X-Cal Resources Ltd. Files Year End Audited Financial Statements, MD&A and Annual Information Form
Jun 29, 2007
The management of X-Cal Resources Ltd. is pleased to announce the filing of the company’s Year End Audited Financial Statements, Management Discussion & Analysis and the Annual Information Form.
The 30 square mile Sleeper Gold Project, which centers on and includes the historic Sleeper Gold Mine, located in Humboldt County, Nevada, is the main asset of the company.
X-Cal also holds two properties in the Cortez Area and one in the Spring Valley Area, Nevada.
The acquisition of 100% of the Sleeper Gold Project was the most significant event of the year. The company also negotiated a buy-out agreement for the York Lease Lands within the Sleeper Gold Project and entered into a Royalty Sale agreement with the Ken Snyder Gold Syndicate, which is purchasing a 1% NSR production royalty on the Sleeper Gold Project.
Current work at Sleeper is weighted towards development drilling of known areas of mineralization. The goal of the development drilling is confirmation of existing gold and silver mineralization in NI-43-101 terms that will allow a calculation of base value to be compared to the company’s market capitalization.
Realization of the exploration potential of the Sleeper Gold District, as described in the January 2006 paper by Dr. Richard H. Sillitoe, is the primary objective of the company. The focus of work at Sleeper will shift emphasis from development drilling to exploration when the data necessary to achieve the initial goal has been collected and delivered to qualified independents.
New geologic understandings have resulted from current drilling, which should assist testing of the exploration targets. Continued exploration of the NW Target and the area between this target and the West Wood Area are a priority.
A bulk-sampling program of above-ground material at Sleeper is also underway.
Management is pleased with progress at Sleeper and sees the development work as a stepping-stone towards realization of the exploration potential of the property.
The contents of this release have been reviewed by Robert Thomason, M.Sc., who is a ‘Qualified Person’ as defined by NI-43-101.
The documents are available on SEDAR (http://www.sedar.com) and on the company’s website (http://www.x-cal.com).
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.
