X-Cal Resources fka XCL

[goldisking3000]

Looking good hoping for the best ....

[jsladek]

Tap tap tap ....

Is this thing on?

[jsladek]

August 9, 2006 X-CAL AGREES TO PRIVATE PLACEMENT WITH KINROSS

X-Cal Resources Ltd. and Kinross Gold Corporation have entered into an agreement whereby X-Cal has agreed to sell 3.5 million of its common shares @ $CAN 0.32 per share to Kinross on a private placement basis. The $1,120,000 proceeds of the private placement will be utilized on X-Cal’s Nevada Gold projects.

The private placement is subject to regulatory approval and certain closing conditions of the subscription agreement. In combination with its existing X-Cal shareholdings, Kinross will beneficially own a total of 13 million common shares, representing approximately 10.5% of 123,635,255 shares that will be issued and outstanding at closing. The securities are being acquired for investment purposes by Kinross.

X-Cal has three Nevada Gold Properties: Sleeper is located in Humboldt County. The Mill Creek (Goat Window) and the Reese River (Horse Mountain Window) Properties are both located in the Cortez Area, Lander County, Nevada.

X-Cal’s geologic team is planning a major drill program at Sleeper as recommended in the current NI-43-101 report for that property. The first target area to be tested will be the “Range Front” area which has been allocated a budget of $US 1 million. Drilling will begin as soon as a drill becomes available. The Range Front target is over 5km in length, located east of the Sleeper mine site. It is one of five priority target areas recommended for drilling, within the 30 square mile Sleeper Gold District.

X-Cal recently acquired 100% of the Sleeper Gold Project by purchasing the 50% interest that was held by a joint-venture partner (see press release dated May 17/06).

The total recommended budget for testing of the five priority areas at Sleeper is $US 15 million. X-Cal will have approximately $CAN 5 million and no debt following closing of the above-mentioned private placement.

The contents of this release have been reviewed by Robert Thomason, M.Sc., and Larry Kornze, P.Eng, who are “Qualified Persons” 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 and the Reese River 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 and the Reese River 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 and the Reese River 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.

• • • • • • •

For further information contact: Shawn Kennedy, President
Tel: [phone] Fax: [phone]

Visit our web site: www.x-cal.com

Note: X-Cal Resources Ltd. can be referenced through the Standard & Poors Directory.
The 2005 Annual Report is available through X-Cal Resources Ltd.


http://www.x-cal.com/news_releases/20060809.htm

[Ed Monton]

X-Cal reviews Sleeper data, Mill Creek permit under way


2005-11-08 11:17 ET - News Release

Mr. Shawn Kennedy reports

X-CAL RESOURCES LTD.: NEVADA UPDATE

Sleeper Gold project: Humboldt county, Nevada

X-Cal Resources Ltd. is initiating a review of the large volume of exploration data generated by the Sleeper Gold Corp. joint venture and has requested master copies of all current Sleeper data to facilitate the process.

The review will incorporate outside consultants to assist X-Cal with development of an updated overview of the Sleeper Gold project. Geologic data, expenditures by the joint venture, overall project potential and recommendations for continued exploration will be covered. The process will be funded independently by X-Cal as a management tool.

X-Cal participates in Sleeper technical sessions on a regular basis. Ken Snyder, PhD, Larry Kornze, PEng, and X-Cal president, Shawn Kennedy, attend Sleeper joint venture technical sessions on behalf of X-Cal.

X-Cal's current view of the Sleeper Gold project is that Sleeper is one of only a handful of Nevada gold exploration properties with a district scale landholding centred on a historic producer, with an advanced digital data package.

The review will focus on exploration potential for three styles of gold mineralization at Sleeper with a lower priority on a fourth style:


structurally controlled, high-grade gold mineralization in the Sleeper volcanics;
lower-grade, potentially heap-leachable gold in the volcanics;
potential for Hishikari-style gold mineralization at the volcanic/sediment contact. The review will request input from internationally recognized consultants on this topic. Future exploration success aimed at this type of hypothetical target is expected to be dependant on identification of structural intersections and favourable horizons; and
Florida-Canyon-type gold mineralization in the sediments currently has a lower priority rating.

New Sleeper Gold Corp. is the operator of the Sleeper joint venture. The joint venture is financed 50 per cent/50 per cent by the partners X-Cal Resources and New Sleeper Gold. Resource figures and an updated National Instrument 43-101 are being prepared under the direction and timing of the operator. The additional data from the operator are anticipated before the end of 2005.

Mill Creek gold project: Lander county, Nevada

The plan of operations application announced July, 2005, has been filed and the review process is well under way. The outcome and amount of bonding, if the permit process is successful, is not known at this time. The intent of the plan of operations application for Mill Creek is to facilitate comprehensive exploration of this property (see Stockwatch news dated July 11, 2005).

Mill Creek is currently under option to Placer Dome US. Two holes have been drilled, one in the southwest corner of the property to a depth of approximately 2,500 feet where it was terminated due to ground conditions. The second hole, drilled to a depth of 1,600 feet northeast of the deeper test, was also terminated due to ground conditions. The structural preparation evident in both holes is encouraging. Both holes were drilled from an existing access road as the current permits limit disturbance. X-Cal has yet to receive drill logs or geochemistry from the initial testing by Placer Dome (see Stockwatch news dated June 29 and Aug. 12, 2005, and property maps on the company website).

An NI 43-101 report detailing the results of X-Cal's 2004 work program at Mill Creek can be viewed at the company website.

Reese River pediment project: Lander county, Nevada

X-Cal/Placer Dome

X-Cal, Placer Dome Exploration and Placer Dome US are expanding the binding Reese River pediment project letter agreement (as reported in Stockwatch on Sept. 15, 2005) into a more detailed document. The detailed agreement is expected to be completed this month (see property map at X-Cal's website). The Reese River exploration program will be designed by personnel from both companies. Drill permit applications will be filed at the earliest opportunity. A variety of surface surveys, designed to augment existing targeting data, are scheduled and awaiting field crew.

Summary

Mergers in the gold industry do not make new reserves.

To date, consolidations have resulted in talented exploration people becoming available as consultants. X-Cal has attracted some top technical people with Nevada records to assist with its work and will continue to foster relationships with able explorationists.

X-Cal intends to continue to look at corporate growth opportunities with the assistance of capital markets advisory.

X-Cal still believes strongly in the potential of Sleeper.

The company's early stage Mill Creek and Reese River pediment gold properties are also well located.

The company feels that the giant gold companies will inevitably have to move to exploration to sustain production.

