Xtra-Gold Posts Record Q2 Earnings on Gold Sales
Xtra-Gold Posts Record Q2 Earnings on Gold
Sales
Toronto, Ontario--(Newsfile Corp. - August 10, 2020) -
Xtra-Gold Resources Corp.
(TSX: XTG)
(OTCQB: XTGRF)
("Xtra-Gold" or the "Company")
is pleased to provide the following summary of
Q2 2020 Financials:
-Total Assets increased from US$6,875,325 (Dec. 31, 2019) to US$8,877,398 (June 30, 2020),
comprised mainly of cash, liquid securities, and gold inventory.
-Zero Debt.
-Net Income of US$1,216,211 (0.03 per share) for Q2, a significant increase from Q2 2019 of
US$513,774 (0.01 per share).
The full details of the Q2 2020 Financials with MD&A can be viewed on the Company's web-site at
www.xtragold.com
.
Xtra-Gold is focused on defining a significant mineral resource on its Kibi Gold Project.
However, our
Company has monetized extensive alluvial gold assets on our land holdings through a subcontacting
arrangement with small scale miners to enhance local employment. This subcontracting arrangement we
refer to as our "
Community Mining Project
", has had the added benefit of funding most of our
exploration drilling programs.
We are currently drilling resource expansion targets with our two (2)
diamond drill rigs (the "
Rigs
").
These Company-owned Rigs have reduced our drilling costs significantly
versus contract services.
Since our initial public offering ("
IPO
") in November 2010, our Company has
incurred no significant dilution to our shareholders mainly due to our Community Mining Project.
James
Longshore CEO states, "We are very proud of our Community Mining Project, and our shareholders
should benefit significantly as we strive to expand our gold resource base.
Also, with the significant
increase in gold prices this year, our Company is fully financed for the next two (2) years to execute our
business plan, requiring no outside financing."
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.
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
https://www.newsfilecorp.com/release/61388