Xtierra Inc.

Published : May 07th, 2009

(TSXV:XAG) Reports on Audited Financial Statements

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Press Release

 

$B!&(B         Xtierra Reports on Audited Financial Statements

 

Toronto, May 6, 2009, Xtierra Inc. (TSXV ? XAG) ($B!H(BXtierra$B!I(B or the $B!H(BCompany$B!I(B), announces that, further to its previously announced change in year end, it has filed its audited Consolidated Financial Statements and Management$B!G(Bs Discussion and Analysis for the six month fiscal period ended December 31, 2008.

 

The Company recorded no revenue in the six month periods ended December 31, 2008 or June 30, 2008.  Xtierra recorded a net loss for the period of US$692,000 ($0.014 per share) compared to a loss of US$117,000 ($0.003 per share) in the six month period ended June 30, 2008.  The Company was in a start-up mode throughout the first three quarters of its operation.

 

Total assets increased to US$22,163,000 at December 31, 2008 from US$21,330,000 at June 30, 2008 primarily as a result of the investment in Bilbao and offsetting the deferred transaction costs and share issue costs against share capital.

 

The Company had a working capital surplus of US$1,556,000 at December 31, 2008 compared to US$6,204,000 at June 30, 2008. The decrease was primarily due to funds expended on the exploration projects, including Bilbao.  During the six month period ended December 31, 2008, the Company invested US$2,500,000 in the purchase of 25% of Bilbao, US$1,228,000 in exploration and project development and US$920,000 in administration costs, including non-recurring costs of the reverse takeover and TSX listing of Xtierra.

 

Subsequent to December 31, 2008, the Company and Pacific Road Group of Funds entered into an agreement whereby Pacific Road subscribed for US$1,250,000 in non-interest bearing notes issued by Orca Minerals Limited, a wholly-owned subsidiary of the Company.  These notes are convertible in various circumstances (See press release dated April 30, 2008).

 

The proceeds of the financing will primarily be used to initiate the first phase of a feasibility study on the Bilbao project.  The Company is adequately financed to undertake its stated goals for 2009 of initiating the feasibility study on the Bilbao deposit and advancing the optimization of the Laguna feasibility study and in making the payment of $500,000 due on the Bilbao property in August 2009. Additional funding may be necessary to further advance and explore the Company$B!G(Bs exploration properties and to complete a bankable feasibility study on the Bilbao project.

 

Making Progress Towards Production

Xtierra$B!G(Bs objective is to become a mid-tier producer of silver and base metals through the development of its Bilbao and Laguna projects located in the Central Mexican Silver Belt in the State of Zacatecas, having initiated the first phase of a Feasibility Study at Bilbao in April 2009.

 

During 2008, Xtierra conducted infill and step-out drilling its Bilbao silver-zinc-lead-copper project and completed an independent NI$B!>(B43$B!>(B101 resource estimate. The resource report estimate 3.6 million tonnes indicated resources at an average grade of 3.53% zinc, 2.75% lead, 0.29% copper and 88.23g/t silver and 2.4 million tonnes inferred resources at an average grade of 2.52% zinc, 2.79% lead, 0.28% copper and 83.08g/t silver. The Bilbao deposit remains open to the northwest and to the southwest.

 

Preliminary metallurgical studies on the near-surface oxide mineralization using a process of high intensity magnetic concentration (HIMC) resulted in a marked pre$B!>(Bconcentration of silver, lead, zinc and copper with no significant loss of any of these metals. Recoveries in the pre$B!>(Bconcentrate were 86% for silver, 95% for lead, 88% for zinc and 70% for copper. Conventional flotation processing indicates excellent recoveries in the primary sulphide mineralization.

 

In August 2008, Xtierra acquired the remaining 25% interest in the Bilbao property that it did not already own for a consideration of US$5 million, satisfied by payment of US$2.5 million on closing, a further payment of US$500,000 in August 2009 and the balance to be paid in four equal annual payments of US$500,000, commencing at the time of mine construction. The first such US$500,000 annual payment will be made not less than six years after the closing date (August 2014), with the remaining balance to be paid no later than ten years (August 2018).

 

About Xtierra Inc.

Xtierra Inc. is a Toronto based exploration and development company with the objective of becoming a mid-tier producer of silver and base metals through the development of its 100% owned Bilbao and Laguna projects, both located in the Central Mexican Silver Belt in the State of Zacatecas, as well as through organic growth and M & A opportunities.

