Xali Gold Provides Update on several Mexican Properties
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Xali Gold Provides Update on several Mexican Properties
Vancouver, British Columbia, September 12, 2022 - Xali Gold Corp. (TSXV:XGC) ("Xali Gold”
or the “Company”) is pleased to provide several updates as follows.
El Oro Tailings
The Company is pleased to report it has been advised by Sun River Gold (“SRG”), Optionee of
the tailings project from Xali Gold, that it expects to receive their permit for tailings removal from
the town site within 30 days. SRG is also working on a permit to install and operate a reprocessing
plant outside of the town of El Oro. In the meantime, SRG has identified and is investigating toll
opportunities to outsource the reprocessing until the permit for reprocessing can be acquired. SRG
will provide the Company with an update on their progress on the project by October 15, 2022.
Xali Gold is to receive a 5% Net Profits Interest as well as the first US$1.5M due to the
Municipality of El Oro from SRG’s El Oro tailings operations.
The Company regrets to advise that one of Sun River Gold founders and Xali Gold shareholder,
Hans Von Michaelis, passed away on September 2, 2022. He was a great optimist and
groundbreaker. Hans will be sorely missed and fondly remembered by family, friends and
numerous colleagues.
San Dieguito de Arriba (“SDA”) Plant
The Company is pleased to report that it is in negotiations to partner with a local Mexican mining
group to both operate the SDA plant and explore nearby mining properties that the group is
currently producing from. Terms under discussion include the Mexican group providing the
capital required to make the SDA plant operational while Xali Gold would provide expertise to
explore for additional gold and silver resour ces and/or standalone mineral discoveries.
El Dorado
Ingenieros Mineros S.A. de C.V. (“IMSA”) and Xali Gold have recently engaged SACH
Environmental Consultants to assist with both drilling and operational permits. The Company has
been given indications by SACH that a drilling permit for the El Dorado Property could be obtained
by the end of 2022. In addition, discussions are underway with the El Dorado property owner,
IMSA to reduce property payments until drilling permits are received. High grade gold and silver
mineralization (refer to News Release May 20, 2021 ) was previously produced from El Dorado
and extensions of such mineralization could be treated at the nearby SDA plant.
Marketing with Agoracom
The Company continues to engage Agora Internet Relations Corp. (“AGORACOM”) (see News
Release 82 from July 29, 2020) which raises awareness of the Company among small cap investors
NEWS RELEASE
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provided by the Agoracom website, as well as the AGORACOM Twitter account, interviews
hosted on YouTube and the company website, AGORACOM network and extensive search engine
marketing. In addition, AGORACOM “CEO Verified” provides identity verification of small cap
executives on a finance platform. Small cap CEO’s and other company officers are able to post or
communicate within a discussion forum without the risk of impersonation.
As per agreement dated October 15, 2021, the Company will issue shares for services rendered (a
value of Cdn$48,000 + HST) from October 15, 2021 to July 15, 2022. A total of 662,933 Common
shares will be issued against quarterly invoices such that share issuances will be: 226,000 common
shares at a deemed price of $0.06 per share; 150,667 common shares at a deemed price of $0.09;
135,600 common shares at a deemed price of $0.10; and 150,666 common shares at a deemed
price of $0.09. Each issuance will be subject to a 4-month hold period. This transaction is in
compliance with applicable corporate and securities laws and is subject to TSXV approval.
The last period will be invoiced on October 15, 2022 for Cdn$12,000+HST and the Company will
seek TSXV approval prior to the issuance.
Cocula Termination
The Company has terminated the Exploration and Exploitation Agreement entered into for the Cocula
property on December 7, 2020. The Company no l onger has any rights nor obligations related to
this property.
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 and also in
Newfoundland, Canada. 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 ha ve 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
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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
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