Xtra-Gold Acquires a Third Drill Rig to Expedite Drilling at Its Kibi Gold Project and Announces Q1 2022 Financials
Xtra-Gold Acquires a Third Drill Rig to
Expedite Drilling at Its Kibi Gold Project and
Announces Q1 2022 Financials
Toronto, Ontario--(Newsfile Corp. - April 29, 2022) -
Xtra-Gold Resources Corp.
(TSX: XTG)
(OTCQB: XTGRF)
("Xtra-Gold" or the "Company")
is pleased to announce the acquisition of its third
drill rig (the "Drill Rig"), which will substantially accelerate the Company's exploration efforts at our Kibi
Gold Project.
The Drill Rig consists of a CS1000/P4 crawler-mounted diamond drill rig specifically
designed for Xtra-Gold.
(Picture of Xtra-Gold's CS1000/P4 Crawler-Mounted Diamond Drill Rig Arriving at Our Mine Camp in
Ghana)
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1445/122155_a55c56f354bfd8cf_002full.jpg
Xtra-Gold is unique for a gold exploration company for operating its own fleet of drill rigs, which has
significantly reduced our drilling cost versus contracting rigs from third parties.
This has dramatically
reduced our finding cost per ounce of gold.
The Company is also pleased to announce a summary of our first quarter financials ("Q1 2022"):
-Total Assets increased to
US$12,024,580
(March 31, 2022) from
US$10,232.901
(March 31, 2021),
comprised mainly of cash, liquid securities, and gold inventory ("liquid assets");
-
Zero Debt
; and
-Pre-Tax Income for the Q1:
US$1,194,307
.
The full details of the Q1 2022 Financials with MD&A can be viewed on the Company's website at
www.xtragold.com
.
James Longshore CEO/Co-Founder states: "Our Company continues to self-finance our hard rock
drilling programs with internal cash generated from our alluvial contract mining ("Community Mining
Project"), making us a truly unique company in the gold exploration sector.
This will give our shareholders
significant upside potential in our stock price as the gold resource continues to expand."
About Xtra-Gold Resources Corp.
Xtra-Gold is a gold exploration company with a substantial land position in the Kibi Gold Belt.
The Kibi
Gold Belt, which exhibits many similar geological features to Ghana's main gold belt, the Ashanti Belt,
has been the subject of very limited modern exploration activity targeting lode gold deposits as virtually
all past gold mining activity and exploration efforts focused on the extensive alluvial gold occurrences in
many river valleys throughout the Kibi area.
Xtra-Gold holds 5 Mining Leases totaling approximately 226 sq km (22,600 ha) at the northern extremity
of the Kibi Gold Belt.
The Company's exploration efforts to date have focused on the Kibi Gold Project
located on the Apapam Concession (33.65 sq km), along the eastern flank of the Kibi Gold Belt. The
Kibi Gold Project (Zones 1-3) Mineral Resource Estimate, produced by Xtra-Gold on September 30,
2021, represents the only Mineral Resource ever generated on a lode gold project within the Kibi Gold
Belt. The NI 43-101 Technical Report entitled "Xtra-Gold Resources Corporation Kibi Gold Project",
jointly prepared by Pivot Mining Consultants (Pty) and Tect Geological Consulting, and dated November
16, 2021, is filed under the Company's profile on SEDAR at
www.sedar.com
.
Forward-Looking Statements
The TSX does not accept responsibility for the adequacy or accuracy of this release. No stock
exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein. This news release includes certain "forward-looking statements". These
statements are based on information currently available to the Company and the Company provides no
assurance that actual results will meet
management's expectations.
Forward- looking statements include
estimates and statements that describe the Company's future plans, objectives or goals, including words
to the effect that the Company or management expects a stated condition or result to occur.
Forward-
looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions
and address future events and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results relating to, among other things, results of exploration, project development,
reclamation and
capital
costs
of
the
Company's mineral
properties, and
the Company's
financial
condition
and
prospects,
could
differ
materially
from
those
currently anticipated
in
such
statements
for
many
reasons
such
as:
changes
in
general
economic conditions and conditions in the financial markets;
changes in demand and prices for minerals; litigation,
legislative,
environmental
and
other
judicial,
regulatory,
political
and
competitive developments; technological and operational
difficulties
encountered
in
connection
with
the activities
of
the Company; and other matters discussed in this news
release.
This list is not exhaustive of the factors that may affect any of the Company's forward-looking
statements. These and other factors should be considered carefully, and readers should not place undue
reliance on the Company's forward-looking statements. The Company does not undertake to update any
forward-looking statement that may be made from time to time by the Company or on its behalf, except
in accordance with applicable securities laws.
Contact Information
For further information please contact:
James Longshore
Chief Executive Officer
Tel.: 416-628-2881
E-mail:
Website:
www.xtragold.com
To view the source version of this press release, please visit
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