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Xali Gold Receives Main Permit for El Oro Tailings Project
VANCOUVER, British Columbia, May 04, 2023 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to announce that Sun River Go
About this update from Xali Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 04, 2023 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to announce that Sun River Gold Corp (“Sun River”) has received a change in soil use permit which is the main permit required for the El Oro Tailings Project in Mexico. The permit received allows the Tailings to be moved out of the historical deposition site which is within the town of El Oro and to the industrial processing site outside of the town. “We are very excited that Sun River now has the most important permit in hand so that ground preparation work can finally begin on our Tailings Project in El Oro,” says Joanne Freeze, President and CEO of Xali Gold. “Sun River has been diligently advancing the Tailings Project and we have given several extensions due to the delays in the granting of this permit.” Sun River has the option to acquire 100% of the Tailings Project from Minera CCM El Oro Jales (Xali Gold’s subsidiary) by making staged payments totaling US$500,000 (paid), bringing the tailings into commercial production by October 31, 2021 (now extended to December 31, 2023 as stated in the January 4, 2023 News Release), and paying the Company a 5% Net Profits Interest (“NPI”), Life of Mine royalty as well as the Municipality’s 8% NPI on production from the properties. Xali Gold will also receive the first $1.5M of the Municipality’s 8% NPI. 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 old gold and silver tailings. The Tailings Project in 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 Inferred Mineral Resource Estimate of the Mexico Mine Tailings” prepared by Nadia Caira, P.Geo. and Allan Reeves, P.Geo., dated August 25, 2014 with an effective date of July 8, 2014 available at www.sedar.com Agoracom The Company is planning to settle payment for servi...