TORONTO, ONTARIO, Jan 17, 2014 (Marketwired via COMTEX) — Xtierra Inc. CA:XAG +8.33% (“Xtierra” or the “Company”), announces that following its recently announced US$500,000 short term financing (announced January 7th and completed January 10th, 2014) the Company has prioritized all of its current resources on the completion of the economic study of its Bilbao project in Zacatecas, Mexico. A complete draft report is expected before the end of this month at which time the Company will review its future plans for Bilbao.
In accordance with its previously announced cost curtailment intentions, as a cash preservation measure and to eliminate a property payment, the Company has now relinquished its El Dorado exploration property in the Pinos district of south-eastern Zacatecas State approximately 80 kilometres southeast of Bilbao. The Company had not carried out any exploration work on this property since the second quarter of 2013.
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 103,425,892 shares issued and outstanding.
Xtierra’s objective is to become a mid-tier producer of silver and base metals through the development of its Bilbao and Laguna projects, both located in the Central Mexican Silver Belt in the State of Zacatecas, as well as through organic growth and M & A opportunities.
ON BEHALF OF THE BOARD OF DIRECTORS OF XTIERRA INC.
Gerald Gauthier President and COO
This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.
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SOURCE: Xtierra Inc.