Xtierra Inc.: Exercise of Warrants Raises $3.1 Million
03 March 2011 - 8:05AM
Marketwired
Xtierra Inc. (TSX VENTURE: XAG) ("Xtierra" or the "Company"), is
pleased to announce that all outstanding warrants with an expiry
date of March 1, 2011 have been exercised to raise proceeds of
$3,108,000.
With the exercise of the 10,360,235 warrants, the issued and
outstanding share capital of the Company is now 100,619,448 shares.
There are 16,980,475 warrants and 4,830,000 options outstanding and
"in the money."
The proceeds of the warrant conversion brings Xtierra's current
working capital to approximately $8.8 Million.
Drilling at Bilbao
Xtierra will commence a new 2,500 metre drill program in early
March 2011 to follow-up on a high grade silver zone previously
encountered along the western margin of the Bilbao deposit which is
believed to be structurally controlled. Previously reported (24
Sep. 2010) intersections of interest included a 20.00 m wide zone
averaging 90g/t Ag intersected in drill hole X85; a 1.0 m interval
averaging 860 g/t Ag in hole X84B; a 1.0 m interval averaging 528
g/t Ag and a 6.0 m interval averaging 847.5 g/t Ag (including 2.0 m
at 2,400 g/t Ag) in hole X26.
A preliminary evaluation of the drill data suggests the presence
of two parallel zones with elevated silver (plus some gold) values.
The silver-enriched zone extends over a strike length of at least
300 metres.
About Xtierra Inc.
Xtierra Inc. is a Toronto based exploration and development
company listed on the TSX Venture Exchange. Xtierra's shares trade
under the symbol "XAG". Xtierra has 100,619,448 shares issued and
outstanding. Xtierra is conducting a feasibility study on its
Bilbao silver-zinc-lead-copper project in Zacatecas, Mexico.
Xtierra's objective is to become a mid-tier producer of precious
and base metals through the development of its Bilbao project as
well as through exploration, organic growth and M & A
opportunities.
Qualified Person
Information of a scientific or technical nature contained in
this release has been prepared by or under the supervision of
Terence N. McKillen, P.Geo., Chief Executive Officer and Dr.
Anthony C. Gallon, C.Eng., Chief Geologist, both 'qualified
persons' within the meaning of National Instrument 43-101 -
Standards of Disclosure for Mineral Projects of the Canadian
Securities Administrators.
For further information visit www.xtierra.ca.
Neither the 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 the
accuracy of this release.
Contacts: Xtierra Inc. Terence McKillen President & Chief
Executive +1 (416) 362-8243 Xtierra Inc. Tim Gallagher Director +1
(416) 925-0090 Xtierra Inc. Alejandro Alaniz Director Finance &
Administration (Mexico) +52 (492) 925-0804 www.xtierra.ca
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