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Xali Gold Provides Update on Cash Flow Assets in Mexico
VANCOUVER, British Columbia, July 13, 2023 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) ("Xali Gold” or the “Company”) is pleased to provide an update on both
About this update from Xali Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, July 13, 2023 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (\"Xali Gold” or the “Company”) is pleased to provide an update on both the El Oro Tailings Project and the San Dieguito de Arriba (“SDA”) Plant in Western Mexico. El Oro Tailings Project (the “Project”) As per the Xali Gold News Release dated May 4, 2023, Sun River Gold Corp (“Sun River”) received notice of approval for a change in soil use permit which is the main permit required for the El Oro Tailings Project in Mexico. To complete the permitting process, Sun River then had a short time period to pay 1,426,364 Pesos (approximately US$84,500) to the Fondo Forestal Mexicano to receive the permit. The complete permit was received this week and allows the Tailings to be removed from the historical deposition site, which is within the town of El Oro, to the industrial processing site outside of the town. Having paid all fees pertaining to this permit, Sun River can now commence work on the Project. Additionally, Sun River continues to make advanced Net Profit Interest (“NPI”) payments, as part of the option agreement to acquire 100% of the Project from Minera CCM El Oro Jales (Xali Gold’s subsidiary). For an outline of payments and extensions granted, please refer to the January 4, 2023 News Release. “We are very pleased that Sun River continues to advance our Tailings Project and that the team has such extensive permitting and mining experience in Mexico,” says Joanne Freeze, President and CEO of Xali Gold. “With Sun River making advanced NPI payments, we have been able to continue working on other opportunities without incurring equity dilution.” Sun River is a private Arizona based corporation managed by an experienced team of mining professionals with a combined 80 years of mining experience in Mexico, including specific experience in the reprocessing of historical gold and silver tailings. The Tailings Project at El Oro contains an Inferred Resource* of 1,267,400 Tonnes grading 2.94 gold grams per tonne (“g/t”), 75.12 silver g/t containing 119,900 ounces of gold and 3,061,200 ounces of silver. *Note: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the accuracy of the estimate. For more information see “National Instrument 43-101 Technical Report on the...