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| June 4, 2009
Thompson MacDonald Appointed to the Board of Can-Cal Resources.
 |
Can-Cal Resources Ltd. (“Can-Cal”) of Las Vegas, Nevada, USA (Trading Symbol: NASDAQ OTCBB – “ccre”) is pleased
to announce that Mr. Thompson MacDonald, of Calgary, Alberta, Canada has been appointed to the Board of Directors of Can-Cal.
Mr. MacDonald has an extensive background in Strategic Communications and Corporate Governance providing strategies for private and public companies,
media and government relations. Mr. MacDonald currently serves on several boards, including Chairman of ENMAX, an Alberta based electricity utility; and
Chairman of Walton International, an Alberta land assembly and development company. Mr. MacDonald previously served as Chairman of | Vacci-Test Corporation,
a Calgary, Alberta developing food safety pathogen testing company.
Mr. MacDonald stated, “Much has been accomplished by the Company’s founders. I welcome the opportunity to contribute to the next phase of CanCal's development.”
Mr. Ronald Sloan, Chairman of Can-Cal, said “I am very pleased with the appointment of Mr. MacDonald to the Board. He will be a great asset to the Company in governance and operational direction and will add to the breadth and experience we need to deliver value to our shareholders.”
About Can-Cal
Can-Cal is an emerging precious metals exploration and chemical extraction company actively engaged in identifying commercial mining opportunities. Can-Cal is currently focusing its efforts on three main properties: PISGAH, California; WIKIEUP, Arizona; and OWL CANYON, California.
For further information:
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email:
mining@lvcoxmail.com
Website:
www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
May 28, 2009
-
Can-Cal Resources Ltd. Announces First Tranche Closing of Financing.
Can-Cal Resources Ltd. (“Can-Cal”) (OTCBB: CCRE) is pleased to announce it has completed the first tranche non-brokered private
placement of 967,600 units (“Units”) at a price of US$0.125 per Unit for gross proceeds of US$120,950. Each Unit consists of one common
share (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant is exercisable into one Common Share at
US$0.15 per share until March 31, 2011. Proceeds of the private placement will be used for exploration and development of Can-Cal’s current properties
including ongoing laboratory methodology processing and metallurgy testing in relation to precious metal extraction from Can-Cal’s Pisgah and Wikieup
properties, to rescind certain shares as per the requirements of the BCSC in relation to the partial revocation of the CTO, and for general working capital
requirements. The securities issued pursuant to the private placement will be subject to a 4 month hold period from the date of issuance.
About Can-Cal
Can-Cal is an emerging precious metals exploration company actively engaged in identifying commercial mining opportunities. Can-Cal is currently focusing
its efforts on three main properties: Pisgah, California, Owl Canyon, California and Wikieup, Arizona.
Can-Cal is a publicly listed and trading company on the NASDAQ O.T.C. Bulletin Board (Symbol: CCRE).
For further information:
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email:
mining@lvcoxmail.com
Website:
www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
April 28 2009
-
Can-Cal Announces Partial Revocation of BCSC Cease Trade Order,US$350,000 Financing and Shares for Debt Settlement .
Can-Cal Resources Ltd. (“Can-Cal”) (OTCBB: CCRE) is pleased to announce the following developments:
Partial Revocation of Cease Trade Order
The cease trade order (“CTO”) issued by the British Columbia Securities Commission (the “BCSC”) on February 4, 2008 has been partially revoked effective April 24, 2009. Other than certain securities which will be rescinded by Can-Cal pursuant to requirements of the BCSC, all other securities of Can-Cal are no longer subject to the CTO.
Private Placement
Can-Cal has received commitments to complete a non-brokered private placement of up to 2,800,000 units at a price of US$0.125 per unit for gross proceeds of up to US$350,000. Each unit will consist of one common share and one common share purchase warrant. Each warrant is exercisable into one common share at US$0.15 per share until March 31, 2011. Proceeds of the private placement will be used for exploration and development of Can-Cal’s current properties including ongoing laboratory methodology processing and metallurgy testing in relation to precious metal extraction from Can-Cal’s Pisgah property, to rescind certain shares as per the requirements of the BCSC in relation to the partial revocation of the CTO, and general working capital. Closing of the private placement is anticipated to occur on or about May 15, 2009. The securities issued pursuant to the private placement will be subject to a 4 month hold period from the date of issuance.
Shares for Debt Settlement
Concurrent with the closing of the private placement, Can-Cal intends to settle approximately US$369,500 of outstanding indebtedness through the issuance of units of Can-Cal. The units will have a deemed issuance price of $0.125 per unit. US$317,500 of the units will consist of one common share and one common share purchase warrant with each warrant being exercisable into one common share at US$0.15 per share until March 31, 2011, and US$52,000 of the units will consist of one common share and two common share purchase warrants with each warrant being exercisable into one common share at US$0.15 per share until March 31, 2011.
About Can-Cal
Can-Cal is an emerging precious metals exploration company actively engaged in identifying commercial mining opportunities. Can-Cal is currently focusing
its efforts on three main properties: Pisgah, California, Owl Canyon, California and Wikieup, Arizona.
Can-Cal is a publicly listed and trading company on the NASDAQ O.T.C. Bulletin Board (Symbol: CCRE).
For further information:
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email:
mining@lvcoxmail.com
Website:
www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
August 8, 2008
-
Can-Cal Withdraws Previously Announced
Results for its Wikieup and Pisgah Projects.
As a result of a review by the British
Columbia Securities Commission, Can-Cal Resources Ltd. (“The
Company”) (OTC BB: CCRE) (“Can-Cal” or “the Company”) is issuing
the following news release to clarify its disclosure.
Can-Cal Resources Ltd. announces that as a
result of findings in technical reports prepared by a Qualified
Person under National Instrument 43-01 “Standards of Disclosure
for Mineral Projects” (“NI 43-101”), the Company withdraws its
previously announced results in its Press Release of August 28,
2006 in its Company Newsletter of November 21, 2006 for its
Wikieup and Pisgah projects (the “Projects”). The Company
retracts its previous disclosure of mineral reserves, mineral
resources, other estimates of tons and grade, and any other
economic analyses of each of its mineral properties, including
Wikieup and Pisgah. The Company specifically advises the public
not to rely on any such estimates as indicated in the Company’s
“forward-looking statements” section of its press releases.
In April 2008 the Company retained Duncan
Bain, Consulting Geologist to prepare technical reports on the
Projects. Bain determined that prior reports prepared by the
Company were written without the guidelines of NI 43-101 and
with the exception of analyses concluded by certain
internationally recognized commercial laboratories, the prior
reports were neither relevant nor reliable. Bain collected
samples and sent the samples for testing, using processes not
previously used by the Company.
On the Wikieup project Bain collected 14
samples of surface outcrop and float of vein material from the
mining claims held by the Company for further testing. Based on
his review, Bain concluded that the Wikieup Project is at a
“grassroots” stage of exploration and that there is some
potential for mineralization of sufficient grades to make the
project economically viable. Bain recommended that the claims
acquired by the Company should be mapped and prospected in
detail, allowing for the development of trends for
veining and other recognized mineralization as well as dyke
patterns.
On the Pisgah Project, Bain took samples of
crushed basaltic volcanic rock, which was analyzed by an
internationally recognized commercial lab for further testing.
The testing determined there were no significant values in gold,
silver, Platinum Group Elements or base metals such as copper,
lead or zinc. The company plans to continue with its testing
program on the Pisgah property.
Based upon its and the qualified person’s
review and analysis to date, including the collection of samples
from the Projects, the Company intends to continue its work on
the Wikieup and Pisgah Properties. The Company expects to
supplement and revise its work programs based on recommendations
in the technical reports. The Company will continue its review
and analysis of the Wikieup and Pisgah Properties and will
provide updates as they are available.
The Technical reports are posted on Can-Cal’s
website
www.can-cal.com.
About Can-Cal
Can-Cal is an emerging precious metals exploration company
actively engaged in identifying commercial mining opportunities.
Can-Cal Resources Ltd. is a public company trading on the O.T.C.
Bulletin Board (Symbol: CCRE). The Company is currently focusing
its testing efforts on the Pisgah, California property and the
Wikieup, Arizona property. The Owl Canyon, California property
is being held as a future designated drill target. The Cerbat,
Arizona property is currently for sale.
Forward-looking Statements
Included in this release are certain "forward-looking"
statements, involving risks and uncertainties, which are covered
by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are based on
management's current expectations and are subject to certain
factors, risks and uncertainties that may cause actual results,
events and performance to differ materially from those referred
to or implied by such statements. In addition, actual future
results may differ materially from those anticipated, depending
on a variety of factors, including uncertainties relating to
global political conditions, such as terrorism. Information with
respect to important factors that should be considered is
contained in the company's filings with the Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only
as of the date hereof. The company does not intend to update any
of the forward-looking statements after the date of this release
to conform these statements to actual results or to changes in
its expectations, except as may be required by law.
For further information:
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email:
mining@lvcoxmail.com
Website:
www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
October 4, 2007
-
Can-Cal Resources
Ltd. - Announces Recent Developments
LAS VEGAS, NEVADA - (MARKET WIRE-OCTOBER 4, 2007) Can-Cal
Resources Ltd. (“the Company”) (OTC BB: CCRE.OB-News)
is pleased to announce the following new developments:
• Purchase of DC Arc Furnace
• Purchase or Lease of Nevada Mill Site
• Advanced Laboratories Results
• Chain of Custody Program
Throughout 2007, Can-Cal Resources Ltd. contracted with
independent third-parties to conduct hundreds of assay tests
on the Pisgah Mountain and Wikieup property head ores. Due
to the encouraging results, the technical team was given
instructions to repeat the process using larger quantities
of material. During August and September the team began
utilizing a variety of technologies including leaching processes,
electrowining, thermite testing and furnacing with in-quart
fluxes, focusing solely on gold recovery.
DC Arc Furnace
The induction furnace Can-Cal Resources purchased in 2007
did not achieve the required 3300 degree Fahrenheit temperature
needed for the testing and smelting of the Pisgah &
Wikieup ores. The Technical Team decided that due to the
insufficient temperatures the precious metals were not being
released from the silicates in the head ore. Since the oil/gas
and induction furnaces did not meet the required temperatures,
it was determined that the Company would purchase a furnace
that would meet the desired temperature.
Following extensive research and test work performed over
the past year by the Team, the Board of Directors has concluded
that a DC Arc furnace is required to produce the higher
temperatures for releasing the precious metals encapsulated
in the silicates in the head ore. It is believed that this
furnace will remove the restrictions on the quantity of
base metals and sulphides in the head ore. Therefore, Can-Cal
made inquiries and has located a DC Arc furnace in South
Carolina. A company representative will be on site to evaluate
the equipment within the next ten days. Providing the equipment
meets specifications, it will be purchased, disassembled
and shipped to its semi-permanent location in Searchlight,
NV.
The success of the DC Arc furnace has been well documented
and proven in production models used by major mining companies.
As such, the Company is optimistic of the expectations of
the extraction and recovery of precious metals from the
Pisgah and Wikieup properties. Therefore, the Company’s
Board of Directors has concluded the purchase and utilization
of the DC Arc furnace is the final step in the validation
of the research and testing of the extraction methodologies
of the head ores at the Pisgah and Wikieup properties.
