X-Cal Resources Ltd.:
Ken Snyder Buys 1% Production Royalty Sleeper Gold Project, Nevada
Mon May 7, 8:00 AM
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 7, 2007) - X-CAL RESOURCES LTD. (TSX: XCL.TO) and KEN SNYDER have entered into a letter purchase agreement for the sale of a 1% Net Smelter Production Royalty (NSR) on the Sleeper Gold Property to Dr. Snyder's Gold Syndicate for US $1,500,000.
Ken Snyder has placed an initial payment in trust pending completion of title checks and formal documentation. Closing is expected to take place by June 16, 2007, subject to completion of the above and regulatory approval.
X-Cal has reported good progress with both exploration and development drilling at the Sleeper Gold Project, located in Humboldt County, Nevada.
One of the goals of Sleeper drilling is to develop sufficient density of drill data to place some of the gold and silver mineralization, currently described as exploration targets, into the CIM "Indicated" category by calendar year-end, for publication within NI-43-101 requirements.
Dr. Snyder was instrumental in the making of the "Ken Snyder Midas Mine" in Nevada.
The contents of this release have been reviewed by Robert Thomason, M.Sc., 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
