07:48 AM EDT, 08/28/2024 (MT Newswires) -- Xali Gold ( CGDXF ) said Wednesday that it continues to advance the underground and tailings projects at its El Oro property in Mexico.

The company said it met with Remedioambiente, the Mexican subsidiary of Rio Verde Resources, in El Oro this week to review their field work to date and discuss how the two company's plans for work can benefit each other and the local community.

Xali also said that metallurgical testing is underway at the tailings project following the successful completion of a 34-hole drill program. Results are expected by the end of the third quarter.

"We're excited to be making progress on two fronts at El Oro and planning further exploration here," Xali President and CEO Joanne Freeze said. "In today's productive meetings with our partners and government officials in El Oro, it became clear that our efforts could bring significant benefits to the local community as well as to our investors."

Xali made the announcement after its share price slumped 17% yesterday to $0.05.