Xali Gold Corp. (TSXV:XGC) ("Xali Gold” or the “Company”) is
pleased to announce that it has increased its ownership in the SDA
Plant in Western Mexico to 50% by issuing shares to Magellan
Acquisition Corp. (“Magellan”). In addition, the Company has
started to receive advance Net Profits Interest (“NPI”) payments
from Sun River Gold (“SRG”) for the El Oro Tailings Project in
Mexico.
San Dieguito de Arriba (“SDA”)
Plant
Xali Gold has increased its interest in the SDA
plant from 30% to 50% by issuing 4,125,758 shares at a price of
$0.066 to Magellan. The Company has received interest from third
parties desiring to enter into joint ventures in Xali Gold’s
Western Mexico assets, the SDA plant and near-surface high grade
mineralization near the plant.
Two local Mexican mining groups are offering to
provide both investment and expertise to get the SDA Plant’s
operating permits updated and the plant fully operational as well
as to develop and explore nearby mining properties. Terms under
discussion include the provision of capital and expertise for the
operation of the plant and the provision of high-grade
mineralization, while Xali Gold would provide expertise to explore
for additional gold and silver resources and/or standalone mineral
discoveries. The agreements under discussion are to
include profit sharing.
El Oro Tailings Project
SRG has started making advance NPI payments of
US$15,000 per month to Xali Gold as part of the second extension
agreement on the El Oro Tailings Project, in El Oro Mexico.
On January 6, 2022, Xali Gold announced that the
Company had agreed that if commercial production was not achieved
by May 1, 2022, Xali would grant Sun River a second extension on
the Option until December 31, 2022, under the following terms:
1) Advanced NPI payments of US$15,000 per month
until commercial production is reached (or first concentrate is
produced or dore gold is poured). The Company has received such
payments for September and October such that a total of US$30,000
in has been received as advance NPI payments. An additional
US$13,400 was paid during July and August 2022 against shared
expenses. The payments due from May 1st through August, 2022 are
still outstanding and the Company has hired a new permitting
consultant to assist with the permitting process as it is unclear
as to the reason for delays in getting all permits required.
2) Advanced NPI payments of US$50,000 per month
once commercial production is reached (or first concentrate is
produced or dore gold is poured) and during the first year of
operation, after which normal 5% NPI payments are to be made.
Victoria Termination
The Company has terminated the Option Agreement
on the Victoria Property in central Newfoundland and Labrador. The
Company will issue to the property owner a total of 250,000 Common
Shares as fully paid and non-assessable, at a deemed price based on
market close the date before issuance in two tranches, with 125,000
Common Shares dated effective October 31, 2022 at a deemed price of
$0.06 and 125,000 Common Shares dated effective November 30, 2022
at the deemed price per common share equal to the market price on
November 30, 2022. With this last issuance, the Company no longer
has any rights nor obligations related to this property.
Kelly Cross Marketing
Agreement
The Company also announces that as part of the
Marketing Agreement with Kelly Cross (announced and described in
News Release dated June 23, 2022) the company will issue 100,000
common shares at a deemed price of $0.06. This issuance will be the
final share issuance under such agreement.
Each issuance will be subject to a 4-month hold
period. All transactions are in compliance with applicable
corporate and securities laws and is subject to TSXV approval.
About Xali Gold
Xali Gold has a growth strategy to acquire gold
and silver projects with near surface exploration potential,
near-term production potential and previous mining histories
in Mexico. Xali Gold plans to advance our growing bank
of gold and silver assets internally and/or with industry
partners.
El Oro is a district scale gold project
encompassing a well-known prolific high-grade gold dominant
gold-silver epithermal vein system in Mexico. The project covers 20
veins with past production and more than 57 veins in total, from
which approximately 6.4 million ounces of gold and 74 million
ounces of silver were reported to have been produced from just two
of these veins (Ref. Mexico Geological Service Bulletin Nr. 37,
Mining of the El Oro and Tlapujahua Districts. 1920, T.
Flores).
Modern understanding of epithermal vein systems
indicates that several of the El Oro district’s veins hold
excellent discovery potential, particularly below and adjacent to
the historic workings of the San Rafael Vein, which was mined to an
average depth of only 200 metres.
Xali Gold is dedicated to being a responsible
Community partner.
Joanne C. Freeze, P.Geo., President, CEO and
Matthew Melnyk, CPG., Director Operations, are Qualified Persons as
defined by National Instrument 43-101 for the projects discussed
above. Ms. Freeze and Mr. Melnyk have reviewed and approved the
contents of this release.
Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
Forward-looking Information
This news release may contain forward-looking
information (as such term is defined under Canadian securities
laws) including but not limited to the mineral resource estimate
for the Mexico Mine Tailings and information regarding references
to historical resource estimates, the potential for discovery on
the Victoria, El Doradoand El Oro Properties and other statements
that are not historical facts. While such forward-looking
information is expressed by Xali Gold in good faith and believed by
Xali Gold to have a reasonable basis, they address future events
and conditions and are therefore subject to inherent risks and
uncertainties including those set out in Xali Gold’s MD&A.
Factors that cause the actual results to differ materially from
those in forward-looking information include, without limitation,
gold prices, results of exploration and development activities,
regulatory changes, defects in title, availability of materials and
equipment, timeliness of government approvals, potential
environmental issues, availability of capital and financing and
general economic, market or business conditions. Xali Gold
expressly disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except in accordance with
applicable securities laws.
On behalf of the Board of Xali Gold
Corp.
“Joanne Freeze” P.Geo.President, CEO and
Director
For further information please contact:Joanne
Freeze President
&
CEO
Tel:
+ 1 (604) 689-1957
info@xaligold.com
NR 116
Xali Gold (TSXV:XGC)
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