All of the research to date has led Can-Cal to this point.
Providing the move and installation at the site goes as
anticipated, the furnace should be in production by end
of the year.
In addition, with anticipated results the furnace will
be used for commercial production of the Pisgah and Wikieup
property head ores.
Proposed Testing and Production Facility
Can-Cal Resources is currently reviewing the potential
purchase or lease of a mill site facility located in Nevada.
The Company has been assured by the Real Estate Agent that
the relevant licensing, permits, and water rights are in
place. It is extremely important for the Company to have
a facility that is legally permitted with water rights,
etc. so that it can move into a production capability in
a timely manner. This facility would be used for the testing
and production of several ores on the Pisgah and Wikieup
properties.
Advanced Laboratories Inc., Salt Lake City, Utah
In August, 2007 the laboratory staff delivered Pisgah samples
to Advanced Laboratories Inc. for element determinations.
Advanced identified the existence of gold, silver, platinum
and palladium in the samples. Additionally the rare earths—yittria,
europium, scandium, erbium, dysprosium, lanthanum and ytterbium
were found and gallium and germanium were detected, which
are not rare earths but are in high demand as determined
by today’s prices.
SGS Canada Inc.
On a preliminary basis the Company has recently contacted
a field representative of SGS Canada Inc. regarding a chain
of custody program. This program would be conducted following
the DC Arc furnace installation and extraction process.
Further discussions will be conducted outlining the evaluation
program that will be required from head ore to recovered
precious metal.
This news release includes statements, which may constitute
"forward-looking" statements, usually containing
the words "believe", "estimate", "project",
"expect", or similar expressions. These statements
are made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements inherently involve risks and uncertainties that
could cause actual results to differ materially from the
forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited
to, future trends in mineral prices, the availability of
capital, competitive factors, and other risks. By making
these forward- looking statements, the Company undertakes
no obligation to update these statements for revision or
changes after the date of this release.
April 4, 2007
-
Can-Cal Resources
Ltd. - Announces Further Test Results From Its Pisgah Property
LAS VEGAS, NEVADA - (CCN Mathews- April 4, 2007) Ronald D.
Sloan Chairman/C.E.O. of Can-Cal Resources Ltd (“the
Company”) (OTC BB: CCRE) is pleased to announce further
test results from its privately owned Pisgah property in California.
Independent third party companies obtained the samples from
the three and one half million ton screened stockpile on the
property. The samples were processed in the laboratory and
shipped to International Plasma Labs in Richmond, B.C. for
fire assays and ICPM determinations.
Analytical results were as follows:
| Sample |
Au |
|
| |
|
|
| P-1-B |
8.02 |
O.P.T. |
| P-2-B |
34.75 |
O.P.T. |
| P-3-B |
34.5 |
O.P.T. |
| P-4-B |
13.15 |
O.P.T. |
P-4-B was a thermite smelt test.
The Company has also purchased and installed an induction
furnace at the third party independent laboratory test facility.
The furnace is capable of achieving high temperatures for
the extraction of Au and PGM’s. When the metal is
furnaced it will be shipped for analyzation and sale which
will provide Can-Cal with final determinations on grade
and extraction capabilities.
Can-Cal is an emerging precious
metals exploration company actively engaged in identifying
commercial mining opportunities.
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email: mining@lvcoxmail.com
Website: www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
"Included in this release
are certain "forward-looking" statements,
involving risks and uncertainties, which are covered
by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are
based on management's current expectations and are
subject to certain factors, risks and uncertainties
that may cause actual results, events and performance
to differ materially from those referred to or implied
by such statements. In addition, actual future results
may differ materially from those anticipated, depending
on a variety of factors, including uncertainties relating
to global political conditions, such as terrorism.
Information with respect to important factors that
should be considered is contained in the company's
filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only
as of the date hereof. The company does not intend
to update any of the forward-looking statements after
the date of this release to conform these statements
to actual results or to changes in its expectations,
except as may be required by law."
January 9, 2007
-
Can-Cal Resources
Ltd. - Announced that E.R.S., Ltd. Has Concluded Preliminary
Testing
LAS VEGAS, NEVADA - (CCN Mathews- January 9, 2007) Ronald
D. Sloan Chairman/C.E.O. of Can-Cal Resources Ltd (“the
Company”) (OTC BB: CCRE) announced today that E.R.S.
Ltd., a Cyprus Corporation (“ERS”) has advised
the Can-Cal Board of Directors that they have concluded their
preliminary testing and assaying of the company’s Pisgah
material. The testing, which was performed in Israel, and
the assaying, which was performed in Italy, was done on samples
taken from Pisgah and Wikieup tonnage shipped to Israel by
E.R.S.. E.R.S. advised Can-Cal that it is satisfied with the
precious metal recovery it has made and believes that metals
can be recovered and produced economically and therefore wish
to proceed with an agreement in principle.
However, before any agreement in principle can be entered
into a number of issues must be resolved to the Company’s
satisfaction including review of the extractive processes
utilized by ERS and verification of the results, the adequacy
of financing, personnel, permitting, timing and related
issues.
In the interim, in addition to the E.R.S. program, the
Company is continuing to explore and test various treatment
and extractive processes with the assistance of qualified
consultants. The Company is encouraged with the results
to date and will publish analytical results in the near
future.
Can-Cal is an emerging precious
metals exploration company actively engaged in identifying
commercial mining opportunities.
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email: mining@lvcoxmail.com
Website: www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
"Included in this release
are certain "forward-looking" statements,
involving risks and uncertainties, which are covered
by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are
based on management's current expectations and are
subject to certain factors, risks and uncertainties
that may cause actual results, events and performance
to differ materially from those referred to or implied
by such statements. In addition, actual future results
may differ materially from those anticipated, depending
on a variety of factors, including uncertainties relating
to global political conditions, such as terrorism.
Information with respect to important factors that
should be considered is contained in the company's
filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only
as of the date hereof. The company does not intend
to update any of the forward-looking statements after
the date of this release to conform these statements
to actual results or to changes in its expectations,
except as may be required by law."
August 28, 2006
-
Can-Cal Resources
Ltd. - Reports Further High Grade Surface Sample Analysis
at Wikieup Property
LAS VEGAS, NEVADA--(CCN Mathews)--Aug 28, 2006 -- Can-Cal
Resources Ltd ("the Company") (OTC BB:CCRE.OB) reports
the receipt of further high grade surface sample results and
analysis on its Wikieup property in Arizona.
During 2005 and 2006 the Company conducted surface sampling
and analysis at its Wikieup property to determine a preliminary
evaluation of the property. In April 2006, surface sampling
was continued and samples were shipped to ALS Chemex, an internationally
recognized assayer, for fire assays and I.C.P. tests.
The Company recently received surface sample assay results
from ALS Chemex (up to Au 1.27 O.P.T, Ag - 32.52 O.P.T and
Zn 25.1%, Cu - 2.66%, Pb - 16.23 lbs/ton). Subsequent to these
tests having been carried out, a preliminary analysis on the
potential for commercial mineralization has been completed
based on the data (ALS Chemex - Assay report# RE06043935).
Don Plantz, Ph.D. - Geology, describes the lithology and mineralogy
of surface samples collected on July 4, 2006 from four sites
on mining claims held by Can-Cal Resources, Ltd. Can-Cal's
Wikieup properties are comprised of; the Brown Derby, Cullingham,
Cedar Ruins and RWB-Ag claim areas are analyzed in his report
and characterized as highly mineralized. The geological setting
at these areas is mainly that of; Diorite, Quartz fissures
and Kaolinized Breccia, Pyrite, Pyrrhotite, Quartz, Botryogen,
Chalcopyrite, Sphalerite and Biotite Mica.
Dr. Plantz stated that, "In addition to my analyses,
the specimens were shown to the chief geologist at one of
the largest producing gold mines in the U.S. He made the following
comments:
1. Most of the samples show signs of brecciation and mineralization.
2. Cullingham shows signs of pyrite and pyrrhotite, indications
of copper sulfide.
3. Cedar Ruins shows signs of malachite and azurite oxidized
copper.
The unnamed geologist described the samples as interesting
and suggested further analysis. He also said that if they
were his claims, he would do some exploratory drill holes.
I agree with all of his comments."
Professor Plantz notes that several mines were once located
in this area including the Wikieup Prospect (near Brown Derby),
the Antler Mine (near Cullingham) and the Leviathan, Cedar,
Copper Canyon, Golden Comstock Mine and Silver King Claims
(all near Cedar Ruins).
A second report recently commissioned was completed by Techatticup
Research of Vernon, BC by James Hason on the metal values
found in the Chemex report 18 samples analyzed for mineralization
at four distinct zones (Cullingham, Adit, Cedar Ruins and
Old Miner) revealed high grade values. Listed are below are
selected samples:
1) Four samples for Gold at two distinct zones: Au 1.27 O.P.T.
(39.47g/t), 0.95 O.P.T (29.54g/t), Au 0.83 O.P.T (25.81g/t)
- Cullingham zone and Au 0.490 OPT (15.23g/t) - Adit zone.
2) Three samples for Silver at two distinct zones: Ag 32.52
O.P.T. - Adit zone, Ag 28.32 O.P.T., Ag 26.57 O.P.T. - Cullingham
zone and with all samples taken showing +Ag 1.5 O.P.T.
3) Five samples for Zinc at four distinct zones: Zn 25.1%,
Zn 24.3% - Cullingham zone, Zn 24.4% - Cedar Ruins zone, Zn
22.6% - Old Miner zone and Zn 10.10% - Adit zone.
In addition to these samples, substantial showings of; Antimony,
Lead, Manganese, Mercury, Phosphorus and Sulphur were encountered.
All of these elements have commercial value. However, equally
important to the primary and subsidiary economic value of
the base metals at smelter is the geological relevance for
these discoveries as indicator minerals.
Mr. James Hason comments in his report, "Lead values
are important as they 'collect' precious metals - Gold, Silver,
and Platinum group metals. Lead does this in nature as the
ore body is being formed, some leads will contain thousands
of grams of Silver in a lead Galena ore and this can only
enhance the value of your project."
Mr. Hason ventures to extrapolate some values for Cu and Zn
based on a starting point of 1,000,000 metric tonnes of workable
ground/reserves.
"I have used a starting point/percentage of 1% ore grade
per ton. This is being a very conservative figure as some
of the assays infer values up to 25% from some of the grab
samples.
Using the 1,000,000 tonne reserve starting point the copper
value of reserves is 78.54 million dollars.
Using the 1,000,000 tonne reserve starting point the zinc
value of reserves is 35.42 million dollars."
Mr. Hason adds, "There will be many more millions of
tonnes when a drill program is properly completed on the claims."
Continued surface sampling and property exploration under
the guidance of an independent geologist is planned in order
to delineate drill targets.
Can-Cal is an emerging precious metals
exploration company actively engaged in identifying commercial
mining opportunities.
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email: mining@lvcoxmail.com
Website: www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
"Included in this release
are certain "forward-looking" statements,
involving risks and uncertainties, which are covered
by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are
based on management's current expectations and are
subject to certain factors, risks and uncertainties
that may cause actual results, events and performance
to differ materially from those referred to or implied
by such statements. In addition, actual future results
may differ materially from those anticipated, depending
on a variety of factors, including uncertainties relating
to global political conditions, such as terrorism.
