Xali Gold Corp.

Xali Gold is focused on the development of Pico Machay, an advanced-stage gold project in South America with a near-term production goal. Previous owner, Aquiline Resources Inc. made a production decision targeting an open-pit heap-leach operation, expected to be low-cost in 2009, using a gold price of $700/oz.

In Mexico, Xali Gold maintains exploration potential as well as two royalty agreements with third parties who have rights to produce gold and silver from specific areas of the El Oro gold-silver Project in Mexico, a historic district-scale system with a long history of significant gold and silver production.
 

Joanne C. Freeze, P.Geo. President & CEO Since entering the mineral exploration business in 1979, Joanne (Joey) Freeze has managed exploration programs and evaluated projects for both junior and major international mining companies. Ms. Freeze lived and worked in Peru from 1994 to 1997 and as a result, she co-founded Candente Resource Corp. (now Alta Copper Corp.) which spun out various assets to form Xali Gold Corp. Ms. Freeze obtained a B.A. in Geography from the University of Western Ontario in 1978 and a B.Sc. in Geology from the University of British Columbia in 1981. She is a Fellow Member of the Geological Association of Canada and is registered with the APEG of BC, Canada.

- Commence bulk sampling and underground drilling
- Conduct EIA for drilling exploration targets and twinning 10% of resource holes (drilled with RC Chips)
- Update resource to NI43-101 compliant using currently accepted gold prices
- Update PEA to quantify robust project economics (production decision made at $700/oz gold in 2009, highlighting the potential upside at today's prices)
- Commence metallurgical test work – potential to improve recoveries

Xali Gold brings together a clearly defined development roadmap, a disciplined approach to de-risking, and an experienced, in-country Peruvian team to efficiently advance its Pico Machay Gold Project. We are progressing through a structured sequence of milestones, including updating our Mineral Resource Estimate and completing a Preliminary Economic Assessment based on long-term gold and silver prices. Previous engineering studies and a production decision were completed at $700/oz gold in 2009, highlighting the potential upside in today’s price environment. At the same time, we are initiating the detailed environmental permitting process early (the longest lead-time component), while continuing metallurgical testwork to support future feasibility studies. In parallel, we are refining exploration targets to unlock additional upside. By advancing the technical work, moving permitting forward early, and building a strong local team, we are steadily reducing risk and positioning Pico Machay for efficient and responsible development and production.