Xtra-Gold Reports Q3 Earnings and Updates Drilling Activities
Xtra-Gold Reports Q3 Earnings and Updates
Drilling Activities
Accra, Ghana--(Newsfile Corp. - November 9, 2020) -
Xtra-Gold Resources Corp. (TSX: XTG)
(OTCQB: XTGRF) ("Xtra-Gold" or the "Company")
is pleased to provide the following summary of
Q3 2020 Financials:
-Total Assets increased from US$6,875,325 (Dec. 31, 2019) to
US$9,753,380
(Sept. 30, 2020),
comprised mainly of cash, liquid securities, and gold inventory;
-Zero Debt;
-Net Income of US$714,181 for Q3, for a total net income of
US$2,288,146
for the nine-month period
ending Sept. 30, 2020.
The full details of the Q3 2020 Financials with MD&A can be viewed on the Company's web-site at
www.xtragold.com
.
Xtra-Gold continues to be focused on drilling several new potential "gold shoots" on its Kibi Gold Project,
which is a significant new gold discovery in Ghana.
The Company is currently aggressively drilling with its
two in-house diamond drill rigs to expand the existing gold deposit and discovery "footprint".
James
Longshore, CEO/Co-Founder states, "I'm in Ghana now for a site visit of our exciting Kibi Gold Project,
which continues to exhibit the potential to be a multi-million ounce gold discovery.
Based on our excellent
Q3 2020 results, our Company is fully funded to execute our business plan for 2020 to 2020, which will
require no outside financing from the capital markets.
As our gold discovery increases in size, our
shareholders will have significant upside leverage in our share price at the current spot gold prices."
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/67792