[Tackler]

X-Cal releases more Sleeper results

2004-11-22 13:58 ET - News Release

Mr. James Crombie of New Sleeper reports

ADDITIONAL HIGH GRADE GOLD MINERALIZATION ENCOUNTERED AT THE SLEEPER JOINT VENTURE; ADDITIONAL HIGH GRADE GOLD ASSAYS FOR WEST WOOD CORE HOLE 27; WEST WOOD CORE HOLE 17 ALSO RETURNS ENCOURAGING GOLD GRADES

The Sleeper joint venture partners, New Sleeper Gold Corp. and X-Cal Resources Ltd. (50 per cent), have provided further results from continuing core and reverse circulation drilling at their Sleeper gold project in Humboldt county, Nevada.

Since the last release of assays in Stockwatch June 30, further core drilling consisting of 12 holes for 16,550 feet has been completed on the West Wood target. Complete assays are available for eight of these holes and partial assays for four holes, WW-28 to WW-31, inclusive. Highlights of the assays from holes WW-13, -17, -19, -23, -25 and -27 are provided below. The best gold grades in the drilling since the June 30 release were cut by hole WW-27-04, including 10 feet of 0.275 ounce per ton gold from 912.5 to 922.5 feet (three metres of 9.4 grams per tonne Au) plus 20 feet of 0.932 ounce per ton gold from 1,016 feet to 1,036 feet (6.1 metres of 31.9 grams per tonne Au).

[Ed Monton]

I missed that dip into the .40s. Too bad I wasn't paying attention...

[Ed Monton]

X-Cal Resources Ltd.: Mill Creek Gold Property
Geophysics

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2004) - A
PowerPoint summary of Mill Creek Gold Property Geophysics has been
received by X-Cal Resources Ltd. and posted to the company's website at
www.x-cal.com as part of preparations that are being made for the
Company's Annual General Meeting

The first three Mill Creek slides locate the early stage gold property
within the "Cortez Area" of Nevada and display a view of the overall
structural/geophysical setting of the area. The slides, specific to the
720 acre Mill Creek Gold Property, show the results of a high density
gravity survey, aeromagnetic data, some geology and geochemistry. X-Cal
holds 100% of the Mill Creek Gold property, located in Lander County,
Nevada

The Mill Creek geophysical work will form part of a new Technical Report
on the Mill Creek Gold Property which is being prepared by Richard
Redfern, M.Sc. (a "qualified person" as defined by NI-43-101). The
report on 2004 work at Mill Creek will be posted to the Company website
and filed to Sedar when completed.

X-Cal Resources Ltd is also a partner in the Sleeper Joint Venture (50%
X-Cal -50% New Sleeper Gold Corporation) which is exploring the 30
square mile Sleeper Gold District, located in Humboldt County, Nevada.

Shareholders and analysts are encouraged to view the Mill Creek
geophysical images @ www.x-cal.com and to attend the Annual Meeting of
the Shareholders to be held at 2:00 PM on November 30, 2004 at the
Ontario Club in Toronto.

The contents of this release and related material have been reviewed by
Richard Redfern, M.Sc. who is a qualified person as defined by NI-43-101.

Shawn Kennedy

President

Note: X-Cal Resources Ltd. can be referenced through the Standard &
Poors Directory.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.x-cal.com

[siempre33]

not much happening at the moment....

just noticed that I've held XCL longer than any other stock in my pf....

it has been a long time - about two years - since this one was really hot....it must be close to time for some shaking....
UP not out....

LET'S GET READY TO RUM-BLE !!!

[Ed Monton]

X-Cal Resources Ltd.: Mill Creek Drill Program/Cortez
Area

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Apr 7, 2004) - X-Cal
Resources Ltd. has received all necessary approvals to begin a
drill program on its 100% owned Mill Creek Gold Property, located
in Lander County, Nevada. The Mill Creek Gold Property is within
the area known as the Cortez Joint Venture Area, where Placer
Dome operates the Cortez and Pipeline Gold Mines. Placer has
announced a new discovery, named "Cortez Hills", in this
district. X-Cal's 640 acre Mill Creek Gold Property is situated
on a lower plate window, known locally as the "Goat Window",
located northwest of the Pipeline Gold Mine. Previous work on the
X-Cal property encountered encouraging gold values in drill holes
and outlined additional attractive drill targets.

The initial X-Cal Mill Creek drill program will consist of 10,000
feet of reverse circulation drilling and 3,000 feet of core
drilling. Thirteen drill sites have been approved. Several drill
holes can occur from each site. If the Phase 1 drill results are
encouraging, the drill budget will be increased to allow the work
program to continue beyond the presently allocated footage, as
required. The current field work is being carried out under the
supervision of Gregory L. Griffin, geologist. Drilling is
expected to begin this month. Assays will be by ALS Chemex.
Overall project data will be reviewed on behalf of X-Cal by Ken
Snyder, Ph.D.

X-Cal has entered into a mutually beneficial data sharing and
confidentiality agreement with a major company that holds claims
in the Mill Creek area. The agreement brings useful local
knowledge to the project in exchange for new data that will be
generated by X-Cal's work.

The contents of this news release have been reviewed by Richard
R. Redfern, M.Sc., C.P.G., who is a Qualified Person as defined
by National Instrument 43-101. Mr. Redfern is preparing a
technical report, in accordance with NI 43-101, on the Mill Creek
Gold Property which will be filed this month.

Elsewhere in Nevada, the Sleeper Joint Venture is actively
drilling the Sleeper Gold Project (50% X-Cal/50% New Sleeper Gold
Corp.), as previously announced.

X-Cal Resources Ltd. is debt free with sufficient cash to meet
all foreseeable requirements for 2004.

Note: X-Cal Resources Ltd. can be referenced through the Standard
& Poors Directory.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.x-cal.com
Note: X-Cal Resources Ltd. can be referenced through the Standard
& Poors Directory.

[Ed Monton]

Whatever happened to Marcos?

[Ed Monton]

NEW SLEEPER GOLD CORPORATION

(formerly Upland Resource Corporation)

TSX VENTURE SYMBOL: ULC

MARCH 16, 2004 - 08:22 ET

New Sleeper Gold Corporation (formerly Upland Resource
Corporation) Announces Completion of Business
Combination-New Stock Symbol: TSXV-NWS

LONGUEUIL, QUEBEC--New Sleeper Gold Corporation (formerly Upland
Resource Corporation) has completed the business combination with
New Sleeper Gold Corp. announced by Upland in a press release
dated December 31, 2003.

The business combination included the following steps: (1)
Upland's common shares were consolidated on a 2.5:1 ratio; (2) a
wholly-owned subsidiary of Upland amalgamated with New Sleeper
Gold Corp. and Upland issued to each New Sleeper Gold Corp.
shareholder one Upland share for each outstanding New Sleeper
Gold Corp. share; and (3) Upland continued under the Canada
Business Corporations Act, changing its name from Upland Resource
Corporation to New Sleeper Gold Corporation. All steps were
approved by the requisite number of shareholders as required by
applicable legislation and the rules of the TSX Venture Exchange.
In addition, the following directors have been elected to serve
on the board of New Sleeper Gold Corporation: David Fennell,
James Crombie, Loraine Altenweg, Leanne Baker, Vijay Kirpalani,
Bruce McLeod, Peter Nixon and Ian Rozier.