Information with respect to important factors that
should be considered is contained in the company's
filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only
as of the date hereof. The company does not intend
to update any of the forward-looking statements after
the date of this release to conform these statements
to actual results or to changes in its expectations,
except as may be required by law."
August 8, 2006
-
Can-Cal Resources
Ltd. - Expand Property Holdings Further at Wikieup Gold Claims,
Arizona
LAS VEGAS, NEVADA--(CCN Mathews)--Aug 8, 2006 -- Can-Cal Resources
Ltd ("the Company") (OTC BB:CCRE.OB ) reports it
has recently acquired an undivided 100% interest in 1,800
acres adjacent to its recently expanded holdings of 1,900
acres at the Company's Wikieup property from an unaffiliated
third party. Consideration is for one million restricted shares.
These Wikieup properties together now total 3,700 acres or
approximately 6 square miles and are comprised of 185 lode
claims. The 185 lode claims are accessed by gravel road just
off highway 93 approximately eight miles from the town of
Wikieup, Arizona. Can-Cal has acquired this important additional
acreage in an effort to follow what may be a trend or vein
structure.
Mr. Sloan stated, "We recognize the importance of securing
the property immediately surrounding this very interesting
geological area. This valuable addition nearly doubles our
current holdings and will allow for continued investigation
into the intriguing mineralization that has been observed
in our recent surface sampling on the property."
The Company recently received surface sample assay results
from ALS Chemex (up to Au 1.27 O.P.T, Ag - 32.52 O.P.T and
Zn 25.1 %).
Continued surface sampling and property exploration under
the guidance of an independent geologist is planned in order
to delineate drill targets.
The geological setting at Wikieup is one of Precambrian granoids
and gneiss. Outcrop is extensive on the property and rock
units include diorite, gabbro and granitic dikes. Historical
adits, tunnels and open pit locations following the vein structure
over a large region have also been found on the property.
Can-Cal is an emerging precious metals
exploration company actively engaged in identifying commercial
mining opportunities.
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email: mining@lvcoxmail.com
Website: www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
"Included in this release
are certain "forward-looking" statements,
involving risks and uncertainties, which are covered
by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are
based on management's current expectations and are
subject to certain factors, risks and uncertainties
that may cause actual results, events and performance
to differ materially from those referred to or implied
by such statements. In addition, actual future results
may differ materially from those anticipated, depending
on a variety of factors, including uncertainties relating
to global political conditions, such as terrorism.
Information with respect to important factors that
should be considered is contained in the company's
filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only
as of the date hereof. The company does not intend
to update any of the forward-looking statements after
the date of this release to conform these statements
to actual results or to changes in its expectations,
except as may be required by law."
July 26, 2006
-
Can-Cal Resources
Ltd. - Acquires more property at Wikieup Gold Claims, Arizona
LAS VEGAS, NEVADA - (CCN Mathews-July 26, 2006) Can-Cal Resources
Ltd (“the Company”) (OTC BB: CCRE) is pleased
to announce that it has recently acquired an additional 1320
acres of un-patented 20-acre lode mining claims at Wikieup,
Arizona.
The Company’s Wikieup holdings before this recent acquisition
were 580 acres. With the additional property, Can-Cal’s
Wikieup property now consists of 1900 acres, which is approximately
2.969 square miles comprised of 95 lode claims. The area is
accessed by gravel road just off highway 93 approximately
eight miles from the town of Wikieup, Arizona.
Adits, tunnels and open pit locations following the vein structure
over a large region have been found on the property. The legacy
of previous mining activity including; abandoned equipment,
stone built homes, a cement water reservoir and numerous tailings
piles, can be seen a various locations.
Upon receipt of the recent surface sample assay results from
ALS Chemex (up to Au 1.27 O.P.T, Ag - 32.52 O.P.T and Zn 25.1
%) the Company is attempting to follow what may be a trend
or vein structure and has subsequently claimed the additional
1,320 acres.
After the Company received the recent surface sample assay
results from ALS Chemex (up to Au 1.27 O.P.T , Ag - 32.52
O.P.T and Zn 25.1 %) it attempted to follow what may be a
trend or vein structure and claimed the additional 1,320 acres.
The geology of the Wikieup area claims is comprised of Precambrian
granoids and gneiss. Outcrop is extensive on the property
and rock units include diorite, gabbro and granitic dikes.
The Company is continuing the surface sampling program and
plans to hire an independent geologist for continued exploration.
Can-Cal is an emerging precious metals
exploration company actively engaged in identifying commercial
mining opportunities.
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email: mining@lvcoxmail.com
Website: www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
"Included in this release
are certain "forward-looking" statements,
involving risks and uncertainties, which are covered
by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are
based on management's current expectations and are
subject to certain factors, risks and uncertainties
that may cause actual results, events and performance
to differ materially from those referred to or implied
by such statements. In addition, actual future results
may differ materially from those anticipated, depending
on a variety of factors, including uncertainties relating
to global political conditions, such as terrorism.
Information with respect to important factors that
should be considered is contained in the company's
filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only
as of the date hereof. The company does not intend
to update any of the forward-looking statements after
the date of this release to conform these statements
to actual results or to changes in its expectations,
except as may be required by law."
July 20, 2006
-
Can-Cal Resources
Ltd. - Accounces surface sampling results at Wikieup Arizona
claims
LAS VEGAS, NEVADA - (MARKET WIRE-JULY 20, 2006) Can-Cal Resources
Ltd (“the Company”) (OTC BB: CCRE.OB-News) is
pleased to announce the receipt of fire assay results on its
Wikieup property in Arizona.
During 2005, the Company conducted surface sampling and “in
house” assays to determine a preliminary evaluation
of the property. In April 2006, further surface sampling was
continued and samples were shipped to ALS Chemex, an internationally
recognized assayer, for fire assays and I.C.P. tests.
The first four samples were selected at random from surface
material from Zone one. The remainder of samples was obtained
from Zone two, three and four.
The following results were obtained from ALS Chemex:
Sample One:
- Au .519 O.P.T Fire Assay
- Au .577 O.P.T Fire Assay
- Au .490 O.P.T Fire Assay
- AG 26.57 O.P.T Fire Assay
- ZN 25.1 %
Sample Two:
- Au .577 O.P.T Fire Assay
- AG 18.08 O.P.T Fire Assay
- ZN 22.6 %
Sample Three:
- Au .95 O.P.T Fire Assay
- Au .83 O.P.T Fire Assay
- Au .95 O.P.T Fire Assay
- Au 1.27 O.P.T Fire Assay
- AG 28.32 O.P.T Fire Assay
- ZN 24.3 %
Sample Four:
- Au .013 O.P.T Fire Assay
- AG 1.68 O.P.T Fire Assay
- ZN 168 O.P.T.
Sample Five:
- AG 2.039 O.P.T I.C.P.23
- ZN 10.10%
Sample Six:
- Au .086 O.P.T I.C.P.23
- AG 5.89 O.P.T I.C.P.23
Sample Seven:
- Au .291 O.P.T I.C.P.23
- AG 13.68 O.P.T I.C.P.23
- ZN 24.4%
Sample Eight:
- Au .017 PPM I.C.P.23
- AG 32.52 O.P.T I.C.P.23
Sample Nine:
- Gold fire assay values of .490 OPT
- Silver assay values of 18.08 OPT
- Zinc 22.6%
The geology of the area is comprised of Precambrian granoids
and gneiss. Outcrop is extensive on the property and rock
units include diorite, gabbro and granitic dikes. The property
hosts; adits, tunnels and open pit and shaft locations from
previous mining activity at the turn of the century including;
abandoned equipment, stone built homes, cement water reservoir
and numerous tailings piles.
Chairman Ron Sloan stated, "We are very encouraged by
this series of surface sample results. We feel that the high-grade
gold, silver and zinc values from these samples have provided
us with additional evidence indicating the presence of substantial
mineralization on the Wikieup claims. It is our opinion that
the previous mining done on these claims was limited in scope
and technical proficiency and had only partially explored
the potential of the Wikieup property."
The Company is continuing the surface sampling program and
plans to hire an independent geologist for continued exploration.
Can-Cal is an emerging precious metals
exploration company actively engaged in identifying commercial
mining opportunities.
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email: mining@lvcoxmail.com
Website: www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
"Included in this release
are certain "forward-looking" statements,
involving risks and uncertainties, which are covered
by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are
based on management's current expectations and are
subject to certain factors, risks and uncertainties
that may cause actual results, events and performance
to differ materially from those referred to or implied
by such statements. In addition, actual future results
may differ materially from those anticipated, depending
on a variety of factors, including uncertainties relating
to global political conditions, such as terrorism.
Information with respect to important factors that
should be considered is contained in the company's
filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only
as of the date hereof. The company does not intend
to update any of the forward-looking statements after
the date of this release to conform these statements
to actual results or to changes in its expectations,
except as may be required by law."
June 26, 2006
-
Can-Cal Resources
Ltd. - Signs letter of intent for Pisgah Crater
LAS VEGAS, NEVADA - (CCN Mathews-_____________, 2006) Can-Cal
Resources Ltd (“the Company”) (OTC BB: CCRE) is
pleased to announce that it has entered into a letter of intent
with E.R.S. Ltd. for further testing of its Pisgah crater
property
Pisgah Crater
On June 26, 2006, the Company signed a letter of intent
with E.R.S. Ltd., an Israeli owned Cyprus corporation with
offices located in Tel Aviv. The letter of intent is for
further testing on material from its Pisgah property.
In early 2006, the Company furnished material from its Pisgah
crater to E.R.S. to perform tests and obtain analysis. In
June 2006, E.R.S. notified the Company that it desired to
perform additional and more comprehensive testing to determine
the metal values in the material by conducting an extensive
sampling program on the 3,500,000 tons screened stockpile.
E.R.S. will also test additional areas of the property.
Before commencing such additional testing, E.R.S. wanted
to be assured that if it determined to pursue the extraction
of any metals that the Company would enter into a production
agreement with E.R.S.
The letter of intent provides that during the period of
three months, beginning June 26, 2006, E.R.S. will perform
tests and analysis on the Company’s material with
principal initial testing taking place in Israel and Europe.
Any metal extracted will be sent to laboratories in Italy
and possibly Belgium for analysis. All testing and analysis
will be paid for by E.R.S.
If E.R.S. desires to enter into a formal agreement for the
production of metals from that material it will notify the
Company in writing and furnish the Company with all analysis
and assays. The formal agreement, if entered into, will
then provide that:
-
1. E.R.S. will pay 100% for all costs
incurred in connection with, and all associated costs
relating to the mining, processing and production of any
metals extracted for the Pisgah crater. This includes
all costs of obtaining additional permits, costs of all
equipment, mining costs, production costs, refining costs,
transportation costs, assaying costs, sales costs, working
capital, labor, overhead, and any and all related costs.
-
2. The Company will receive a net profit
interest of between 12.5% and 15% of any net profits realized
from the production and sale of any metals recovered,
depending on the metals produced and the grade of the
recovery of such metals. Net profit will mean the amount
of revenue received from any purchaser of metals sold,
less costs paid by E.R.S
-
3. The Company will cooperate with
E.R.S. in obtaining any necessary permits and export
permits required for material shipped out of the country
by E.R.S.