 

Xtierra$B!G(Bs shares trade on the TSX Venture Exchange under the symbol $B!H(BXAG$B!I(B. Xtierra has 49,862,003 shares issued and outstanding.

 

ON BEHALF OF THE BOARD OF DIRECTORS OF XTIERRA INC.

 

Terence N. McKillen

President and CEO

 

Cautionary Notes:

This press release may contain $B!H(Bforward-looking information$B!I(B within the meaning of applicable Canadian securities legislation. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.

 

For further information visit www.xtierra.ca or contact:

 

Terence N. McKillen, President & Chief Executive                            +1 (416) 362-8243

Tim Gallagher, Director                                                                     +1 (416) 925-0090

Alejandro Alaniz, Director Finance & Administration (Mexico)          + 52 (492) 925-0804

Brett Whitelaw                                                                                   +1 (778) 836-5891

 

 

We respect your privacy.  If you wish to be removed from XAG email distribution list please reply to this email by typing $B!H(BUNSUBSCRIBE$B!I(B in the subject line and you will be removed from future mailings.

 

 

 

 

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Xtierra Inc.

EXPLORATION STAGE
CODE : XAG.V
ISIN : CA98417Q1037
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Xtierra is a zinc and lead exploration company based in Canada.

Its main exploration properties are PANFILO NATERA - MILAGROS, PINOS PROJECT, PANFILO NATERA - EL MORRO, VILLA DE RAMOS, BILBAO and LA LAGUNA PEDERNALILLO in Mexico.

Xtierra is listed in Canada. Its market capitalisation is CA$ 2.9 millions as of today (US$ 2.3 millions, € 2.2 millions).

Its stock quote reached its highest recent level on February 25, 2011 at CA$ 0.65, and its lowest recent point on April 08, 2016 at CA$ 0.01.

Xtierra has 116 370 336 shares outstanding.

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Financings of Xtierra Inc.
3/2/2010Closes first tranche of private placement
Project news of Xtierra Inc.
7/25/2013(Bilbao)Completes Successful Drilling Program on Bilbao Project
4/28/2011(Bilbao)BILBAO PROJECT UPDATE
4/27/2011(Bilbao)Bilbao Project Update
4/1/2011(Bilbao)reports a new high grade silver zone at Bilbao
7/29/2010(Bilbao)Commissions Feasibility Study
7/8/2010(Bilbao)Drills 2.2m of 11% Zn, 70.5 g/t Ag
5/18/2010(Bilbao)Commences drilling
5/12/2010(Bilbao)Starts Oxide Ore Pilot Plant Tests
5/4/2010(Bilbao)Plans new drilling
4/15/2010Intersects 11.5 g/t gold over 4 metres at El Dorado
1/14/2010(Bilbao)reports metallurgical results on oxide resources as part of ...
1/11/2010(Pinos Project)Commences drilling at Pinos gold project
11/27/2009(Pinos Project)Drilling planned for Pinos gold project, Zacatecas, Mexico
9/11/2009(El Dorado Gold Project)Options new gold project in Pinos District, Zacatecas, Mexic...
11/3/2008(Bilbao)2008 Technical report
Corporate news of Xtierra Inc.
7/31/2014Xtierra Reports Second Quarter Results
7/28/2014Xtierra Initiates Strategic Review Process in Relation to It...
4/28/2014Bilbao Silver-Lead-Zinc Project - Preliminary Economic Asses...
4/25/2014Xtierra Inc.: Conversion of US$1,075,000 Debt to Equity
2/12/2013(Bilbao)Engages Runge Pincock Minarco to Oversee Completion of Bilba...
9/11/2012(Bilbao)Bilbao Infill Drilling Results
6/27/2011(Bilbao)Reports High Grade Silver Intercepts in Drilling Immediately...
5/26/2011(Bilbao)Reports Revised Resource Estimate for Bilbao Deposit
3/2/2011Exercise of Warrants Raises $3.1 Million
7/5/2010Conquest Resources ( CQR : TSXV ) mobilizes second drill rig...
4/12/2010Signs letter of agreement with Detour Gold Corp.
3/15/2010Acquires 60% interest in Detour Lake Gold Project
2/25/2010Starts first deep hole at Alexander Property
1/25/2010Conquest Resources ( CQR : TSXV ) plans 8,000 metres of dril...
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