Business
Gold Recovery and Cost-Cutting Results in Q2 Profit for Xtra-Gold
Toronto, Ontario--(Newsfile Corp. - August 12, 2013) - Xtra-Gold Resources Corp. (TSX: XTG) (...
About this update from Xtra-gold Resources Corp.
[{"type":"text","content":"\nGold Recovery and Cost-Cutting Results in Q2 Profit for Xtra-GoldToronto, Ontario--(Newsfile Corp. - August 12, 2013) - Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGRF) (\"Xtra-Gold\" or the \"Company\"), 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 no...