The Pisgah crater has been estimated to contain approximately
13,500,000 tons of material. 3,500,000 tons of this
material has already been screened and stockpiled.
Any formal agreement will be consistent with the Company’s
mining lease agreement with Twin Mountain Rock Ventures
for the Pisgah crater.
Can-Cal is an emerging precious metals exploration
company actively engaged in identifying commercial
mining opportunities.
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email: mining@lvcoxmail.com
Website: www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
"Included in this release
are certain "forward-looking" statements,
involving risks and uncertainties, which are covered
by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are
based on management's current expectations and are
subject to certain factors, risks and uncertainties
that may cause actual results, events and performance
to differ materially from those referred to or implied
by such statements. In addition, actual future results
may differ materially from those anticipated, depending
on a variety of factors, including uncertainties relating
to global political conditions, such as terrorism.
Information with respect to important factors that
should be considered is contained in the company's
filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only
as of the date hereof. The company does not intend
to update any of the forward-looking statements after
the date of this release to conform these statements
to actual results or to changes in its expectations,
except as may be required by law."
March 8, 2006
-
Can-Cal Resources
Ltd. - Additional property claims acquisition and analytical
testing.
LAS VEGAS, NEVADA - (CCN Mathews-March 8, 2006) Can-Cal Resources
Ltd (“the Company”) (OTC BB: CCRE) and its wholly
owned Mexican subsidiary, Sierra Madre Resources S.A. de C.V.
(“SMR”), is pleased to announce that the Company
has acquired the rights to an additional twenty-eight 20-acre
un-patented lode claims at Wikieup, Arizona, thereby increasing
the Company’s property holdings of Wikieup claims to
580 acres.
The Company intends to expand its testing program of the Wikieup
material both internally and with independent third parties.
The testing of material from the Pisgah, California property
is also ongoing.
The Company has also entered into an Agreement to permit Warner
Brothers Pictures to film scenes for a motion picture on its
Pisgah, California property. The financial compensation will
be approximately $ 22,000.00
The Company is currently focusing its research and development
efforts on the Can-Cal Resources Ltd. U.S. properties.
On behalf of the Board of Directors
Ronald D. Sloan
Chairman / President, CEO
Can-Cal Resources Ltd.
July 15, 2005
-
Can-Cal Resources
Ltd. decides not to proceed with the joint venture on the
Pinos Project in Mexico.
LAS VEGAS, NEVADA - (CCN Mathews-July 15, 2005) Can-Cal Resources
Ltd (“the Company”) (OTC BB: CCRE) and its wholly
owned Mexican subsidiary, Sierra Madre Resources S.A. de C.V.
(“SMR”), announce that following extensive consultation,
and based on the Company’s due diligence review, that
it will not proceed on its proposed joint venture with Minera
Apolo S.A. de C.V. (“Minera”) otherwise known
as the “Pinos Project”
The Pinos project consisted of 29 gold and silver concessions
located in Pinos, Zacatecas State, Mexico
The Company’s decision is consistent with its joint
venture agreement and letter of intent with Minera. Both the
Agreement and the LOI contained an option whereby the Company
had a 90-day period to conduct due diligence it deemed appropriate
before electing to proceed with the exploration and exploitation
of the concessions. Minera was paid an initial 107,143 shares
of the Company’s restricted common stock, equivalent
to $24,000 in equity. Based on the Company’s decision
not to proceed with the Pinos Project, Minera was paid an
additional 111,607 shares of the Company’s restricted
common stock, equivalent to $25,000 in equity
The Company is currently focusing its research and development
efforts on the Can-Cal Resources Ltd. U.S. properties.
On behalf of the Board of Directors
Ronald D. Sloan
May 10, 2005
-
Can-Cal Resources
Ltd. (The “Company”) announces that Mr. Anthony
Ciali has tendered his resignation as President, CEO and Director
of the Company, effective immediately.
Can-Cal Resources Ltd. (The “Company”)
announces that Mr. Anthony Ciali has tendered his resignation
as President, CEO and Director of the Company, effective immediately.
The Board of Directors has appointed
Mr. Ronald D. Sloan, the current Chairman, as acting interim
President and CEO.
Mr. Sloan previously served in this capacity until Mr. Ciali
joined the Company.
The Company will initiate the process of searching for a new
President and CEO.
On Behalf of the Board of Directors
“Ronald D. Sloan”
Ronald D. Sloan
Chairman of the Board
April 7, 2005
-
Can-Cal Resources
Ltd. signs Option Agreements to acquire 29 gold-silver concessions
in Mexico.
LAS VEGAS, April 7, 2005 - - Can-Cal Resources Ltd.
("the Company") (OTC Bulletin Board: CCRE) is pleased to announce
that its wholly owned Mexican subsidiary, Sierra Madre Resources
S.A. de C.V. ("SMR"), has signed two option agreements to
acquire interests in the mining rights to 29 gold-silver concessions,
covering approximately 3,100 hectares (approximately 7,700
acres). The concessions are located in a historic mining district
in the Municipality of Pinos, Zacatecas State, Mexico (the
"Pinos District") and are owned by a private Mexican company,
Minera Apolo S.A. de C.V. ("MA").
SMR and MA have signed an Exploration and Exploitation Agreement
(the "Agreement"), whereby SMR can earn a 51% Joint Venture
("JV") interest in an approximate 130 hectare area, referred
to as the Catanava Block, covered by all, or portions of,
7 of the 29 concessions. SMR and MA have also signed a Letter
of Intent (the "LOI"), whereby SMR can separately acquire
a 100% interest in the mining rights to the remaining hectares
not covered by the Agreement. Both the Agreement and the LOI
contain an option (the "Option"), whereby SMR has a 90-day
period to conduct due diligence and whatever geological programs
it deems appropriate before electing to proceed with the exploration
and exploitation of the concessions.
The Pinos District is located in southeastern Zacatecas State,
about midway between the cities of Zacatecas and San Luis
Potosi. The concessions can be accessed by a paved road that
runs from Highway 49 to the Municipality of Pinos, a distance
of some 26 kilometers. Infrastructure in the area is good,
including available electric power.
Mining activity in the Pinos District dates back to the 1550s
and work continued by the Spanish until Mexico's Independence
in 1810. Activity was greatly expanded from approximately
1870 through 1910, when British mining companies brought Cornish
mining techniques to the area. Remnants of this work are evidenced
by significant surface structures, many lined shafts that
are still in good condition today, and extensive underground
workings in multiple veins along approximately seven kilometers
of vein strike. Generally, mining ceased at the water table
(approximately 100 meters below surface). However, in one
reported case, a Cornish pump was used for dewatering to 330
meters below surface, to continue mining one of many bonanza
gold zones that the Pinos District is reportedly noted for.
Generally, these bonanza zones occur at major vein intersections.
The British mining companies were forced to leave the Pinos
District in 1910, at the time of the Mexican Revolution. Systematic
mining of the Pinos District did not occur again until the
mid-1930s, when a 300- 350 TPD process plant was built and
operated successfully for about eight years, processing ore
from the rehabilitated workings at one of the major veins.
Between 1975-1983, Bethlehem Steel ("Bethlehem") entered into
a joint venture with Industrias Peñoles ("Peñoles") to explore
and exploit the Pinos District. To carry out this joint venture,
Minera Apolo S.A. de C.V. was formed with Bethlehem as the
operator. Bethlehem accessed and mapped various underground
workings, sampled the veins in all available workings, sampled
surface dumps and tailings and also conducted a limited surface
drilling program. Bethlehem reportedly prepared two internal
studies, which concluded that the veins at Pinos could be
worked economically. However, Bethlehem withdrew from joint
venture in 1983, before implementing a mine development program,
reportedly due to corporate financial constraints related
to the company's steel operations. Peñoles did not advance
the project and, in 1993, sold its interests in the concessions
and Minera Apolo to the former manager of the joint venture,
the current president of Minera Apolo. Since 1993, MA has
entered into two option agreements, the most recent with Hecla
Mining Company that conducted various exploration programs,
including drilling, on portions of the concessions during
the period 1995-1997. There has been no significant work done
on the concessions since 1997, other than limited programs
carried out by MA, in part, due to depressed gold prices during
the period 1997-2001.
The Pinos District concessions are grouped into two principal
groups, Old and New District concessions, with the Old District
concessions comprising the principal areas of past mining
activities. The Old District concessions are composed of various
epithermal veins, which have been grouped into four main vein
systems, each with a strike of several kilometers. The veins
tend to converge to the north, including the apparent convergence
of three of the main vein systems in the Catanava Block. The
areas of most interest are vein intersections, which reportedly
have resulted in many bonanza gold zones in the Pinos District.
The veins are quartz/calcite fissure veins, mineralized by
what appear to be multi-stage mineralizing events. The principal
metals are gold and silver. Host rocks include limestones,
rhyolitic tuffs, lutites and sandstones. The distribution
of precious metals is reported to be erratic, and bulk sampling
may be required to gain a better understanding of the distribution
of precious metals in various veins. The New District concessions
contain several epithermal vein systems, generally under alluvial
and colluvial cover.
In order for SMR to earn its 51% interest in the Catanava
Block JV Agreement, SMR was required to pay MA $25,000 upon
signing the Agreement, payable in restricted common stock
of the Company. If SMR exercises its Option in the Agreement,
SMR must pay MA an additional $50,000, payable $25,000 in
cash and $25,000 in restricted common stock of the Company,
and MA would be entitled to receive future quarterly minimum
advance royalty payments, ranging from $5,000 three months
following SMR's exercise of its Option to $25,000 per quarter
one year later, and a future quarterly 1% Net Smelter Return
Royalty. SMR, as operator of the JV, will be responsible for
funding the JV's expenditures until commercial production
commences, defined as achieving a minimum production rate
of 3,250 TPM (approximately 130 TPD) within fifteen months
of exercising its Option. The time period may be extended
by SMR, but the advance minimum royalty payments to MA will
be doubled during any extension period, until the minimum
production rate is achieved. SMR may terminate the Agreement
at any time, by providing MA with thirty days advance written
notice.
Upon signing the LOI, SMR was required to pay MA $24,000,
payable in restricted common stock of the Company. If SMR
exercises its Option in the LOI, SMR will earn its 100% interest
in the mineral rights to the concessions by: a.) Paying outstanding
mining taxes and related penalties and interest on four of
the concessions, b.) Paying MA semi-annual advance minimum
royalty payments, starting with a $20,000 payment on January
1, 2006 and increasing to $50,000 per payment in 2006, $55,000
per payment in 2007 and $60,000 per payment in 2008 and thereafter,
c.) Paying MA a future quarterly 3.0% Net Smelter Return Royalty,
d.) Incurring minimum annual work commitments of $250,000
in 2006, $500,000 in 2007 and $1,250,000 in 2008; there are
no minimum work commitments in 2005, and e.) Initiating commercial
production at the minimum rate of 600 TPD within two years
of electing to proceed with the development of a mine. SMR
may terminate the agreement at any time, by providing MA with
thirty days advance notice.