The business combination was approved by the TSX Venture Exchange
and New Sleeper Gold Corporation's common shares are expected to
trade under the stock symbol NWS on or about Thursday, March 18,
2004. After giving effect to the consolidation and the business
combination, New Sleeper Gold Corporation has 37,417,024 common
shares issued and outstanding. Holders of Upland common share
certificates will receive replacement securities from the
transfer agent of New Sleeper Gold Corporation.

New Sleeper has recently completed a private placement financing
raising approximately Can. $33 million, of which US $20 million
was used for the acquisition of a 50% interest in the Sleeper
project.

New Sleeper indirectly owns a 50% undivided interest on what is
known as the "Sleeper Gold Property" located in the Slumbering
Hills, Awakening Mining District, Humboldt County, Nevada (the
"Sleeper project") and other assets of Sleeper Mining Company
LLC. Its joint venture partner X-Cal Resources Ltd. indirectly
owns the other 50% interest in Sleeper project. New Sleeper is
the operator of the joint venture.

New Sleeper has recently commenced an exploration program, the
main objective of which is to define Mineral Resources (under NI
43-101) from known mineralization, as well as to discover new
mineralization. The work program includes core drilling and RC
drilling, data compilation, including historic drill log
compilation, geological mapping, target definition and
refinement, geological field work and survey. Exploration
expenditures on the work program for the next 12 months will cost
approximately $6 million.

For more information, please refer to the 43-101 Technical Report
and Filing Statement filed with the TSX Venture Capital and soon
to be available on www.sedar.com under New Sleeper Gold
Corporation's public documents.

FORWARD LOOKING STATEMENT

Some of the statements contained in this press release are
forward-looking statements. Forward-looking statements are not
historical facts, and are subject to a number of risks and
uncertainties beyond the control of New Sleeper Gold Corporation,
including statements regarding completion and cost of work
program, potential mineralization, exploration results and future
plans and objectives of New Sleeper Gold Corporation. Resource
exploration, development, and operations are highly speculative,
characterized by a number of significant risks, which even a
combination of careful evaluation, experience and knowledge may
not eliminate, including, among other things, unprofitable
efforts resulting not only from the failure to discover mineral
resources but from finding mineral deposits which, though
present, are insufficient in quantity and quality to return a
profit from production. There can be no assurance that such
statements will prove to be accurate and actual results could
differ materially from those suggested by these forward-looking
statements for various reasons discussed throughout the Filing
Statement (particularly in the section entitled "Risk Factors")
referred to above.

New Sleeper Gold Corporation is a gold exploration company with a
50% interest in the Sleeper gold project in Nevada. New Sleeper's
shares trade on the TSX Venture Exchange (TSXV) under the symbol
"NWS".

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
New Sleeper Gold Corporation
James Crombie
President & CEO
[phone]
[phone] (FAX)
Email: [e-mail]
or
New Sleeper Gold Corporation
Susie Bell
Manager, Investor Relations
[phone]
[phone] (FAX)
Email: [e-mail]
Note: New Sleeper Gold Corporation's web site is under
construction.

[Ed Monton]

X-Cal Appoints New Directors

VANCOUVER, BRITISH COLUMBIA--X-Cal Resources Ltd. is pleased to
announce the appointment of Larry Kornze, P.Eng., and Robert
Preston to the Board of Directors of the Company and wishes
farewell to one Board member. The appointments have the effect of
increasing the size of the Board from five to six directors.

Mr. Larry Kornze is well known in the mining industry for his
contribution to the growth of Barrick Gold Corporation, which
earned Mr. Kornze the honor of having Barrick's Betze gold
deposit in Nevada being named in part after him. Since retiring
from Barrick, Mr. Kornze has become a director of several public
companies. Mr. Kornze sits on the Sleeper Joint Venture
Management Committee on behalf of X-Cal, and is a senior
geologist on the X-Cal team.

Mr. Robert Preston is a Toronto-based lawyer with the firm of
Ricketts Harris, LLP. Mr. Preston has many years of corporate
experience and qualifies as an independent director for X-Cal.

Mr. Daniel Kappes, President of Kappes Cassiday & Associates in
Nevada, is departing the Board of X-Cal. The Company will
continue to have access to the technical services and expertise
that Mr. Kappes and his company provide to the mining industry.
We wish to sincerely thank Mr. Kappes for his contribution to
X-Cal to date and look forward to ongoing good relations.

X-Cal anticipates a busy year with the Sleeper Joint Venture
drilling underway in Humboldt County, Nevada, and a drill program
pending for the Mill Creek Gold Property in Lander County,
Nevada. The Company has applied for 750,000 new options at $0.80
per share for new and existing Board members. The new
appointments have increased the number of independent directors
and brings additional geologic expertise to the Board.

Note: X-Cal Resources Ltd. can be referenced through the Standard
& Poors Directory.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.x-cal.com

[Ed Monton]

X-Cal to Drill Mill Creek Gold Property in Cortez Area,
Nevada

VANCOUVER, BRITISH COLUMBIA--X-Cal Resources Ltd. has filed a
Notice of Intent to drill test the Company's 100% owned Mill
Creek Property, located in Lander County, Nevada.

X-Cal's Mill Creek Property is located over a lower plate window
known as the "Goat Window" within an area of the Battle Mountain
Trend known as the Cortez Joint Venture ("CJV") area, which hosts
Placer Dome's Cortez Gold Mine and Pipeline Gold Mine. Placer has
recently announced the discovery of a new lower plate gold
deposit named "Cortez Hills" in the CJV area.

X-Cal has allocated an initial US$500,000 budget to exploration
of its Mill Creek Project. Previous work to the Mill Creek
Property encountered 10 feet of 0.527 opt (18.05 gpt) Au in a
reverse circulation drill hole #BMC-1A from 265-275 feet, in
upper plate rocks associated with felsic dikes, located on a
NNW-trending structure that strikes through the centre of the 640
acre property. Part of the proposed drilling will continue to
test this structural zone. The prime target for the 2004 drill
program is located in the northeast portion of the property,
closest to the lower plate outcrops, defined by soil
geochemistry, rock geochemistry and geologic mapping. The initial
permit application has requested thirteen drill sites, each of
which can be utilized for several drill holes. The initial
program for the Mill Creek Property will consist of 10,000 feet
of drilling, with pre-authorization for additional footage, if
results are encouraging. The Mill Creek drill program will begin
as soon as the permit process allows. (Adjacent claims bordering
Mill Creek are separately held by Placer Dome and Newmont.)

