ROUYN-NORANDA, QC, July 22 /CNW Telbec/ - X-Terra Resources Corporation (XT-TSXV) is pleased to provide shareholders with the following update.
Oil and Shale Gas Projects
X-Terra in partnership with Brownstone Ventures owns more than 150,000 hectares of land spread over three different projects; Shawinigan, Rimouski and Rimouski North. In January 2010, X-Terra and Brownstone applied for an additional 150,000 hectares between Rimouski and Rivière-du-Loup. This project will be named Trois-Pistoles, as soon as X-Terra receives the licenses from the Natural Resources Ministry.
A 5,543 km airborne magnetic survey on the Rimouski, Rimouski North and Shawinigan projects in the St. Lawrence Lowlands was completed in September - October 2009. A detailed geophysical re-interpretation of this magnetic survey is in progress and the reports are expected to be completed by the end of July 2010. Preliminary results from this last study suggest structural fabrics which could generate targets on the three projects. These structural fabrics will be investigated by a geological field survey in August - September 2010 in order to renew the licenses with good potential targets. The licenses with no targets will not be renewed.
The drilling campaign on the Lindsay property has been completed. A total of three diamond drill holes totalling 358 m were planned on the Lindsay property. More than 110 samples were sent to a lab for assaying; however, no economic results were obtained from this drilling campaign. Visit our website for the complete results at www.xterraresources.com.
No further work is planned on the Lindsay property in the coming months. The Lindsay property is located 150 km south of Rouyn-Noranda.
Cool Lake Property
The exploration program on the Cool Lake Property is now completed. No target that justifies a drilling program has been identified on this property. X-Terra will not renew the exploration license for the Cool Lake Property, which is located 100 km south of Rouyn-Noranda.
With less than twelve million shares outstanding and a positive cash position, X-Terra's management is actively looking for an advanced project in the resource sector. Any material development will be communicated by press release.
Quality Assurance/Quality Control
X-Terra Resources has implemented and adheres to a strict Quality Assurance/Quality Control program which includes mineralized standards and blanks for each batch of samples. Assay samples are taken from drill core sawed in half with one half sent to a commercial laboratory and the other half retained for future reference. Analyses are performed by Chimitec (ALX Chemex) in Val D'or, Québec, an accredited laboratories.
The exploration and drilling programs on the Lindsay Property and Cool Lake Property were carried out under the supervision of Robert Sansfaçon, geologist and qualified person as per National Instrument 43-101.
About X-Terra Resources
X-Terra Resources has 11,783,069 shares outstanding, a cash position of $3.2 million and an investment of 2,000,000 shares of Brownstone Ventures Inc., which together represent as of today $0.32 per X-Terra share.
This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the ability of X-Terra to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements, including risks disclosed in filings with the Canadian securities regulators made by X-Terra. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE X-Terra Resources Corporation
For further information: For further information: Martin Dallaire, President and Chief Executive Officer, Telephone: 819-762-0609, Fax: 819-762-0097, Email: email@example.com; Website: www.xterraresources.com