Mr. Anthony F. Ciali, President & CEO, stated, " We are
very pleased to have the opportunity to acquire interests
in the mining rights to the historic Pinos District concessions,
which include the potential for both mid-term and long-term
exploration and development opportunities. Assuming SMR exercises
its Options in the agreements, the focus of our second half
2005 efforts will be on the Catanava Block, where SMR will
have a fifteen month period to develop a 3,250 TPM mining
operation. SMR also has the right to set up a small-scale
pilot plant operation during the fifteen month period, should
SMR elect to initiate a small-scale underground bulk sampling
operation and process bulk samples on site. SMR would also
have access to existing old dumps outside of the Catanava
Block that may also be processed through the pilot plant,
subject to verification of tonnage, grade, metallurgy, etc.
In general, exploration activity on the concessions outside
of the Catanava Block will be deferred until 2006, which is
provided for under the terms of the Letter of Intent covering
these concessions."
November 18, 2004
-
Can-Cal Resources
Ltd. announces the acquisition of three new gold-silver concessions
in Mexico.
LAS VEGAS, November 18, 2004 - - Can-Cal Resources
Ltd. ("the Company") (OTC Bulletin Board: CCRE) is pleased
to announce that its wholly owned Mexican subsidiary, Sierra
Madre Resources S.A. de C.V. ("SMR"), has made applications
to acquire three new gold-silver concessions located in the
State of Chihuahua, Mexico, as follows:
Hoya:
As part of SMR's focused exploration program using Thematic
Mapper ("TM") satellite images, an extensive area of hydrothermal
alteration was identified in south-central Chihuahua. The
Mexican mining company, Peñoles, recently staked a large part
of the anomaly, but the alteration was found to extend to
the south onto open ground, which is now covered by SMR's
concession application.
The Hoya concession comprises 1,533 hectares (approximately
3,786 acres) and is located 180 kilometers south of the city
of Chihuahua. Regional surface samples have given encouraging
results from stockwork / disseminated mineralization in sandstone
units of up to 0.439 g/t Au and 116 g/t Ag. Historic mining
in the area was from silver-lead-zinc veins. The target SMR
will be investigating is a gold-dominant stockwork / disseminated
style of mineralization.
Carbon:
The Carbon concession comprises 1,995 hectares (approximately
4,928 acres) and is located 130 kilometers south of the city
of Chihuahua in south-central Chihuahua State.
Carbon is a CRD (Carbonate Replacement Deposit) target that
lies adjacent to the southeastern boundary of Anglo America
(Canada) Ltd.'s "Pinabete" concession, recently optioned to
Southern Silver Exploration Corp. TM satellite image anomalies
indicate that the northwest trending structural zone reported
by Anglo continues to the southeast onto open ground and manifests
itself as strong alteration of the Tertiary volcanic rocks
overlying the carbonate sedimentary units and associated Pb-Zn-barite
mineralization.
Cerritos:
SMR's Cerritos concession comprises 1,955 hectares (approximately
4,829 acres) and is located 150 kilometers south of the city
of Chihuahua in south-central Chihuahua State. Historically
considered primarily a copper target, Noranda previously drilled
this TM satellite anomaly for porphyry copper mineralization,
and presently, Peñoles and individual concessionaires control
the known copper district. Recently, the valley to the southwest
of the anomaly was staked by Kennecott to test for buried
copper mineralization.
Initial fieldwork by SMR has identified an area to the northeast
of the anomaly on open ground, with gold-anomalous samples
from stream sediments peripheral to the copper zone. This
is the area covered by SMR's concession application.
Mr. Anthony F. Ciali, President & CEO, stated, "During
the past several months, SMR has investigated numerous geologic
targets of interest based on satellite images. The targets
were located in the States of Chihuahua and Durango, although
SMR has numerous potential targets in several other states
located in northern and central Mexico, which will be investigated
in the future. In addition to the three new concessions recently
applied for, SMR anticipates making applications for additional
concessions in the coming months. SMR has also been pursuing
the potential acquisition of third party concessions by way
of option or joint venture agreements. While discussions have
taken place, and are continuing, no agreements have yet been
finalized. The next phase of work on SMR's Arco Project, which
will principally include a Phase I drilling program to test
the outcropping vein structures that have been sampled, is
pending financing, which the Company is pursuing."
August 24, 2004
-
Can-Cal Resources
Ltd. announces an update on its Arco Project
LAS VEGAS, August 24, 2004 - - Can-Cal Resources
Ltd. ("the Company") (OTC Bulletin Board: CCRE) is pleased
to announce that its wholly owned Mexican subsidiary, Sierra
Madre Resources S.A. de C.V. ("SMR"), has completed the second
phase of rock chip sampling of the outcrop veins on its Arco
Project (the "Project"). The Project is comprised of the Arco
and Arco 2 concessions, representing a total land package
of 3,680 hectares (approximately 9,060 acres). The Project
is located in Durango State, Mexico, approximately 120 kilometers
north-northwest of the city of Durango, and lies in the Central
Plateau Gold-Silver belt of the Sierra Madre Occidental, near
the historic Silver-Lead-Zinc district of Tejamen.
As previously reported (See July 22, 2004 press release -Mexico
Update), encouraging assay results were received from the
first phase of rock chip sampling completed on the Arco concession
during June 2004, and a new vein structure was discovered
approximately 600 meters to the southeast of the three main
outcrop veins, which are located in the northwest portion
of the concession. Of particular interest was the western
most vein (the "West Vein") of the main outcrop veins, where
successive gold assay values of 0.426 g/t, 0.329 g/t, 5.070
g/t, 1.265 g/t and 0.848 g/t were reported over a strike length
of approximately 125 meters. The reported gold assays values
for the new southeast vein, based on 3 rock chip samples,
were 1.090 g/t, 1.945 g/t, and 1.460 g/t over a strike length
of approximately 130 meters.
The principal focus of the second phase of sampling was to
test for the potential extension of the West Vein to the southeast
and to further test the newly discovered southeast vein area.
An additional 8 rock chip samples were taken along the southeast
extension of the West Vein, over a strike length of approximately
130 meters. The successive gold assay values for these samples
were again encouraging, as follows: 20.9 g/t, 0.32 g/t, 1.12g/t,
1.99 g/t, 0.31 g/t, 0.07 g/t 0.78 g/t and 0.10 g/t. The overall
strike length of the West Vein now approximates 320 meters.
The 3 main outcrop veins converge to the southeast and dip
below surface in what appears to be a faulted area. Very narrow
outcrop veining just to the southeast of the faulted area
was sampled, with reported gold assay values of 6.45 g/t and
4.39 g/t. The relationship between the convergence of the
main outcrop veins to the southeast and the southeast vein
area, some 600 meters away, requires further investigation.
At present, it appears that the two vein structures are along
the same strike line.
Additional sampling of the southeast vein area has resulted
in the discovery of a second vein structure, which strikes
north versus northwest, as does the originally discovered
southeast vein. A total of 5 rock chip samples were taken
along this newly discovered vein with reported, successive
gold assay values of 3.39 g/t, 0.32 g/t, 0.50 g/t, 0.37 g/t
and 0.60 g/t. This new vein structure requires further investigation,
as does the potential for the discovery of additional north-striking
vein structures in the eastern portion of the Arco concession.
Lastly, a new potential stockwork target has been identified
in the northern most portion of the Arco concession, which
will be further explored in the coming months.
All samples were shipped to ALS Chemex of Vancouver, Canada
for assaying.
SMR's geological work to date indicates that the Arco Project
is a low-sulfidation epithermal gold-vein occurrence in Upper
Series rhyolite formation, which is projected to be relatively
shallow, especially on the northern and western margins of
the main outcrop vein swarm where apparent faults expose andesite
flows supposed to be of the Lower Volcanic Sequence. Typically,
it is the underlying andesite formations that are mineralized
in Mexico. The fact that the veins occur in the rhyolite formation
is unusual and indicates the potential for wider and stronger
vein structures in the underlying Lower Series andesite formation.
Although the main outcrop veins are narrow (from 2 to 100
centimeters for individual veins in zones of up to 20 meters),
they have a strike length of over 2 kilometers and form vein
swarms, suggesting that the veins may thicken at depth in
the underlying andesite series rocks.
SMR is also actively pursuing additional property acquisitions,
either by staking or options on third party concessions. Discussions
are presently taking place with several concession owners,
and SMR has identified a large number of areas of geological
interest by way of satellite imaging, which are being investigated.
Any areas of merit will be staked.
Mr. Anthony F. Ciali, President & CEO, stated, "We continue
to be encouraged by the assay results of SMR's sampling programs
on our Arco concession, as well as by the discovery of new
vein structures on the concession. While additional exploration
work is planned for the Arco and Arco 2 concessions, we are
reviewing the assay results of the June and July 2004 sampling
programs with our consulting geologists, with the view of
determining whether sufficient data is in hand to warrant
initiating a drilling program."
August 4, 2004
-
Can-Cal Resources
Ltd. announces an extension to the term of the IBK Capital
Corp. Financing Agreement
LAS VEGAS, August 4, 2004 - - Can-Cal Resources Ltd.
("the Company") (OTC Bulletin Board: CCRE) is pleased to announce
that IBK Capital Corp. ("IBK") has agreed to extend the term
of the January 29, 2004 Financing Agreement (the "Agreement")
with the Company for an additional six month period, ending
on January 27, 2005. Pursuant to the Agreement, the Company
engaged IBK to arrange, on a best efforts basis, financing
of up to US$1 million, to be utilized to fund expenditures
on the Company's Mexican exploration programs, including its
Arco Project (See July 22, 2004 Mexico Update press release),
and for general working capital purposes.
IBK, based in Toronto, Canada, is a private investment bank
serving the mining sector and has acted for many junior mining
companies in accessing funding. In the past ten years, IBK
has raised nearly $500 million in equity-related funding for
its junior mining clients.
July 22, 2004
-
Can-Cal Resources
Ltd. provides an update on its Mexican Activities
LAS VEGAS, July 22, 2004 - - Can-Cal Resources Ltd.
("the Company") (OTC Bulletin Board: CCRE) is pleased to announce
that its wholly owned Mexican subsidiary, Sierra Madre Resources
S.A. de C.V. ("SMR"), has completed the first phase of sampling
of the outcrop veins on its Arco Project (the "Project"),
which includes a land package of 463 hectares (approximately
1,140 acres). The Project is located in Durango State, Mexico
approximately 120 kilometers north-northwest of the city of
Durango, and lies in the Central Plateau Gold-Silver belt
of the Sierra Madre Occidental, near the historic Silver-Lead-Zinc
district of Tejamen.
The Company is also pleased to announce that SMR has applied
for a new concession, Arco 2, which surrounds and is contiguous
with the Arco concession and also extends 7 kilometers to
the north. The Arco 2 concession includes a land package of
3,217 hectares (approximately 7,920 acres).
Initial geological work indicates that the Arco Project is
a low-sulfidation epithermal gold-vein occurrence in Upper
Series rhyolite formation, which is projected to be relatively
shallow, especially on the northern and western margins of
the swarm where apparent faults expose andesite flows supposed
to be of the Lower Volcanic Sequence. Typically, it is the
underlying andesite formations that are mineralized in Mexico.
The fact that the veins occur in the rhyolite formation is
unusual and indicates the potential for wider and stronger
vein structures in the underlying Lower Series andesite formation.
Although the exposed surface veins are narrow (from 2 to 100
centimeters for individual veins in zones of up to 20 meters),
they have a strike length of over 2 kilometers and form vein
swarms, suggesting that the veins may thicken at depth in
the underlying andesite series rocks.