A National Instrument 43-101 compliant report on X-Cal's Mill
Creek Property is being prepared by Richard R. Redfern, M.Sc,
C.P.G. The contents of this release have been reviewed by Richard
Redfern and Keith Blair, M.Sc., C.P.G., who are Qualified Persons
as defined by NI43-101.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.x-cal.com
Note: X-Cal Resources Ltd. can be referenced through the Standard
& Poors Directory.

[Ed Monton]

X-Cal Resources Ltd.: 2004 Exploration Program Begins at
Sleeper

VANCOUVER, BRITISH COLUMBIA--X-Cal Resources Ltd. is pleased to
announce the commencement of exploration activities at the
Sleeper Joint Venture. The first core drilling rig is on site at
the Sleeper Gold Property, located in Humboldt County, Nevada. A
second core drill and a reverse circulation rig are expected to
follow by mid March 2004.

In a press release dated January 12, 2004 X-Cal announced the
formation of a 50/50 joint venture with New Sleeper Gold LLC to
explore the 30 square mile Sleeper Gold District. X-Cal also
announced the exercise of its option on the Kinross lands in the
district which consolidated the Sleeper area lands for the joint
venture.

The core drilling program will begin in the West Wood Area, where
numerous encouraging intercepts have occurred in previous reverse
circulation (RC) drilling. Several twin holes will be included in
the West Wood Area core drilling program, in order to highlight
any inconsistencies between the two drilling methods, and allow
analysis of the previous data, including the evidence of free
gold previously reported by X-Cal. The core drilling will also
test the new deeper zone reported by X-Cal in a press release
dated October 20, 2003. (ALS Chemex will be the primary lab used
for the assay work.)

In general, the work program for the first half of 2004 will
address: (1) the areas of resource potential identified by
previous work within the minesite area, in particular the West
Wood and Silica Cap areas, (2) exploration targets identified
within the minesite area, including the depth and strike
extensions of the Sleeper Vein system and the Bedrock Casino
area, and (3) regional targets within the district where a number
of targets have been identified by previous work. All of these
programs will run simultaneously over coming months.

The joint venture, under the direction of Adrian Fleming of New
Sleeper Gold LLC, is consolidating all property data and adding
personnel to the team established by X-Cal. The joint venture is
committed to spending US$8 million to US$10 million to advance
the project. The initial 2004 budget has been set at US$6
million, subject to refinement as work progresses.

The Sleeper Joint Venture is being operated by a committee with
two members from each company and alternates appointed to
participate. X-Cal has appointed Messrs. Shawn Kennedy, President
of X-Cal, with John Arnold as alternate, and Larry Kornze,
P.Eng., with Ken Snyder, Ph.D. as alternate to the Joint Venture
Committee.

The contents of this release have been reviewed by Keith Blair,
M.Sc., who is a Qualified Person as defined by National
Instrument 43-101.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.x-cal.com
Note: X-Cal Resources Ltd. can be referenced through the Standard
& Poors Directory.

[Ed Monton]

XCL looking really strong considering the sell-off in other gold stocks.

[Ed Monton]

X-CAL RESOURCES LTD.

TSX SYMBOL: XCL

JANUARY 12, 2004 - 09:00 ET

X-Cal Resources Ltd.: Sleeper Option Exercised, Joint
Venture Begins

VANCOUVER, BRITISH COLUMBIA--X-Cal Resources Ltd. has exercised
its option on the Kinross Interests in the Sleeper Gold Property
and has established a joint venture with New Sleeper Gold Corp.
to explore the 30 square mile (20,000 acre) Sleeper Gold
District, located on the Battle Mountain Trend in Humboldt
County, Nevada.

The exercise of X-Cal's option on the Kinross Interests in the
area is an important milestone which has resulted in 100%
consolidation of the mineral lands in the Sleeper Gold District
into one property. Prior to option exercise, Kinross and X-Cal
each held 50% of the mineral rights for 15,000 acres while X-Cal
held 100% of the mineral rights in an additional 5,000 acres of
the district.

Concurrent with the option exercise, X-Cal and New Sleeper Gold
Corp. have established a 50/50 joint venture to explore the
Sleeper Gold District. X-Cal will contribute all of its Sleeper
Area lands to the joint venture. New Sleeper has contributed
US$20 million and will manage the joint venture. The principals
of New Sleeper are David Fennell (Executive Vice Chairman of
Miramar Mining Corporation) and James Crombie (previously
President of Ariane Gold). New Sleeper has announced intentions
to merge with Upland Resource Corporation, which trades on the
TSX Venture Exchange under the symbol ULC.

The financing delivered by New Sleeper is allocated between
option exercise costs, bonding of the project and exploration.

An aggressive exploration program with a budget of US$8-10
million will begin within 30 days and continue throughout 2004.
The work programs will be carried out by an exploration team
composed of X-Cal and New Sleeper personnel. The exploration team
will include Winthrop Rowe, M.Sc., Ken Snyder, Ph.D., Larry
Kornze, P.Eng. and Keith Blair, M.Sc., and will be managed by
Adrian Fleming, P.Geo., of New Sleeper.

The expanded Sleeper exploration team (X-Cal/New Sleeper) is
compiling data from the 2003 work program in anticipation of
increased exploration activity throughout 2004.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.x-cal.com
Note: X-Cal Resources Ltd. can be referenced through the Standard
& Poors Directory.



--------------------------------------------------------------------------------

[Ed Monton]

More news:

X-CAL RESOURCES LTD.

TSX SYMBOL: XCL

JANUARY 5, 2004 - 17:50 ET

X-Cal Resources Ltd.: Sale of British Columbia Gold
Property

VANCOUVER, BRITISH COLUMBIA--X-Cal Resources Ltd. announces that
it has received the initial payment for sale of its British
Columbia gold property, located near Fort St. James, as described
in the fairness opinion produced by SRK Engineering that
accompanied the Annual General Meeting mailing.

Title transfers will be made to the Omineca Gold Company Ltd.

X-Cal shareholders approved the sale of the Company's British
Columbia gold property for $1.6 million.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.x-cal.com
Note: X-Cal Resources Ltd. can be referenced through the Standard
& Poors Directory.

[Ed Monton]

X-CAL RESOURCES LTD.

TSX SYMBOL: XCL

JANUARY 5, 2004 - 17:32 ET

X-Cal Begins Work in the Cortez Area, Nevada

VANCOUVER, BRITISH COLUMBIA--X-Cal Resources Ltd. has allocated
an initial US$500,000 budget for advancing its 100%-owned Mill
Creek gold property located in Lander County, Nevada.

The 640 acre (one square mile) Mill Creek Property is located
within the Cortez Area, where Placer Dome operates the Cortez and
Pipeline Gold Mines. Recent announcements from Placer have
described new gold discoveries in this area named "ET Blue" and
"Cortez Hills".

