential of the Sleeper Gold District for new epithermal gold deposits is the exploration upside of the 30 square mile property located in Humboldt County, Nevada.
The pending resource figures and ongoing assessment of near term heap leach production potential are foundation steps for the major Nevada gold project. Mine Development Associates (MDA) and Kappes, Cassiday & Associates (KCA) are the selected independent firms engaged to carry out the required tests and calculations.
Geologic cross-sections reflecting previously unrecognized mineralized layers/horizons at Sleeper are being digitized for delivery to Mine Development Associates. The new cross-sections are a part of the framework required for the pending Sleeper Resource Calculation.
The Facilities Area gold and silver mineralization and the adjoining above-ground mineralization in the Heap Leach Pads at Sleeper have potential to be blended and heap leached.
A sonic drill program into the Heap Pads has provided 20,000 tons of new sample material to augment pending estimates for the gold and silver contained in the Heap Pads at Sleeper and for metallurgical testing.
Column testing of both Facilities Area and Heap Pads samples is a part of ongoing metallurgical work.
X-CAL has entered into a financing agreement with IBK Capital Corporation with the objective of funding exploration of the North West (NW) target at Sleeper, engineering and reporting.
The NW target, West Wood and the area between these locations is an exploration priority. High-grade intercepts at West Wood, photos of NW drill core and graphics describe this target in the current Annual Report.
As disclosed in the January 9, 2008 press release, X-CAL has entered into discussions with corporate entities aimed at bringing additional technical and financial skill sets to the overall development and exploration of the Sleeper Gold District. Access to X-CAL’s GEMCOM data, Geologic Information Systems and related personnel are part of these discussions.
X-CAL’s Cortez Area and Spring Valley Properties are earlier stage Nevada gold projects. The potential of the Sleeper Gold Project is the primary focus of the company.
X-CAL’s Q3 Financial Statements and MD&A have been filed and can be found on SEDAR.
The contents of this release have been reviewed by Larry Kornze, P.Eng., who is a ‘Qualified Person’ as defined by NI-43-101.
Shawn Kennedy
President
Caution Concerning Forward-Looking Statements
This release and related documents may contain certain �forward-looking statements� including, but not limited to, statements relating to interpretation of drilling results and potential mineralization, future exploration work at the Sleeper Gold Project, the Mill Creek Gold Project, the Reese River Project and the Spring Valley Area Project and the expected results of this work. Forward looking statements are statements that are not historical facts and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Sleeper Gold Project, the Mill Creek Gold Project, the Reese River Project and the Spring Valley Area Project; uncertainties involved in the interpretation of drilling results and other tests; the possibility that required permits may not be obtained in a timely manner or at all; risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the exploration operations at the Sleeper Gold Project, the Mill Creek Gold Project, the Reese River Project and the Spring Valley Area Project.
Forward-looking statements contained in this release and related documents are based on the beliefs, estimates and opinions of management on the date the statements are made. There can be no assurance that such statements will prove accurate. Actual results may differ materially from those anticipated or projected. X-Cal Resources Ltd. and X-Cal USA, Inc. undertake no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.