The Arco outcrop quartz veins have been sampled in a triangular
shaped area measuring more than 600 meters on each side. Three
principal outcrop veins are present on the northwest portion
of the Project. These veins tend to converge to the south,
suggesting that they may intersect at depth in the underlying
andesite series rocks. A total of 44 rock chip samples were
taken perpendicularly across the veins, at approximately 25
meter intervals, with 34 of the 44 samples returning assays
ranging in gold values from 0.10 g/t to 5.07 g/t and 21 of
the samples assaying over 0.20 g/t gold. The silver to gold
ratio averaged 24 to 1. (See Table below for all assay results.)
Of particular interest is the western most vein, where successive
gold assay values of 0.426 g/t, 0.329 g/t, 5.070 g/t, 1.265
g/t and 0.848 g/t were reported over a strike length of approximately
125 meters.
A second area of outcrop veining was discovered to the southeast,
approximately 600 meters from the principal outcrop veins.
A total of 3 rock chip samples were taken in this area, with
reported gold assay values of 1.090 g/t, 1.945 g/t, and 1.460
g/t over a strike length of approximately 130 meters.
All samples were shipped to ALS Chemex of Vancouver, Canada
for assaying. The outcrop veins in the northwest portion of
the Project appear to extend onto the Arco 2 concession, as
may the outcrop veining to the southeast. A second phase of
sampling, concentrating principally on the potential extension
of the northwest veins onto the Arco 2 concession and more
extensive testing of the newly discovered southeast outcrop
veins, is scheduled for completion by the end of July. In
addition, initial overall reconnaissance exploration will
take place on the Arco 2 concession in July and August.
SMR is also actively pursuing additional property acquisitions,
either by staking or options on third party concessions. Discussions
are presently taking place with several concession owners,
and SMR has identified a large number of areas of geological
interest by way of satellite imaging, which will be examined
in the coming months. Any areas of merit will be staked.
Mr. Anthony F. Ciali, President & CEO, stated, "We are
encouraged by the assay results of the initial sampling of
the outcrop veins on our Arco concession. All samples returned
gold assay values, and favorable gold assays, averaging over
1 g/t, were reported over +100 meter strike lengths both for
the northwest and southeast outcrop veins. Such values are
unusual given that the outcrop veins occur in the Upper Series
rhyolite formation and continue to support the theory that
there may be more robust vein structures in the underlying
andesite formation. The Company has had to redirect the focus
of its Mexican program after the termination of the El Colomo
Project Letter of Intent in late March. SMR is presently focused
on exploring its Arco and Arco 2 concessions and acquiring
additional concession, by staking or acquisition, principally
in the states of Durango, Chihuahua and Sonora. It has taken
several months for this redirected program to take hold, but
a positive momentum has now been developed, and we look forward
to an expansion of the Company's activities and projects in
Mexico during the second half of the year."
April 29, 2004
-
" Can-Cal Resources
Ltd. announces the appointment of Terry Brown as Consulting
Geologist - Mexico
LAS VEGAS, April 29, 2004 - - Can-Cal Resources Ltd.
(“the Company”) (OTC Bulletin Board: CCRE) is pleased to announce
that Mr. Terry Brown has accepted a consulting position with
the Company as Consulting Geologist - Mexico. Mr. Brown has
over 20 years of international gold mining, exploration and
development experience with international mining companies
including Glamis Gold, Eldorado Gold, Alamos Minerals and
Niugini Mining. In addition to his exploration background
in the Western US and Latin America, Mr. Brown has been involved
with the start up of six mines, both in the US and Latin America,
principally in the capacity of Project / Construction Manager.
Mr. Brown has resided in Mexico for over the past twelve years
and is well acquainted with the deposits and potential of
Mexico’s Sierra Madre Occidental Gold-Silver Belt, which is
the regional focus of the Company’s Mexican subsidiary, Sierra
Madre Resources S.A de C.V. (“SMR”). Mr. Brown holds a Bachelor
of Science in Geology.
Mr. Anthony F. Ciali, President &
CEO, stated, “We are extremely pleased to add someone with
Terry’s experience and contacts in Mexico to our management
team. Along with Luis Vega, Senior Consulting Geologist,
Can-Cal Resources now has two very seasoned consulting geologists
with significant Latin American and, in particular, Mexican
mining industry experience. During the second quarter of
2004, SMR will be initiating exploration activities on the
Company’s 100% owned Arco Project, a low-sulfidation epithermal
gold-vein occurrence in Upper Series rhyolite formation,
in Durango, Mexico (See press release dated February 17,
2004). These activities will include a mapping, sampling
and trenching program, leading to a first phase drilling
program. SMR will also be intensifying its ongoing review
of mineral properties for potential acquisition in Mexico,
a program which will benefit from Terry’s experience and
presence in Mexico.”
March 25, 2004
-
Can-Cal Resources
Ltd. announces cancellation of the El Colomo Project Letter
of Intent
LAS VEGAS, March 25, 2004 - - Can-Cal Resources Ltd.
(“the Company”) (OTC Bulletin Board: CCRE) announces that
its wholly owned Mexican subsidiary, Sierra Madre Resources
S.A. de C.V. (“SMR”), has received a letter of cancellation
of the El Colomo Project Letter of Intent (“LOI”) from Golden
Anvil S.A. de C.V. (“Golden Anvil”). Pursuant to the terms
of the LOI, which was signed in December 2003, Golden Anvil’s
authorization of the final joint operating agreement (“Agreement”)
was subject to the approval of its shareholders at the company’s
2004 annual shareholders meeting. In the letter of cancellation,
Golden Anvil advised SMR that the resolution to approve the
Agreement was rejected by a majority vote of its shareholders
at the meeting. SMR is presently reviewing its options and
may attempt to renegotiate the terms of the LOI.
In addition to its ongoing review of mineral properties for
potential acquisition in Mexico, SMR plans to initiate exploration
activities in April at its 100% owned Arco Project (“Project”),
a low-sulfidation epithermal gold-vein occurrence in Upper
Series rhyolite formation, in Durango, Mexico (See press release
dated February 17, 2004). These activities will include a
mapping, sampling and trenching program, leading to a first
phase drilling program to test the significant and unusual
vein outcropping in the Upper Series rhyolite formation and
the implications this may have on the potential for more robust
vein structures in the underlying andesite formation. Typically,
it is the underlying andesite formations that are mineralized
in Mexico. Although the exposed surface veins are narrow (from
2 to 100 centimeters for individual veins in zones of up to
20 meters), they have a strike length of over 2 kilometers
and form vein swarms, suggesting that the veins may thicken
at depth in the underlying andesite series rocks.
The Project includes a land package of 463 hectares
(approximately 1,140 acres), located approximately 120 kilometers
north-northwest of the city of Durango, and lies in the Central
Plateau Gold-Silver belt of the Sierra Madre Occidental, near
the historic Silver-Lead-Zinc district of Tejamen.
March 2, 2004
-
Can-Cal Resources
Ltd. announces time extension to El Colomo Project Letter
of Intent
LAS VEGAS, March 2, 2004 - - Can-Cal Resources Ltd.
(“the Company”) (OTC Bulletin Board: CCRE) announces that
its wholly owned Mexican subsidiary, Sierra Madre Resources
S.A. de C.V. (“SMR”), and Golden Anvil S.A. de C.V. (“Golden
Anvil”) have agree to amend the El Colomo Project (“Project”)
Letter of Intent (“LOI”), signed in December 2003, to provide
for an extension of the deadline for signing a formal Joint
Operating Agreement (“Agreement”) from 90 days (March 1, 2004)
to 120 days (March 31, 2004). Golden Anvil, a private Mexican
company, owns the El Colomo group of gold-silver exploration
concessions, which cover 12,700 hectares (over 31,300 acres)
and are located in Nayarit, Mexico. Golden Anvil’s signing
of the Agreement was subject to the approval of the company’s
shareholders at an annual shareholders meeting, which Golden
Anvil now advises will not take place until mid-March 2004.
Under the terms of the LOI, SMR will acquire a 50% equity
interest and 50.1% operating interest in the joint operation
of the Project. For its interests, SMR has agreed to pay Golden
Anvil $250,000, in three installments denominated in restricted
common stock of the Company at a fixed price of $0.25 per
share, for a total of 1.0 million shares, and to fund up to
$1.25 million in additional exploration and development expenditures
on the Project, in two phases. (See December 9, 2003 press
release for further details)
Mr. Anthony F. Ciali, President & CEO, stated, “Following
the signing of the Joint Operating Agreement, SMR will
initiate the Phase I activities on the El Colomo Project,
commencing with a detailed geological mapping and sampling
program on the Nueva Victoria Vein, the most advanced
mineralized structure among several mineralized structures
on the concessions. This program will provide the incremental
information necessary to finalize the planned in-fill
drilling program at Nueva Victoria to determine if there
are sufficient reserves to justify commencing production.
Phase I activities will also include: exploring for
additional targets on the concessions, evaluating the
mill layout and recommending any changes deemed necessary
to ensure a successful commencement of operations and
reviewing and recommending changes, if necessary, to
Golden Anvil’s Development Budget and Operating Cash
Flow Forecast. If the results of the Phase I activities
are favorable, the Phase II development activities will
be initiated, leading to the commencement of production
at the El Colomo Project.”
February 17, 2004
-
Can-Cal Resources
Ltd. acquires second Gold-Silver property in Mexico
LAS VEGAS, February 17, 2004 - - Can-Cal Resources
Ltd. (“the Company”) (OTC Bulletin Board: CCRE) is pleased
to announce that its wholly owned Mexican subsidiary, Sierra
Madre Resources S.A. de C.V. (“SMR”), has acquired a 100 %
interest in a gold-silver mineral concession, referred to
as the Arco Project (the “Project”). The Project includes
a land package of 463 hectares (approximately 1,140 acres),
which is owned by a private Mexican individual (the “Concessionaire”).
The Project is located in Durango State, approximately 120
kilometers north-northwest of the city of Durango, and lies
in the Central Plateau Gold-Silver belt of the Sierra Madre
Occidental, near the historic Silver-Lead-Zinc district of
Tejamen.
Initial geological work indicates that
the Arco Project is a low-sulfidation epithermal gold-vein
occurrence in Upper Series rhyolite formation. Typically,
it is the underlying andesite formations that are mineralized
in Mexico. The fact that the veins occur in the rhyolite
formation is unusual and indicates the potential for wider
and stronger vein structures in the underlying Lower Series
andesite formation. Limited surface chip sampling has returned
encouraging gold values. Although the exposed surface veins
are narrow (from 2 to 100 centimeters for individual veins
in zones of up to 20 meters), they have a strike length
of over 2 kilometers and form vein swarms, suggesting that
the veins may thicken at depth in the underlying andesite
series rocks.