X-Cal's Mill Creek Property is located on the "Goat Window" to
the northwest of Placer's Pipeline Gold Mine. The Mill Creek
Property has been held by X-Cal for several years, due to the
favourable geology and the presence of gold in early stage drill
holes. Many of the important mineral deposits on both the Battle
Mountain and Carlin Trends are located on what are locally
referred to as "lower plate windows" where deeper rocks have been
thrust to the surface.

Two major companies adjoin X-Cal's Mill Creek gold property with
contiguous claims. Several offers to joint venture from one of
the major companies were declined during the period of low gold
prices as the offers did not meet X-Cal's criteria.

The existing data on X-Cal's Mill Creek Property is being
compiled at this time for review by the Company's exploration
team members and subsequent production of a National Instrument
43-101 compliant report on the property.

The 2004 work program at Mill Creek will include offset drilling
of previous gold-bearing intercepts and testing of drill targets
in the northeast corner of the property nearest to the lower
plate outcrops.

The contents of this release have been reviewed by Richard
Redfern M.Sc., C.P.G. and Keith Blair, M.Sc., C.P.G., who are
Qualified Persons as defined by NI 43-101.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.x-cal.com
Note: X-Cal Resources Ltd. can be referenced through the Standard
& Poors Directory.

[Ed Monton]

X-CAL RESOURCES LTD.

TSX SYMBOL: XCL

JANUARY 5, 2004 - 15:23 ET

X-Cal Resources Ltd.: Update on Sleeper Gold Project

VANCOUVER, BRITISH COLUMBIA--On November 24, 2003 X-Cal Resources
Ltd. announced intentions to exercise its option on the Kinross
interest in the Sleeper Gold District and to establish a joint
venture with an experienced financial and exploration group to
explore the 30 square mile property, located in Humboldt County,
Nevada. In the news release, X-Cal announced an intended closing
date of December 20, 2003, prior to the December 30, 2003
deadline for X-Cal's option on the Kinross portion of Sleeper
Area mineral rights.

X-Cal and Kinross have agreed to extend the closing date for the
exercise of the option, and for X-Cal to complete a joint venture
agreement with the New Sleeper Gold group, into January 2004. The
New Sleeper Gold group, led by David Fennell and James Crombie,
are the "experienced financial and exploration people" referred
to in the earlier news release. The negotiation of agreements
necessary to achieve the objectives outlined in the November 24,
2003 news release is nearing completion. The relevant agreements
are expected to be signable in the near future, with
announcements to follow.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.x-cal.com
Note: X-Cal Resources Ltd. can be referenced through the Standard
& Poors Directory.

[Ed Monton]

UPLAND RESOURCE CORPORATION

TSX VENTURE SYMBOL: ULC

DECEMBER 31, 2003 - 09:00 ET

Upland Resource Corporation and New Sleeper Gold Corp.
Announce Proposed Business Combination

VANCOUVER, BRITISH COLUMBIA--NOT FOR DISTRIBUTION TO U.S. NEWS
WIRE SERVICES OR DISSEMINATION IN THE U.S.

UPLAND RESOURCE CORPORATION ("Upland") (TSXV:ULC) and NEW SLEEPER
GOLD CORP. ("New Sleeper") are pleased to announce that they have
entered into a letter agreement dated December 29, 2003 in
respect of a business combination (the "Business Combination")
proposed to be completed following the completion of a private
placement financing by New Sleeper and the completion by New
Sleeper and X-Cal Resources Ltd. ("X-Cal") (TSX:XCL) of the
formation of a 50-50 joint venture (the "Joint Venture"), with
New Sleeper as operator, to explore and develop the Sleeper
Project, a gold-silver deposit in Nevada. New Sleeper and X-Cal
have entered into a letter of intent dated November 18, 2003 in
respect of the Joint Venture.

The principals of New Sleeper are David Fennell, a resident of
the Bahamas, who is Executive Vice-Chairman of Miramar Mining
Corporation (TSX:MAE), and James Crombie, also a resident of the
Bahamas. Mr. Crombie is a graduate of the Royal School of Mines
in London, a director of Sherwood Mining Corp (TSXV:SWM) and was
formerly the President and CEO of Ariane Gold, a TSX company
which merged with Cambior Inc. effective November 29, 2003.

The Sleeper Project deposit was discovered by Amax Gold Inc. in
1984 and mined from 1985 to 1996. The Sleeper Gold Mine produced
approximately 1,700,000 ounces of gold from open pit operations
that utilized milling for high-grade gold-silver mineralization
and gold remains in the waste dumps and five heap leach pads.
Exploration on the property has been conducted by Amax, Placer
Dome and currently by X-Cal. Upland and New Sleeper believe that
the Sleeper Project vein system and the 30 square mile claim
block surrounding the deposit have significant exploration
potential.

In order to acquire a 50% interest in the Joint Venture, New
Sleeper is required to provide US$20,000,000 to the Joint Venture
on or before January 9, 2004. Of these funds, US$4,000,000 is to
be loaned to X-Cal to be paid to a subsidiary of Kinross Gold
Corporation to exercise an option to acquire the 50% interest in
the Sleeper property not currently held by X-Cal, up to
US$8,000,000 is to be applied to the posting of a bond with the
US Bureau of Land Management, and the balance will be applied to
the exploration and development of the Sleeper property, working
capital and general corporate purposes. The Joint Venture will
hold the Sleeper Project and the surrounding claim block.

New Sleeper has entered into a letter of engagement dated
December 6, 2003 with a syndicate of agents co-led by GMP
Securities Ltd., and Dundee Securities Corp. and including
Canaccord Capital Corporation and Haywood Securities Inc. (the
"Agents"), in respect of a "best efforts" private placement
financing of up to CDN$35,000,000 (up to approximately
CDN$40,000,000 if the Agents exercise their over-allotment
option). Under the terms of the financing, New Sleeper will issue
up to 35,000,000 subscription receipts (up to approximately
40,000,000 subscription receipts if the agents exercise the
over-allotment option) at a subscription price of CDN$1.00 per
subscription receipt. Each subscription receipt will entitle the
holder thereof to receive, upon exchange for no additional
consideration, one common share of New Sleeper and one half of
one common share purchase warrant (each whole warrant entitling
the holder to acquire one New Sleeper common share upon payment
of an exercise price of CDN$1.25 at any time until the warrants
expire five years form the closing of the financing). Proceeds
from this financing will be used primarily to fund New Sleeper's
financing commitment in connection with the Joint Venture. The
financing is subject to, among other things, entering into a
definitive agency agreement, due diligence and obtaining all
requisite approvals.

