Acquisition Of The Pico Machay Gold Project

VANCOUVER – Xali Gold Corp. completed the acquisition of the Pico Machay Gold Project in Peru with a near-term production goal.
“With the acquisition of Pico Machay now closed, our full attention turns to advancing the asset and unlocking its value,” said Joanne Freeze, President and CEO. “Pico Machay offers both immediate value and substantial upside, particularly given that the historical resource was calculated using a long-term gold price of just US$700 per ounce. In the current gold price environment, we see a compelling opportunity to aggressively move the Project forward. Over the coming months, our priority will be to update the historical resource estimate as well as review and optimize previous engineering studies, including the low-cost, low-strip ratio open-pit heap-leach concept outlined by prior owners, with the objective of rapidly advancing the Project into near-term production.”