SMR has acquired its 100% interest
in the Project subject to a ninety days due diligence period,
for which SMR has paid the Concessionaire $1,000. If SMR
elects to proceed with the Project, it will be required
to pay an additional $1,000 to the Concessionaire and make
future minimum semi-annual advance royalty payments (“Advance
Royalty”), ranging from $2,000 initially to a maximum of
$4,000 after 4.5 years. If production commences on the Project,
the Concessionaire will receive a quarterly net smelter
returns production royalty (“Production Royalty”), ranging
from 1% at gold prices less than $300 to a maximum of 6%
at gold prices of $450 or higher. SMR will be permitted
to deduct all Advance Royalty payments against any future
Production Royalty payments, on an unlimited carry-forward
basis. In addition, SMR will be permitted to recoup all
of its development capital expenditures from the Project’s
net operating cash flow, before being required to make any
Production Royalty payments. During the recoupment period,
the periodic Advance Royalty payments will be doubled. When
the sum of all payments to the Concessionaire amounts to
$3.5 million, SMR will obtain title to the Arco concession
and be relieved of making any further payments to the Concessionaire.
Mr. Anthony F. Ciali, President &
CEO, stated, “We are very pleased to have acquired our second
gold-silver project in Mexico in a period of a little over
two months. Although a grassroots exploration property,
we believe that it may be possible to timely advance the
Arco Project to an initial drill phase, based on the significant
and unusual vein outcropping in the Upper Series rhyolite
formation and the implications this may have on the potential
for more robust vein structures in the underlying andesite
formation. SMR is proceeding with its due diligence work
on the El Colomo Gold-Silver Project in Nayarit State, Mexico,
which is an advance-staged exploration property in which
SMR signed a letter of intent to acquired a 50% equity interest
(50.1% operating interest) in early December 2003 (See press
release dated December 9, 2003). In addition, SMR continues
to investigate other mineral properties in Mexico for possible
acquisition.”
February 4, 2004
-
Can-Cal Resources
Ltd. engages IBK Capital Corp. as Financial Advisor.
LAS VEGAS, February 4,
2004 - - Can-Cal Resources Ltd. (“the Company”) (OTC Bulletin
Board: CCRE) is pleased to announce that it has engaged IBK
Capital Corp. (“IBK”) to arrange financing, on a best efforts
basis, of up to US$1 million, to be utilized to fund expenditures
on the Company’s recently acquired El Colomo Gold-Silver Project
in Mexico (See December 9, 2003 press release) and for general
working capital purposes.
IBK, based in Toronto, Canada, is a private investment
bank serving the mining sector and has acted for many junior
mining companies in accessing funding. In the past ten years,
IBK has raised over $400 million in equity-related funding
for its junior mining clients.
Mr. Anthony F. Ciali, President & CEO, stated, “We are
extremely pleased that a prominent investment bank such as
IBK Capital Corp. has expressed a keen interest in arranging
financing for the Company. IBK views Can-Cal Resources as
an attractive opportunity, given the Company’s focus on gold
and silver exploration in Mexico, the merits of the El Colomo
Gold-Silver Project and an experienced management / technical
team. We look forward to working with IBK on this financing,
as well as to developing a long-term relationship.”
Can-Cal Resources Ltd. is a public company engaged in the
acquisition, exploration and development of precious mineral
properties. As part of its future growth strategy, the Company
will focus its efforts in the Western Hemisphere, with an
emphasis on Latin America, particularly Mexico. Management
intends to maximize exploration expenditures by utilizing
a focused approach to generative exploration, while simultaneously
seeking out potential near-term production properties.
January 14, 2004
-
Can-Cal Resources
Ltd. launches new website.
LAS VEGAS, January 14, 2004 - - Can-Cal Resources
Ltd. (“the Company”) (OTC Bulletin Board: CCRE) is pleased
to announce that it has launched its new website at www.can-cal.com.
The website includes updates on the Company’s corporate profile,
its management team and highlights and photos of the Company’s
recently acquired El Colomo Gold & Silver Project in Mexico.
Mr. Anthony F. Ciali, President & CEO, stated, “We are
very pleased to be launching our new website at the start
of 2004, a year in which we believe there will be significant
changes in the operations and future growth of the Company.
In addition to the acquisition of an interest in the El Colomo
Project, management is actively exploring for and reviewing
other precious mineral properties in Mexico for potential
acquisition. We will be updating our website on a regular
basis to provide our shareholders and interested parties with
the latest status of the Company’s future activities.”
Can-Cal Resources Ltd. is a public company engaged in the
acquisition and exploration of precious mineral properties.
As part of its future growth strategy, the Company will focus
its efforts on acquiring, exploring and developing precious
minerals properties in the Western Hemisphere, with an emphasis
on Latin America, particularly Mexico. Management intends
to maximize exploration expenditures by utilizing a focused
approach to generative exploration, while simultaneously seeking
out potential near-term production properties.
Since June 2003, Management has been investigating several
interesting precious mineral properties in Mexico, which meet
the objectives of the Company’s future growth strategy and
which would act as core properties for the Company’s initiation
of mining activities in Mexico. In September 2003, the Company
incorporated a wholly owned Mexican subsidiary, Sierra Madre
Resources S.A. de C.V. (“SMR”), which is the Company’s principal
vehicle for mining-related acquisitions and activities in
Mexico. In December 2003, SMR entered into a Letter of Intent
to acquire a 50% equity interest (50.1% operating interest)
in a group of gold-silver mineral concessions covering over
12,700 hectares (over 31,300 acres) located in Nayarit State,
Mexico, referred to as the El Colomo Project. SMR is in discussions
with other Mexican mineral property owners to potentially
acquire additional precious metals projects.
December 9, 2003
-
Can-Cal Resources
Ltd. Acquires First Gold-Silver Property in Mexico and Forms
Mexican Subsidiary
LAS VEGAS, December 9, 2003 - - Can-Cal
Resources Ltd. (“the Company”) (OTC Bulletin Board: CCRE)
is pleased to announce that it has incorporated a wholly owned
subsidiary in Mexico, Sierra Madre Resources S.A. de C.V.
(“SMR”), which is the Company’s principal investment vehicle
for mining-related acquisitions and activities in Mexico.
The Company is also pleased to announce that SMR has entered
into a Letter of Intent (“LOI”) to acquire a 50% equity interest
(50.1% operating interest) in a group of gold-silver mineral
concessions (“the Concessions”), referred to as the El Colomo
Project (the “Project”). The Project area includes a land
package covering over 12,700 hectares (over 31,300 acres),
represented by five exploration concessions, which are owned
by Golden Anvil S.A. de C.V. (“Golden Anvil”), a private Mexican
company. The Concessions are located in northern Nayarit State,
Mexico, approximately 146 km east-southeast of the city of
Mazatlan and near the state borders of Nayarit, Durango and
Sinaloa.
The Project hosts an epithermal vein and silicified breccia
system first discovered by the ASARCO Company in 1993. The
veins and breccias occur in the older andesite sequence of
Tertiary volcanic rocks. ASARCO mapped and sampled the Project
area and drilled a total of 16 holes. The ASARCO drilling
identified several attractive targets, the most advanced of
which is the Nueva Victoria silicified tuff breccia, a lithic
tuff that is in fault contact with the andesite unit. ASARCO
drilled 7 holes to test the Nueva Victoria structure, with
the following results:
* Gold Equivalent based
on a 75:1 silver to gold ratio.
Based on SMR’s initial geologic interpretations, only holes
C-1, C-2 and C-3 intersected the main mineralized zone at
Nueva Victoria.
SMR management has visited the Project on two occasions
and conducted a preliminary geological assessment of the
various mineralized vein structures present on the Concessions.
Initial channel sampling by SMR on the Nueva Victoria structure
have returned favorable assay values, as reported by Chemex
Labs of Vancouver, Canada, as follows:
* Gold Equivalent based on a 75:1 silver to gold
ratio.
Several of the other mineralized vein occurrences were evaluated
by ASARCO by single drill holes, but new information tends
to support the conclusion that the holes were not correctly
positioned and that many veins in the area have not been
adequately tested. These veins, peripheral to the Nueva
Victoria silicified tuff, represent excellent drill targets.
As such, the El Colomo Project has excellent up-side potential
for additional vein mineralization.
Golden Anvil acquired the Concessions beginning in 1998
and conducted various sampling, metallurgical and structural
geological studies and a reinterpretation of ASARCO’s drilling
data. In anticipation of commencing production, Golden Anvil
installed a 200 ton per day mill on site and has represented
to SMR that it has obtained all permits necessary to initiate
production, except for the tailings dam permit. Golden Anvil
also installed on-site power generation and constructed
initial housing, office buildings and Project access / interior
roads. In total, Golden Anvil has advised SMR that it has
expended $2.5 million on developing the Project to date.
Under the terms of the LOI, SMR will acquire a 50% equity
interest and 50.1% operating interest in a Mexican legal
entity to be formed by the parties within 90 days from the
signing of the LOI. The legal entity will have the exclusive
right to explore and exploit the Concessions and will be
managed and operated pursuant to a Joint Operating Agreement
to be formalized by the parties by March 1, 2004. SMR has
been granted a Due Diligence period until the Joint Operating
Agreement is signed by the parties. The Project will be
managed by an Operating Committee, which will include three
representatives, each, from SMR and Golden Anvil. SMR will
be the Operator of the Joint Operation. A Project Manager
will be appointed by SMR, with the approval of the Operating
Committee, and will report to SMR on a daily basis and to
the Operating Committee on a monthly basis.
For its interests, SMR has agreed to pay Golden Anvil $250,000
and to fund up to $1.25 million in additional exploration
and predevelopment expenditures on the Project, in two phases.
The $250,000 payment will be denominated in restricted common
stock of the Company at a fixed price of $0.25 per share,
for a total of 1.0 million shares, which will be issued
to Golden Anvil, as follows: 200,000 shares when the Joint
Operating Agreement is signed by the parties, 300,000 shares
when Phase I has been completed and 500,000 shares when
Phase II has been completed.
In Phase I, the principal objectives will be to explore
for additional targets on the Concessions, to conduct an
in-fill drilling program on the Nueva Victoria Vein to determine
if there are sufficient reserves to justify commencing production
in 2004, to evaluate the mill layout and recommend any changes
deemed necessary to ensure a successful commencement of
operations and to review and recommend changes, if necessary,
to Golden Anvil’s Development Budget and Operating Cash
Flow Forecast.
The principal activities in Phase II will include acquiring
any additional mill equipment and making any mill design
changes, if necessary, completion of any pre-production
capital projects, hiring of third party contractors for
both pre-production and production activities, staffing
the Project and the acquisition of working capital-related
items necessary to commence production.
To the extent that the total funding requirements for the
Phase I and II activities exceed $1.25 million, SMR and
Golden Anvil have agreed to each contribute 50% to the incremental
funding. If either party decides not to fund all or a portion
of its overrun funding obligation, the other party may fund
on behalf of the non-funding party. In such an event, the
party that funds the additional funds will have the right
to recoup the amount of additional funds from production,
by being entitled to 70% of any cash flow distributions
by the legal entity to the parties, until it has recouped
the additional funds. Should the total funding requirements
be less than $1.25 million, SMR has agreed to pay the difference
to Golden Anvil, as a final payment for its interests, in
cash or restricted common stock of the Company, at SMR’s
option. The final payment will be made in two equal payments
at the end of 90 and 180 days, respectively, after Phase
II activities are declared to have ended and commercial
production initiated. If SMR elects to make the payment
in common stock, the shares will be priced at the Company’s
average closing price on the OTC:BB for the fifteen (15)
trading days before each payment is due, less a 15% discount
to the average price.