Under the terms of the letter agreement between Upland and New
Sleeper, it is contemplated that the Business Combination will
proceed by way of statutory amalgamation or other form of
corporate reorganization. The Business Combination will
constitute a "reverse takeover" in accordance with the policies
of the TSX Venture Exchange (the "Exchange"). Under the proposed
Business Combination, Upland will consolidate its approximately
7,237,560 currently issued and outstanding common shares on a
2.5:1 ratio such that Upland will, post-consolidation, have
approximately 2,895,000 common shares outstanding. Following the
consolidation, Upland or a wholly-owned subsidiary of Upland will
amalgamate with New Sleeper and shareholders of New Sleeper,
including those participating in the private placement financing,
will receive one common share of Upland for each common share of
New Sleeper. The Business Combination may involve additional
corporate reorganization steps.

Following completion of the Business Combination, David Fennell
will be the Chairman of the resulting company and James Crombie
will serve as President and CEO. Chief Financial Officer will be
Marcel Lalonde of Montreal. Mr. Lalonde was formerly the
Treasurer for Cambior and Chief Financial Officer of Hope Bay
Gold and Ariane Gold.

Corporate Secretary and legal counsel will be Carol Plante of
Montreal who held similar positions in Hope Bay Gold and Ariane
Gold.

It is contemplated that new directors to be appointed will
include Bruce McLeod of Vancouver, a mining engineer and
principal of the Northair Group of Companies based in Vancouver,
and Lorraine Altenweg of Edmonton, Alberta, an accountant and
former director of Ariane Gold.

In accordance with TSX Venture Exchange Policy 5.2 (2.1),
completion of the Business Combination is subject to a number of
conditions, including, but not limited to, Exchange acceptance
and disinterested shareholder approval. The Business Combination
cannot close until the required shareholder approval is obtained.
In addition, the Business Combination shall be on terms and
conditions satisfactory to the Agents. There can be no assurance
that the Business Combination will be completed as proposed or at
all. Investors are cautioned that, except as disclosed in the
management information circular to be prepared in connection with
the Business Combination, any information released or received
with respect to the Business Combination may not be accurate or
complete and should not be relied upon. Trading in the securities
of Upland should be considered highly speculative.

The subscription receipts have not been and will not be
registered under the United States Securities Act of 1933 as
amended or the securities laws of any state and may not be
offered or sold in the United States or to any "US Person" (as
defined in Regulation S under the Securities Act of 1933) absent
registration or an exemption from registration.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
New Sleeper Gold Corp.
James Crombie
President & CEO
[phone]
[phone] (FAX)
or
Upland Resource Corporation
Brian Bayley
Director
[phone]
[phone] (FAX)
The Exchange has in no way passed upon the merits of the proposed
Business Combination and has neither approved nor disapproved of
the contents of this news release.

[Ed Monton]

X-CAL RESOURCES LTD.

TSX SYMBOL: XCL

DECEMBER 19, 2003 - 19:46 ET

X-Cal Resources Ltd.: Technical Report on the Sleeper
Gold Property Filed on SEDAR

VANCOUVER, BRITISH COLUMBIA--X-Cal Resources Ltd. has filed a
revised technical report on the Sleeper Gold Property, located in
Humboldt County, NV, by Richard R. Redfern, M.Sc., C.P.G. and
Winthrop A. Rowe, M.Sc., C.P.G., in accordance with National
Instrument 43-101.

The revised technical report supercedes any previous filings by
the Company. The revisions were made to clarify various technical
aspects of the project at the request of the British Columbia
Securities Commission.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.x-cal.com
Note: X-Cal Resources Ltd. can be referenced through the Standard
& Poors Directory.

[Ed Monton]

Anyone know what the run-up to 1.15 was all about?

Is the time to load up now???

[jsladek]

marcos, Well I had to get someone interested in XCL so that I would have somebody to talk to ... I was getting lonely on the XCL thread all by myself.

but thanks again for getting me interested in this puppy back in '98 -ggg

I recall that you have brought this up before.

http://www.stockhouse.ca/bullboards/viewmessage.asp?stat_num=927414&all=0&t=0&archived=A...

I expect to sell more as it move higher.

[jsladek]

marcos, two years ago we were wondering when it would hit $0.125!

http://bigcharts.marketwatch.com/print/print.asp?frames=0&time=9&freq=1&compidx=aaaaa%3A...

'How soon till we hit $1.25' - lol, imagine asking that two years ago, it would have sounded stupid

[jsladek]

Yes I was at the meeting.

It was basically the same meeting as for the past several years. People were obviously interested in finding more about the dal. Well he did give some hints on the record about who the people who are negotiating the PP with, although he would not divulge their names. If I heard correctly, the new people were involved with Mirimar, and Ariene.

They moved the company incorporation to Ontario from BC, and the shareholders approved the sale of Snowbird to SK and another person.

All the directors were there, except for Daniel Kappes. Win Rowe was there, and gave an interesting presentation. Larry Kornzee was also there, but Ken Snyder was not.

I talked with Win Rowe, but only had time to say "hi" to Larry Kornzee. I also had a a brief chat with Shawn Kennedy.

It was a good meeting, IMO. During the meeting, Mr. Arnold heaped some well-deserved praise on SK for his perseverance.

It was probably the most up-beat XCL meeting that I have been to.

Regards,
John Sladek

[marcos]

No kidding a good week, now i've got seller's remorse .... but you can't let anything bulge too far past your allocation limits, a person has got to be disciplined about this stuff

'How soon till we hit $1.25' - lol, imagine asking that two years ago, it would have sounded stupid .... but it could come real soon now, no reason why it couldn't next week ..... i have no shareprice predictions at all, at this point, it feels like uncharted territory ..... much depends on whether this JV deal actually goes through, of course, and we won't know until late in the month ..... just a wild guess, but i'm thinking there is a possibility that certain allies of the JV folks are entering the stock recently, and/or adding shares to an existing position[?] .... who knows, but the chart she does look good ..... with the sole exception, ahem, of that little thruppence airhole .... which doesn't absolutely need to mean anything, that is true ...... we shall see ...... but thanks again for getting me interested in this puppy back in '98 -ggg- ..... cheers

[jsladek]

marcos, Well this was a pretty good week for XCL's share price:

Friday November 28 closed at $1.10
Friday November 21 closed at $0.90
Friday November 14 closed at $0.75

Up more than 20% in two weeks in a row.

How soon till we hit $1.25.

[marcos]

I sold some too, and a few last week ... automatic reflex, to sell a gap-up, even though it's only three cents it's still an airhole in the pattern, that is no way to build a healthy chart ... this morning i was hoping they'd punch it down to .87 and fix that up, but no cigar so i'm out all trading position, and a little more besides ... didn't have good access to info, or much time to think, just went with first impulse but on reflection it looks like the right thing, there are weeks to go before we get confirmation of this deal

There will be dilution in any development story ... three ways to go -
1. share-issuance dilution, just print more paper and try to get a decent price for it
2. project dilution by entry into debt, which bankers won't do any more anyway
2. project dilution by JVing with another entity, you sidle up to them and say hey, if you got the money honey we got the mine

So that's the way it went, and Ms Market seems to like it .... you went to the meeting eh? ..... pick up any interesting detail? .... this is one outfit where i'd like to attend, probably will one day ..... cheers

[edit] - John, i'm thinking of parking the funds temporarily in dmw.to - #board-1706 ... even though i'm probably overweight there already ... but i think it primed for a move, they've got news coming out any day now, on Koidu grade and carat value, maybe something decent on oil trading even

[jsladek]

marcos, FWIW, I sold a small amount of my position today at $0.96. Last nite, I figured it might go above $1.00 on the news, but wouldn't close there. I picked a price between Friday's close and $1.00, and the trade went through, so there. My average price is now down to $0.24 / share.

