Toronto, Ontario – (August 10, 2020) - Xtra-Gold Resources Corp. (“Xtra-Gold” or the “Company”) (TSX: “XTG”; OTCQB: “XTGRF”) 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;
-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 website 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 Companyowned 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.