The Company is presently arranging financing for SMR to
meet its funding obligations under Phases I and II. After
completion of Phase II, the Project’s operating cash flow,
in excess of normal working capital and budgeted exploration
/ exploitation funding requirements, will be shared equally
by SMR and Golden Anvil, as determined by the Operating
Committee.
Mr. Anthony F. Ciali, President & CEO, stated, “The
formation of our Mexican subsidiary and the acquisition
of the El Colomo Gold-Silver Project is a significant development
for the Company and represent the initial phase of our new
corporate strategy to focus the Company’s efforts on acquiring,
exploring and developing precious mineral properties in
Latin America, particularly Mexico. The El Colomo Project
is an extensive and highly prospective group of concessions,
where only limited professional exploration efforts have
been undertaken to date. The Nueva Victoria Vein has only
been partially developed and is but one of several known
vein structures on the Concessions. We believe there is
excellent potential to develop both the known vein structures
and to discover and develop additional vein structures.
Based on senior management’s prior experience operating
in Mexico and recent trips to Mexico to investigate potential
mineral properties for acquisition, we are very encouraged
by the opportunities available in Mexico to advance the
Company’s corporate strategic plan. SMR is presently in
discussions with other Mexican mineral property owners to
potentially acquire additional precious metals projects.”
July 14, 2003
- LAS VEGAS, July 14, 2003 - -
Can-Cal Resources Ltd. (“the Company”) (OTC Bulletin Board:
CCRE) is pleased to announce that senior management recently
returned from a nine day visit to Mexico, the purpose of which
was to investigate potential mining opportunities and to meet
with mining industry contacts. Several mining properties were
visited in the states of Chihuahua, Durango and Sinaloa and
discussions were held with various mining companies regarding
potential joint venture opportunities.
Mr. Anthony F. Ciali, President &
CEO, stated, “We were very encouraged by our recent trip to
Mexico, where both Luis Vega, Senior Consulting Geologist
to the Company, and I have many years of mining industry experience.
Several interesting mineral properties, some with near-term
production potential, were investigated, which we believe
would be suitable for Can-Cal Resources and which would act
as core properties for the Company’s initiation of mining
activities in Mexico. Discussions regarding the acquisition
of two gold properties have been initiated, and we are reviewing
the legal and timing requirements for establishing a mining
subsidiary in Mexico. A second trip to Mexico is planned for
later this month to follow up on these matters, as well as
to visit several other mining properties of interest.”
Can-Cal Resources Ltd. is engaged in the
exploration of precious metals mineral properties, with gold
exploration projects presently located in California and Arizona.
As part of its future growth strategy, the Company will focus
its efforts on acquiring, exploring and developing precious
minerals properties in the Western Hemisphere, with a particular
emphasis on Latin America. Management intends to maximize
exploration expenditures by utilizing a focused approach to
generative exploration, while simultaneously seeking out potential
near-term production properties. Research to develop a gold
extraction process for the Pisgah property is ongoing, as
are efforts to develop industrial sales markets for a portion
of the cinder rock materials located on the property. Also,
with respect to potential industrial sales opportunities,
the Company is continuing to pursue a possible interest in
a vermiculite property located in Montana, which is of interest,
as it may be possible to timely place the property into production
at a reasonable level of capital investment and generate near-term
operating cash flow.
June 12, 2003
- LAS VEGAS, June 12, 2003 - -
Can-Cal Resources Ltd. (“the Company”) (OTC Bulletin Board:
CCRE) is pleased to provide the following update on the Company’s
present activities and future plans.
-
Since 1996, Can-Cal Resources
Ltd. has been engaged in the business of acquiring and exploring
precious metals mineral properties and presently has interests
in gold exploration projects located in California and Arizona.
In addition to ongoing research to develop a precious metals
extraction process for the Pisgah property in California,
the Company has been attempting to develop industrial sales
markets for a portion of the cinder rock materials located
on the property, as well as investigating other industrial
sales opportunities. In this regard, the Company has been
presented with a potential opportunity to acquire an interest
in a vermiculite property located in Montana, which has had
limited past production. To date, the Company has held preliminary
meetings with the owners of the vermiculite property, and
a due diligence trip to the project site is being planned.
This opportunity is of interest, as it may be possible to
timely place the property into production at a reasonable
level of capital investment and generate near-term operating
cash flow.
At the Company’s Cerbat
project in Arizona, it was anticipated that dump material
located on the property from past, historical mining activities
could be economically processed to provide the Company with
operating cash flow. However, recent work on the property
has determined that the dump material tonnage will not support
a small-scale operation without being supplemented with additional
underground ore. Present plans are to assess the overall exploration
potential of the Cerbat property, in conjunction with other
potential exploration properties in the immediate area. The
Company will also consider farming out the property, as there
have been expressions of interest in the property. There has
been no recent activity on the Company’s other California-based
properties, Owl Canyon and Erosion, or on the Wikieup property
in Arizona.
In 2003, the Board of Directors
(“the Board”) decided to recruit senior management personnel,
with significant mining industry experienced, to advance the
Company’s present and future mining interests. On March 24,
2003, the Board appointed Mr. Anthony F. Ciali as President
of the Company, and on April 25, 2003, Mr. Ciali was appointed
Chief Executive Officer and named to the Board of Directors.
Mr. Ciali is a senior mining executive with over 22 years
of international management experience in the gold mining
industry. Shortly after joining the Company, Mr. Ciali recruited
the services of Mr. Luis A. Vega to act as Senior Consulting
Geologist to the Company. Mr. Vega has over 30 years of international
gold exploration experience with senior mining companies,
most of which was concentrated in Latin America. With these
recent appointments, the Company now has two senior mining
executives with over 50 years of combined international mining
and exploration experience. In particular, Messrs. Ciali and
Vega have had extensive combined mining industry experience
operating in Mexico, Argentina, Chile, Bolivia and Venezuela,
as well as exposure to Peru, Ecuador, Brazil and Uruguay.
Collectively, they have been involved with the exploration
and development of 5 significant gold mines, with combined
reserves and resources in excess of 15 million ounces of gold,
as well as the discovery of several other significant gold
deposits.
Commenting on the Company’s
future plans, Mr. Ciali stated, “Can-Cal Resources Ltd. will
focus its efforts on acquiring, exploring and developing precious
minerals properties in the Western Hemisphere, with a particular
emphasis on Latin America. Management intends to maximize
exploration expenditures by utilizing a focused approach to
generative exploration, while simultaneously seeking out potential
near-term production properties. With the resurgence in the
gold price, after a five-year period of depressed prices,
and the favorable near to mid-term gold price outlook, management
believes opportunities presently exist for a junior mining
company, with an experienced senior management team, to acquire
and develop precious metals properties. In particular, management
believes that Latin America, and specifically countries such
as Mexico, Peru and Argentina, offers some of the best opportunities
for the Company to achieve its future growth objectives. Management
recently visited Peru and is planning a trip to Mexico to
investigate potential properties of interest. ”
In order to achieve its
growth objectives, the Company will have to secure adequate
sources of future financing. Heretofore, the principal source
of financing has been by way of private equity placements,
which have generally not been significant by comparison to
the Company’s anticipated future financing requirements. Management
is actively pursuing and considering various financing alternatives
to appropriately fund the Company’s planned corporate growth
strategy.
April 24, 2003
-
CIALI APPOINTED
CEO AND NAMED TO THE BOARD OF CAN-CAL RESOURCES LTD. AND VEGA
ACCEPTS SENIOR CONSULTING GEOLOGIST POSITION
LAS VEGAS, NEVADA – April
25, 2003: Can-Cal Resources Ltd. (“the Company”) (OTC BB:
CCRE) is pleased to announce that Mr. Anthony F. Ciali, President
of the Company, has been appointed Chief Executive Officer
and named to the Company’s Board of Directors. Mr. Ciali joined
the Company as President on March 24, 2003 and has over 22
years of international senior management experience in the
gold mining industry. Mr. Ronald D. Sloan, formerly Chairman
and CEO, will continue as Chairman of the Company.
The Company is also pleased
to announce that Mr. Luis A. Vega has accepted a consulting
position with the Company as Senior Consulting Geologist.
Mr. Vega has 30 years of international gold exploration experience
with senior mining companies including Utah International,
Duval Corporation and, most recently, Battle Mountain Gold,
where he was Vice President – Manager, Latin American Exploration.
Mr. Vega’s exploration experience has encompassed projects
in the Western US, Mexico, and Central and South America,
including Bolivia (Korri Kollo gold mine), Chile, Argentina,
and the Dominican Republic, as well as submittal evaluations
in Peru, Ecuador, Brazil, Uruguay and Venezuela.
Mr. Vega holds a Bachelor
of Science in Geology and a Masters of Science in Economic
Geology.
Mr. Ron Sloan, Chairman
of the Company, stated, “In a month’s time, Can-Cal Resources
Ltd. has been very fortunate to add two senior mining executives
to its team. Tony’s senior management and operational experience,
combined with Luis’ extensive exploration background, provide
the Company with a solid cornerstone for future growth.”
Can-Cal Resources Ltd.
is engaged in the exploration of precious metals mineral properties,
with gold exploration projects located in California and Arizona.
In addition to ongoing research to develop a gold extraction
process for the Pisgah property, the Company is also presently
developing industrial sales markets for a portion of the cinder
rock materials located on the property and is investigating
additional business opportunities for such industrial sales.
As part of its future growth strategy, the Company intends
to investigate opportunities to acquire and develop additional
mineral properties, both in North and South America.
March 25, 2003
-
LAS VEGAS, NEVADA
– March 25, 2003: Can-Cal Resources Ltd. (“the Company”) (OTC
BB: CCRE) is pleased to announce that Mr. Anthony F. Ciali
has been appointed President of the Company. Mr. Ciali is
a senior mining executive with over twenty two-years of international
mining industry experience.
Most recently, Mr. Ciali served as the President and CEO of
Monarch Resources Limited, a Toronto and London Stock Exchange
listed mining company with operating and exploration activities
in Latin America; principally Mexico and Venezuela. He raised
$35 million in a rights issue on the London Stock Exchange
for the development of the La Camorra gold mine in Venezuela
and raised $24 million in equity financing in listing the
company on the Toronto Stock Exchange. Mr. Ciali was also
instrumental in expanding the company’s Mexican exploration
program, to include approximately 120,000 hectares, with 10
distinct high quality gold/silver projects.
Previously, Mr. Ciali was Vice President Finance & Administration
for Gold Fields Mining Corporation, which was a wholly owned
U.S. subsidiary of Consolidated Gold Fields PLC. There he
played a senior role in the overall management of the company’s
domestic and international activities, including the development
of three successful gold mines (+400,000 ounces of annual
gold production) and a $20 million annual exploration budget,
covering projects both in North and South America.
Mr. Ciali began his business career as a Senior Auditor with
Price Waterhouse in New York City, where he obtained a CPA.
Mr. Ciali holds a BSc. degree in Mechanical Engineering and
a Masters degree in Business Administration.
Mr. Ron Sloan, Chairman of the Company, stated, “Can-Cal Resources
Ltd. is very fortunate, at this stage of its development,
to have someone with Tony’s extensive mining industry and
financial background join the Company as President. We look
forward to working with Tony during the coming months and
believe this could be a major transition period for the Company.”
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