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Xali Gold Provides Update on several Mexican Properties
VANCOUVER, British Columbia, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) ("Xali Gold” or the “Company”) is pleased to provide several updates
About this update from Xali Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 12, 2022 (GLOBE NEWSWIRE) -- 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 resources 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...