Gold Recovery and Cost-Cutting Results in Q2 Profit for Xtra-Gold
2013年8月13日 - 1:45AM
Xtra-Gold Resources Corp. ("Xtra-Gold" or the
"Company") (TSX:XTG) (OTCBB:XTGRF)
, is
very pleased to announce that it has released its results for the
second quarter ended June 30, 2013 ("Q2"). Xtra-Gold's Q2 financial
statements and MD&A have been filed on SEDAR at www.sedar.com
and with the U.S. Securities and Exchange Commission at www.sec.gov
and can also be viewed on the Company's website at
www.xtragold.com. All dollar amounts referred to in this news
release are expressed in U.S. dollars.
Highlights from the Company's Q2 include:
- recovery of gold with a value of $558,980 from the Company's
Kwabeng Project in Ghana, West Africa during the three months ended
June 30, 2013 compared to $nil during the three months ended June
30, 2012;
- increased cash on hand by $128,314;
- net income of $82,484 during the three months ended June 30,
2013 compared to a net loss of $2,804,931 during the three months
ended June 30, 2012 which net income can be attributed to a
combination of the recovery of gold and the reduction of
exploration and administration expenses during the three month
period;
- $nil net income per share during the three months ended June
30, 2013 compared to a $0.06 loss per share during the three months
ended June 30, 2012;
- exploration expenditures of $250,167 for the three months ended
June 30, 2013 were reduced from $1,651,464 during the three months
ended June 30, 2012;
- general and administrative expenses of $137,682 for the three
months ended June 30, 2013 were reduced from $623,505 during the
three months ended June 30, 2012;
as the Company continued to minimize spending and focus on cash
conservation.
Xtra-Gold plans to continue an aggressive gold recovery program
at its Kwabeng Project to increase positive cash flow to fund
future exploration programs at its Kibi Project. As well, the
excess cash flow derived from the Company's gold recovery
operations will enable the Company to continue its normal course
issuer bid to purchase up to 3,957,802 of its common shares on the
open market through the facilities of the TSX until February 2014
(see February 15, 2013 news release).
Based on the Company's mineral assets, it is of the view that
the current market price of its common shares may not fully reflect
the true value of its share price and the underlying value of the
Company's business and its future business prospects.
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
Project located on the Apapam Concession (33.65 sq km), along the
eastern flank of the Kibi Gold Belt. The NI 43-101 Technical Report
entitled "Independent Technical Report, Apapam Concession, Kibi
Project, Eastern Region, Ghana", prepared by SEMS Explorations and
dated October 31, 2012, 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: For further information please contact:
Paul Zyla, Chief Executive Officer
Telephone: 416 366-4227
E-mail: info@xtragold.com
Website: www.xtragold.com
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