Xtra-Gold Announces Filing of NI 43-101 Technical Report for Previously Announced Updated Mineral Resource Estimate at Its Kibi Gold Project in Ghana, West Africa
Xtra-Gold Announces Filing of NI 43-101
Technical Report for Previously Announced
Updated Mineral Resource Estimate at Its Kibi
Gold Project in Ghana, West Africa
Toronto, Ontario--(Newsfile Corp. - November 16, 2021) -
Xtra-Gold Resources Corp. (
TSX: XTG)
(OTCQB: XTGRF)
("Xtra-Gold" or the "Company"),
is pleased to announce that further to its news
release dated November 1, 2021, the Company has filed on SEDAR
an independent technical report
("Technical Report") prepared in accordance with National Instrument 43-101 - Standards of Disclosure
for Mineral Projects ("NI 43-101") supporting the updated Mineral Resource Estimate on its wholly-
owned Kibi Gold Project, located in the Kibi-Winneba greenstone belt ("Kibi Gold Belt"), in Ghana, West
Africa.
The Technical Report, entitled "Xtra-Gold Resources Corporation Kibi Gold Project", with an Effective
Date of September 30, 2021, and dated November 16, 2021, was jointly prepared by Pivot Mining
Consultants (Pty) Ltd and Tect Geological Consulting of Johannesburg and Somerset West, South
Africa, respectively, under the supervision of Ken Lomberg, Director, Geology and Resources, of Pivot
Mining Consultants (Pty) Ltd, an independent Qualified Person pursuant to NI 43-101. The resource
estimate was prepared in accordance with the Definition Standards for Mineral Resources and Mineral
Reserves set out by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM").
There are no material differences in the Technical Report from the Mineral Resource Estimate
information previously disclosed in summary form in the Company's news release.
The Technical Report is available for review under the Company's profile on SEDAR (
www.sedar.com
)
and on the Company's website (
www.xtragold.com
).
Qualified Person
For the purposes of this news release, Yves P. Clement, P.Geo., Vice President, Exploration of Xtra-
Gold Resources Corp, who is a non-Independent Qualified Person for the purposes of NI 43-101, has
prepared and/or supervised the preparation of this news release and has reviewed and approved the
scientific and technical information in this announcement.
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 have been 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.
Cautionary Note to United States Investors
This news release has been prepared in accordance with the requirements of the securities laws in
effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated,
all resource and reserve estimates included in this news release have been prepared in accordance with
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian
Institute of Mining, Metallurgy, and Petroleum 2014 Definition Standards on Mineral Resources and
Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which
establishes standards for all public disclosure an issuer makes of scientific and technical information
concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the
requirements of the SEC, and Mineral Resource and reserve information contained herein may not be
comparable to similar information disclosed by U.S. companies. In particular, and without limiting the
generality of the foregoing, the term "resource" does not equate to the term "reserves". Under U.S.
standards, mineralization may not be classified as a "reserve" unless the determination has been made
that the mineralization could be economically and legally produced or extracted at the time the reserve
determination is made. The SEC's disclosure standards normally do not permit the inclusion of
information concerning "measured Mineral Resources", "indicated Mineral Resources" or "inferred
Mineral Resources" or other descriptions of the amount of mineralization in mineral deposits that do not
constitute "reserves" by U.S. standards in documents filed with the SEC. Investors are cautioned not to
assume that any part or all of mineral deposits in these categories will ever be converted into reserves.
U.S. investors should also understand that "inferred Mineral Resources" have a great amount of
uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an "inferred Mineral Resource" will ever be upgraded to a higher
category. Under Canadian rules, estimated "inferred Mineral Resources" may not form the basis of
feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or
any part of an "inferred Mineral Resource" exists or is economically or legally mineable. Disclosure of
"contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report mineralization that does not constitute "reserves" by SEC
standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-
101 for identification of "reserves" are also not the same as those of the SEC, and reserves reported by
the Company in compliance with NI 43-101 may not qualify as "reserves" under SEC standards.
Accordingly, information concerning mineral deposits set forth herein may not be comparable with
information made public by companies that report in accordance with U.S. standards.
Contact Information
For further information please contact:
James Longshore
Chief Executive Officer
416-628-2881
E-mail:
Website:
www.xtragold.com
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