X-Cal Resources Ltd.
TSX : XCL

X-Cal Resources Ltd.

September 20, 2005 09:10 ET

X-Cal Resources-Annual Meeting Report

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 20, 2005) - All resolutions as proposed by management were passed at the 2005 X-Cal Resources Ltd. (TSX:XCL) Annual Meeting in Toronto last week. The shareholders voted 37,432,114 common shares out of 76,135,225 in issue. The strong voter turnout is appreciated by management and reflects a loyal shareholder base.

Shareholders at the meeting viewed a presentation by Keith Blair Msc. which updated "The Sleeper Gold Project", "The Mill Creek Gold Project" and introduced "The Reese River Pediment Project". The presentations can be viewed at www.x-cal.com or http://www.ccnmatthews.com/docs/xcal920.pdf.

X-Cal president Shawn Kennedy said: "X-Cal is reviewing growth opportunities that could increase the size of the company. The current business environment necessitates growth to achieve the appropriate ratios of administrative expense relative to project expenditures. Capital Markets Advisory, a Toronto based firm that specializes in merger and acquisition analysis, is retained by the company to assist with evaluating opportunities."

The shareholders were told that the "Sleeper Joint Venture" (50% X-Cal/50% New Sleeper Gold) has advanced the 30 square mile Sleeper Gold District located in Humboldt County, Nevada and that the large volume of new data is being used to target additional drilling. Mr. Blair outlined some of the targeting data, results to date and proposed drilling (see AGM presentation).

The shareholders were also informed that drill testing by Placer Dome of X-Cal's 100% owned 720 acre "Mill Creek Gold Property" located in Lander County, Nevada is ongoing. An option to purchase agreement with Placer Dome was announced on June 29, 2005 (see press releases dated June 29 and July 11/05). A deep drill test is currently underway in the southwest portion of the property (see AGM presentation).

Introduction of the new X-Cal/Placer Dome "Reese River Pediment Project" located in the Cortez Area, Lander County, Nevada completed the presentations (see presentation at www.x-cal.com or http://www.ccnmatthews.com/docs/xcal920.pdf and press release dated Sept.15/05).

The president stated that: "X-Cal has a suite of Nevada gold projects and able geo-technical people to advance them. The company believes that reserve replacement by exploration will be necessary for the industry to maintain current production levels. Projects that are in proximity to existing production facilities should have priority. We conclude that continued exploration of all three of X-Cal's Nevada gold projects is warranted."

The contents of this release and related material have been reviewed by Keith Blair, M.Sc. who is a qualified person as defined by NI-43-101.

Caution Concerning Forward-Looking Statements

This news release and related documents may contain certain "forward-looking statements" including, but not limited to, statements relating to interpretation of drilling results and potential mineralization, future exploration work at the Mill Creek, the Sleeper Gold and the Reese River projects and the expected results of this work. Forward looking statements are statements that are not historical facts and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Mill Creek, the Sleeper Gold and the Reese River projects; uncertainties involved in the interpretation of drilling results and other tests; the possibility that required permits may not be obtained in a timely manner or at all; risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the exploration operations at the Mill Creek, the Sleeper Gold and the Reese River projects.

Forward-looking statements contained in this release and related documents are based on the beliefs, estimates and opinions of management on the date the statements are made. There can be no assurance that such statements will prove accurate. Actual results may differ materially from those anticipated or projected. X-Cal Resources undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

Shawn Kennedy, President

Note: X-Cal Resources Ltd. can be referenced through the Standard & Poors Directory.


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