X-Cal Resources Ltd. Annual Report.VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 18, 1999-- The annual report to the shareholders is being mailed at this time. It will also be available on our web site located at www.x-cal.com. The following are excerpts from the report: Directors' Report X-Cal Resources Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :XCL.) has invested in precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. properties throughout the declining market of the past two years and is in a good position to benefit from a more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. climate for precious metals. A feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. of the Sleeper Sleeper Stock in which there is little investor interest but that has significant potential to gain in price once its attractions are recognized. Antithesis of high flyer. Gold Project has indicated that renewed gold production at Sleeper is possible. Management sees implementation of the recommendations as a means towards realizing the larger potential of the property. At this time our ownership of the Sleeper Gold Project is 50% with the other 50% being held by Kinross Gold Kinross Gold Corporation (TSX: K, NYSE: KGC) is a Canadian gold mining company. It is the seventh largest primary gold producer in the world.[1] See also
1. ^ Kinross Gold. . X-Cal has an option on the Kinross portion of the project. We are taking the necessary steps to prepare for exercise of our option. Review of Operations The Sleeper Gold Project has continued to be the focus of our work throughout 1999. The agreement reached with Kinross Gold Corporation granting X-Cal the right to purchase their interest in the Sleeper Gold Project and the beginning of our relationship with Kappes, Cassiday & Associates were positive steps forward for the company. The feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. that is being prepared by Kappes, Cassiday & Associates is intended to assist us in financing purchase of the remaining Kinross interest in Sleeper. Daniel W. Kappes has agreed to join the board of directors of X-Cal. Mr. Kappes has a background in start up operations. Sleeper Gold Project, Humboldt County, Nevada Humboldt County is a county located in the U.S. state of Nevada. In 2005, its estimated population was 17,129. Its county seat is Winnemucca6. The county was the site of an arrest in 2000 that led to the U.S. Supreme Court decision Hiibel v. The Sleeper Gold Project is the most advanced of the company's gold properties. The most recent calculations by Sierra Mining & Engineering place 1.45 million ounces of gold contained within 28.4 million tons with an average grade of 0.051 opt and 6.7 million ounces of silver with an average grade of 0.239 opt in the category of "indicated resource". The total of the "measured plus indicated" category stands at 2.1 million ounces of gold at an average grade of 0.025 opt and 18.1 million ounces of silver at an average grade of 0.208 opt. The report indicates that production costs from the property can be in the area of $US 160.00 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. of gold. In keeping with new resource reporting guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. , gold and silver resource previously reported as being "inferred" is not included in this report. The drill holes show a large precious metals system to be present in the immediate vicinity of the mine site containing a multiple of the measured and indicated resource (based on analysis of data from 3,800 drill holes). The presence of a 2,500 ton per day mill on the property is also an asset. The district scale land holding that surrounds the mine site area is very prospective for new gold deposits. Our exploration work to date has defined several areas where additional new deposits are possible. These targets are important components of the longer term potential for Sleeper. Subsequent to the annual report X-Cal Resources Ltd. has delivered 500,000 common shares of X-Cal to Kinross Gold Corporation thereby extending X-Cal's purchase option on the Kinross Sleeper interest until April 25, 2000. NOTE: Location map available by contacting the company at the number listed in the contact information. NOTE: X-Cal Resources Ltd. can be referenced through the Standard & Poors Directory. |
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