Xtra-Gold Resources Corp.
OTC Bulletin Board : XTGR

Xtra-Gold Resources Corp.

July 15, 2010 09:00 ET

Xtra-Gold Announces the Completion of a National Instrument 43-101 Technical Report on its Kibi Project in Eastern Ghana, West Africa

TORONTO, ONTARIO--(Marketwire - July 15, 2010) - Xtra-Gold Resources Corp. ("Xtra-Gold" or "the Company")(OTCBB:XTGR) is pleased to announce that a National Instrument 43-101 Independent Technical Report (the "Report" or "NI 43-101 Report") respecting Xtra-Gold's Kibi Project within the Company's Apapam Concession has been completed by SEMS Exploration Services Limited of Accra, Ghana.

Xtra-Gold's Kibi Project is an intermediate stage exploration gold project in an area comprised of 33.65 sq. km or 3,365 ha located at the northern extremity of the Kibi Greenstone Belt (the "Kibi Gold Belt"), in the East Akim District, in the Eastern Region of Ghana. The Kibi Project is located within an area historically referred to as the "Kibi Gold District" or the "Kibi District".

In preparing the Report SEMS visited the Kibi Project on several occasions and reviewed the exploration history of work carried out by Xtra-Gold. SEMS states in the Report that "…The Kibi Project has identified a new, hard rock, gold exploration zone within the Kibi Belt. This exciting new project is the first significant gold exploration success in what is traditionally considered an alluvial mining area…". SEMS concludes that, "…the Kibi Project has the potential to host economic quantities of gold mineralization…".

In the Report SEMS recommends that Xtra-Gold conduct two stages of exploration. Stage 1, as recommended, would cost an estimated US$1,000,000 and includes US$850,000 of additional drilling in order "…(i) to clearly define and establish the continuity and shape of granitoid hosted gold mineralization; and (ii) to expand the strike length of known mineralization…". Infill trenching, structural work and detailed mapping of the mineralized trend are also recommended to be included in Stage 1. Stage 2, as recommended, would cost an estimated US$5,200,000 and includes US$5,000,000 in definition drilling, "…(i) to prove a Mineral Resource; and (ii) to extend the strike length of known mineralization…". Metallurgical work on mineralized material together with a VTEM airborne survey are also recommended in Phase 2.

NI 43-101 Report

The NI 43-101 Report will be filed on the Company's corporate website, www.xtragold.com, within 30 days of this news release.

Qualified Person

The NI 43-101 Report on Xtra-Gold's Kibi Project in Ghana was prepared by SEMS Exploration Services Limited of Accra, Ghana. The Report was co-authored by Mr. Simon Edward Meadows Smith, Managing Director of SEMS, and by Mr. Joe Amanor, Geological Consultant, both of whom fulfil the requirements to be a "Qualified Person" for the purposes of the NI 42-101 Report.

About Xtra-Gold

Xtra-Gold Resources Corp. is a gold exploration company with a dominant land position in the highly prospective and under explored Kibi–Winneba greenstone belt ('Kibi Gold Belt') located in Ghana, West Africa. To view the NI 43-101 in its entirety, please visit our website at www.xtragold.com.

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. Such information contained herein represents management's best judgement as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

Contact Information

  • Xtra-Gold Resources Corp.
    Mr. Paul Zyla