I like the new deal, since it seems a lot less dilutive. X-Cal still gives up 50% of Sleeper, but it's for more garanteed money, and X-Cal doesn't have to issue any new shares.

I'm still trying to figure out how this happened, since a previous deal had been announced. I' not sure how this affects the previously announced Kinross deal - it appears to me that X-Cal instead of paying Kinross with new shares (the old deal), Kinross will be getting cash.

No matter how that works, at the end of the day, the dilution in XCL shares doesn't happen, XCL still gives up 50% ownership of Sleeper, Shawn loses a certain amount of control to the new parties (amount TBD), X-Cal gains the advantage of having some new players on the team (their exact value beyond their cash value is also TBD).

The annual meeting today was pretty interesting. Talked breifly with Shawn Kennedy, said "hi" to Larry Kornzee, and spent a few minutes being educated by Win Rowe.

Regards,
John Sladek

[marcos]

Broke through the .80, last at .85 ... .89 will be a new 52-week high, 1.01 a new seven-year high .... will we get em before the meeting, i give it 85/15 on the former, mmmm let's say 55/45 on the latter .... depends on news, quite likely, or the absence thereof

[marcos]

There may have been a cross, don't know ... not necessarily, 681k divided by 71 trades gives 9.5k/trade .... it was an oddly worded release, yes, the one you posted ..... the one John posted explains a lot more .... maybe one put out by Redfern, the other by SK, and they didn't phone each other first? ... who knows

But it's the same old thing - there has been a lot of work done on Sleeper, and much of it is not permitted to be reported, because it wasn't done by a 43-101-Qualified Person .... i wonder where they tattoo these Persons, behind the ear, or on the rump .... ah it's frustrating, but it's the price we pay to get some resemblance of standards into the industry .... it works against X-Cal badly, but overall is a good thing, i think ...... cheers

[Ed Monton]

How come all the volume today? Was there a cross? That last news release strikes me as very odd.

[marcos]

Here's a much more detailed release from today - http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=19496193

Those 43-101 regs are such a pain in the ass with X-Cal, because the great majority of what they've got in hand is old data .... really rankles that they can't use it .... but they can't, and that's that

Doesn't matter, folks will figure it out for themselves .... and they're already doing so of course, Kinross has kept the faith all through, and there's a core of dedicated shareholders following .... at the moment xcl is squeezed, but there's lots of eyes on it too .... just watch, one of these days our 43-101-Qualified Person will report a suitably stunning intersection, then yee-haw she's off

[Ed Monton]

X-CAL RESOURCES LTD.

TSX SYMBOL: XCL

NOVEMBER 12, 2003 - 16:32 ET

X-Cal Resources Ltd.: Sleeper Gold Project

VANCOUVER, BRITISH COLUMBIA--The management of X-Cal Resources
Ltd., accompanied by senior members of the Sleeper Exploration
Team - Winthrop Rowe, M.Sc., Ken Snyder, Ph.D., and Larry D.
Kornze, P.Eng., - are of the view that the Sleeper Gold Project,
located in Humboldt County, Nevada, continues to have exceptional
exploration potential accompanied by good location.

X-Cal is working to complete a revised technical report for the
Sleeper Gold Project within the shortest time frame possible.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
X-Cal Resources Ltd.
Shawn Kennedy
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.x-cal.com
Note: X-Cal Resources Ltd. can be referenced through the Standard
& Poors Directory.

[marcos]

Uh-oh .... same old thing probably, they are restricted from using much of the old data because it wasn't gathered according to the new regs .... this was all explained to me once, forgot the details .... three years or so ago, xcl put up a report on their website, it was there for quite a while, then poof gone, they got their knuckles rapped over it i think, by the exchange or whoever, don't know ..... i read the whole thing, it didn't look all that outrageous .... but you can't use old data period, that appears to be the rule

This sounds intriguing, wonder what it means exactly -

'The company is expecting proposals that can facilitate the exercise of X-Cal's option on 100 per cent of the Sleeper Mining Co., LLC, by alternative means. The financing proposals that are expected do not involve the issuance of securities by X-Cal.'

[Tackler]

X-Cal's AIF deemed deficient by BCSC

X-Cal Resources Ltd XCL
Shares issued 58,958,583 Nov 7 close $0.69
Mon 10 Nov 2003 News Release
Mr. Shawn Kennedy reports
REVISED TECHNICAL REPORT FOR THE SLEEPER GOLD PROJECT PENDING
X-Cal Resources has been notified by the British Columbia Securities
Commission that the annual information form filed by the company is
deficient and therefore the company is not a qualifying issuer and the
share hold period (four months) for securities issued by the company under
Multilateral Instrument 45-302 are not available to the company. This means
that securities issued by the company must be accompanied by a one-year
hold until a revised technical report on the Sleeper gold property is filed
by the company and accepted by the BCSC.
Further to the company's news in Stockwatch dated June 25, 2003, the
company is working to provide a revised technical report for the Sleeper
gold project, located in Humboldt county, Nevada, and accompanying news
release to address disclosure issues within the shortest time possible.
The above situation can affect the proposed financing reported by the
company in Stockwatch on Oct. 31, 2003. The company is expecting proposals
that can facilitate the exercise of X-Cal's option on 100 per cent of the
Sleeper Mining Co., LLC, by alternative means. The financing proposals that
are expected do not involve the issuance of securities by X-Cal.

[echarter]

please don't condemn me for drilling.

It will take a long long time to condemn Wildcat's main Kahuna.

