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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2009) - X-Cal Resources Ltd. (TSX:XCL) -
The Sleeper Block Model and new geologic picture at Sleeper
demonstrates substantially improved development logistics. A Summary
Power Point located at www.x-cal.com contains illustrations.
An agreement to carry out a Preliminary Economic Assessment of the
Sleeper Gold Project, located in Nevada,
is being negotiated with an engineering group.
Evaluating the economic potential of the near surface Facilities Area
resource and the adjoining aboveground resource in the Heap Leach Pads
is a priority. This resource is located on the east side of the pit.
On the west side of the pit, the NW target, West Wood and the area
between is an attractive exploration priority in light of the newly
recognized mineralized layers.
West-Side Targets are shown in cross-section and long-section with West
Wood assay highlights and summary illustrations at www.x-cal.com.
Successful drilling of the West Side Targets could affect the scale of
future potential operations significantly (See Long-Section and Plan
View illustrations at www.x-cal.com).
The NI 43-101 resource and the new geologic picture at Sleeper has prompted a series of requests for our Sleeper
Gold Project data from gold mining companies. The status of these
inquiries ranges from early stage to advanced.
X-Cal's management is looking closely at the attributes of the gold
companies who have requested data and their capacities to benefit the
Sleeper Gold Project as well as our Cortez Area and Spring Valley Area
properties.
The Q3 Financial Statements and MD&A have been filed to SEDAR.
The Q3 statements do not reflect government refunds, which are
anticipated by the company, or possible proceeds from a proposed
private placement financing.
The contents of this release have been reviewed by Larry Kornze, P.Eng., 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.
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