X-Cal Resources fka XCL

[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 ...