EC<:-}

[marcos]

An old broker around here used to complain of how hard it was to get some things through to certain clients, he would give as example a time he was highly recommending one play, figured it way undervalued due to delays that would soon be over, and when he told one guy, who held considerable shares, that they would be 'proceeding with such and such as soon as they completed condemnation drilling', the guy sold out .... didn't like the sound of the term 'condemnation', lol

It must be a long complex job to make the best possible mining plan for a project .... you have to drill it all off, to get it right for sure, yet drill money is limited, so you'd always be sawing off one factor against the other .... it's not hard to see how Amax was thinking in the mid-eighties - they had enough rich ore for a mine, so they mined it ... made good money too ... actually their great mistakes were made first on other properties, and as result of those they lost Sleeper ... this is the way i heard the story, anyway

[marcos]

Rough day for the golds, HUI off nine points, hoo-hah .... that's a bull market move, you get these sharp little spikes of retracement, just like the dramatic but short-lived rallies in a bear .... when everybody gets all giddy and feeling rich like on friday, time for a waker-upper, it's good for us, keeps us humble ..... but we'll see Dow 10000 and Naz 2000 pretty soon, looks like, and then presto chango gold 415

I hope you're not just watching this puppy Will, and you've got a few tucked away -g- .... yeah i know you can't talk about it ..... is jspec still around, on the stockwatch threads? .... i haven't been there for a long time, see his last post on the xcl thread in May 02

[echarter]

They built the Falconbridge Metallurgical site of the Kidd Creel mine on one of the highest grade and best orebodies in Timmins, that now will never be mined as they cannot afford to mine the orebody.

[WillP]

...this was a great piece you wrote here, Will, i'd forgotten it...

Thanks. I've been keeping an eye on XCL on occasion. It certainly has an interesting chart.

Regards,

Will

[marcos]

' X-Cal's drilling has produced hints of higher-grade zones, with one intersection producing a grade of 14 grams per tonne over about 60 metres, including a 1.5-metre section with a grade of 440 grams per tonne.'

440g/t is about fourteen ounces, 7000-loonie rock, you could mine that with a teaspoon and a tonka truck and make money ..... Amax got higher grades than that in places, of course ... there was a lot of frustration among the people directly involved, when head office wouldn't listen [and instead shot their wad on Clive's Refugio, aaargh] ... but timing was a big issue, for X-Cal too, the gold bear helped them get the deal, but it wasn't easy to keep it, or advance the project ..... this was a great piece you wrote here, Will, i'd forgotten it ..... cheers

[marcos]

As of 31 march there were 64,412,916 issued, 74,324,922 f.d. - http://www.x-cal.com/corp_profile.html

If/when this placement closes, which i think it will, there will be ~119.5m f.d., and the issued somewhere above 94.5m, because there has likely been warrant exercise since march, which raises the issued but does not effect the f.d.

So round it off, we're looking at 120m shares ... to get 10/sh on takeout, we need 6m ounces that a major will value at 200 loonies apiece, as is where is .... which is not out of the question, Amax got near 2m with their localised and hasty plan -

' Amax's John Wood began poking around the Slumbering Hills in the early 1980s, and a drill program finally turned up a high-grade vein in 1984. Amax worked quickly, and by 1986, it had its Sleeper mine built and running. The mine gave the company a welcomed boost in the early days, but as things turned out, Amax worked a bit too quickly. The company built its mine before it had conducted a complete geological evaluation of the site, apparently due to financial constraints and the attraction of a considerable amount of rich ore.

Things started off in fine fashion for Amax. In 1986, the mine produced just over 130,000 ounces of gold, most of it from high-grade rock that contained enough visible gold that the mine employed armed guards to reduce the risk of theft. The mill processed rock with an average grade of 25.6 grams per tonne that first year, at an average cost of $60 (U.S.) per ounce, and Amax began expanding its operation as a result. Problems immediately began cropping up however. Another high-grade vein was discovered in the eastern wall of the open pit, but the mine's office had to be moved before it could be mined. The haste with which the mine was built resulted in a few additional mistakes. Sleeper also produced gold by leaching, and the leach pads were sited on what turned out to be a likely extension of the high-grade ore, northeast of the main open pit. If that was not enough, the mine's mill sits on what was subsequently determined to be a quantity of leachable ore. ' - #msg-661799

Will's entire article there makes a good review ... background, perspective, the whole thing is fascinating just on its story value .... there is metal in situ under the Amax workings and mill etc, they had data on that ... and their recovery sucked, so even the tailings are rich - 'Prior to 1990, Amax had been recovering just over half of the contained gold, but that dropped to just 35 per cent when the company stepped up the mining rate.'

So i think it's only 'top secret' to those who ignored this puppy till now -g- .... but to get some numbers on an assay release, ah we'll see some soon ... chances of bonanza grade intersections are pretty decent, imho, they'll wake up Ms Market for sure, if/when ...

[Ed Monton]

It's all a cover for the American military. They are actually drilling a hole through the center of the earth and hope to eventually insert a small nuclear warhead below Saddam's bunker in Faluja.

[gotmilk]

degenerative spirit (or) i bought in @ 30 cents and haven't
checked in a few months. Sounds like it fell in price towards
that $0.01 and under ten cents, yes?

[echarter]

To continue in the degenerative spirit of this thread, how many shares does XCL have out, and what if anything is known about their top secret new hole that they drilled?

EC<:-}

[marcos]

This post is wrong about the placement price, it was usd1.00 .... no excuse, i didn't have much time when briefly home in september, but shouldn't screw up like that ...... in any case, that pp plan is no longer operative, whole new deal announced yesterday - #reply-19456357

' X-Cal Resources Ltd. has agreed to the private placement of up to 30 million units at a price of CAN$ 0.68 per unit consisting of one common share and a half warrant. Two half warrants and CAN$ 0.72 will entitle the subscriber to an additional share for up to two years. The proceeds before any commissions will be CAN$ 20.4 million.

The private placement units above will replace the financing structure that was announced by X-Cal on September 12, 2003.

The proceeds will be used to exercise the X-Cal’s option on 100% of the Sleeper Mining Co., LLC, which holds mineral rights in the Sleeper Gold District, located in Humboldt County, Nevada, for X-Cal Resources Ltd. and Kinross Gold Corporation, and for general corporate purposes. In addition, X-Cal already holds 100% of approximately 5,000 acres of the thirty square mile Sleeper Gold District (see land map on page 10 of the 2003 X-Cal Resources Ltd. Annual Report, available on SEDAR or on the Company’s website www.x-cal.com) ... '

http://www.x-cal.com/news_releases/20031031.html

[sirrah666]

Excuse me for being rude. Our posts are off topic. If you want to know if Polish beer is better than Bulgarian write on priv [e-mail] :)

[gotmilk]

Lessons in geography gotmilk got not... (or)

At age 21 discovered England was island, not part of Europe.
At age 34 learned Canada was not a territory of United States.
At current age cannot list, let alone locate on a world map,
nations engaged in World War II combat, and except for USA,
England, Germany, Japan and Russia. But then those engaged
in World War I i am totally clueless and have no idea if USA
was or not involved. But extra then, the Civil War of USA between
the north & south i cannot name which states were on each side
except most likely i'll guess those up north and those deep south.
So while i gotmilk under my nose, there are places i have traveled
and know very good the names of and hidden locations within
that you have not the ability to know of, even if you tried to.

But then, you are expert in many areas i am stupid & dumb.
(or)
You can help me in areas i am uneducated,
or you can not and say i am lacking what you have acquired.

[sirrah666]

You have to have gotmilk under your nose, take lessons in geography of Europe.