X-Cal, Kinross extend deal Prairie Creek

A newly extended agreement with Kinross Gold (K-T) allows X-Cal Resources (XCL-T) to acquire 100% of the Sleeper gold project in Nevada.

X-Cal will pay 500,000 shares to Kinross as consideration for the extended option, which expires at year-end. Once the transaction is completed, Kinross will hold 9.5 million shares of X-Cal, while X-Cal will double its interest in the past-producing Sleeper project.

X-Cal has received expressions of interest from companies wanting to option the Sleeper project but says none met its threshold requirements. The property covers a high-grade gold system that hosted the mined-out resource, and which is considered prospective for new discoveries.