XTCI Announces Drilling and
Testing Results
HENDERSON, Nev., Apr 7, 2004 (BUSINESS WIRE) -- Xenolix
Technologies (Pink Sheets:XTCI) On March 25, 2004 XTCI
completed the acquisition of Gulf Dragon's interest in
mining claims in Pershing County, Nevada. Included in
the purchase were all the data and drilling results
conducted on the property dating back to 1993. As part
of its own due diligence, XTCI did independent testing
to verify results already obtained by Gulf Dragon. The
Company's own results verify the numbers in a report
generated by DR. T. C. Shutt for Gulf Dragon.
In September, 2003, the management of Gulf Dragon
hired Dr. T. C. Shutt to provide the company with an
economic evaluation report of its property. The report
reviewed past and current drilling results conducted
during the period 1993-2003 on the Pershing property.
Additional tests were conducted in 2003 of the core
samples using leach protocols amenable to the ore. The
testing program was conducted by an independent
analytical laboratory in Sparks, Nevada and a
Massachusetts precious metals refinery. This work
established an average ore grade of 1.55 troy ounces of
AU per ton. Dr. Shutt's calculation of economic proven
ore reserves reflected 1.7 million troy ounces of AU in
the area that was tested.
The Company is extremely pleased with these results
and is working to develop a strategic plan to move the
property into the next stage of development.
NOTE: A number of statements contained in this press
release are forward-looking statements that are made
pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements involve a number of risks and
uncertainties including but not limited to: competitive
market conditions, successful integration of
acquisitions, and the ability to secure additional
sources of financing. The actual results that XTCI may
achieve could differ materially from any forward-looking
statements due to such risks and uncertainties.
All inquires can be made through the offices of
Xenolix Technologies, Inc. at 701 North Green Valley
Parkway, Suite 200, Henderson, NV 89074
SOURCE: Xenolix Technologies
Back to News Page
|