Business
Gold Recovery Results in Q3 Profit for Xtra-Gold
Toronto, Ontario--(Newsfile Corp. - November 14, 2013) - Xtra-Gold Resources Corp. (TSX: XTG)...
About this update from Xtra-gold Resources Corp.
[{"type":"text","content":"\nGold Recovery Results in Q3 Profit for Xtra-GoldToronto, Ontario--(Newsfile Corp. - November 14, 2013) - Xtra-Gold \nResources Corp. (TSX: XTG) (OTCQB: XTGRF) (\"Xtra-Gold\" or the \"Company\"), is \nvery pleased to announce that it has released its results for the third quarter \nended September 30, 2013 (\"Q3\"). Xtra-Gold's Q3 financial statements and \nMD&A have been filed on SEDAR at www.sedar.com and with the U.S. Securities \nand Exchange Commission at www.sec.gov and can also be viewed on the Company's \nwebsite at www.xtragold.com. All dollar amounts referred to in this news release \nare expressed in U.S. dollars. \nHighlights from the Company's Q3 include: \n\n recovery of gold with a value of $279,914 from the Company's Kwabeng \n Project in Ghana, West Africa during the three months ended September 30, 2013 \n compared to $nil during the three months ended September 30, 2012; \n \n net income of $70,928 during the three months ended September 30, 2013 \n compared to a net loss of $6,501 during the three months ended September 30, \n 2012 which net income can be attributed to a combination of the recovery of \n gold and the reduction of exploration and administration expenses during the \n three month period; \n \n $nil net income per share during the three months ended September 30, 2013 \n compared to a $nil loss per share during the three months ended September 30, \n 2012; \n \n exploration expenditures of $107,798 for the three months ended September \n 30, 2013 were reduced from $484,791 during the three months ended September \n 30, 2012; \n \n general and administrative expenses of $129,642 for the three months ended \n September 30, 2013 were reduced from $236,542 during the three months ended \n September 30, 2012; as the Company continued to minimize spending and focus on cash \nconservation. \nXtra-Gold plans to continue an aggressive gold recovery program \nat its Kwabeng Project to increase positive cash flow to fund future exploration \nprograms at its Kibi Project. As well, the excess cash flow derived from the \nCompany's gold recovery operations will enable the Company to continue its \nnormal course issuer bid (the \"Bid\") to purchase up to 3,957,802 of its common \nshares (\"Shares\") on the open market through the facilities of the TSX until \nFebruary 2014 (see February 15, 2013 news rele...