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Xtra-Gold Acquires a Third Drill Rig to Expedite Drilling at Its Kibi Gold Project and Announces Q1 2022 Financials
Toronto, Ontario--(Newsfile Corp. - April 29, 2022) - Xtra-Gold Resources Corp.  (TSX: ...
About this update from Xtra-gold Resources Corp.
[{"type":"text","content":"Xtra-Gold Acquires a Third Drill Rig to Expedite Drilling at Its Kibi Gold Project and Announces Q1 2022 FinancialsToronto, Ontario--(Newsfile Corp. - April 29, 2022) - Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGRF) (\"Xtra-Gold\" or the \"Company\") is pleased to announce the acquisition of its third drill rig (the \"Drill Rig\"), which will substantially accelerate the Company's exploration efforts at our Kibi Gold Project. The Drill Rig consists of a CS1000/P4 crawler-mounted diamond drill rig specifically designed for Xtra-Gold.(Picture of Xtra-Gold's CS1000/P4 Crawler-Mounted Diamond Drill Rig Arriving at Our Mine Camp in Ghana)To view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/1445/122155_a55c56f354bfd8cf_002full.jpgXtra-Gold is unique for a gold exploration company for operating its own fleet of drill rigs, which has significantly reduced our drilling cost versus contracting rigs from third parties. This has dramatically reduced our finding cost per ounce of gold.The Company is also pleased to announce a summary of our first quarter financials (\"Q1 2022\"):-Total Assets increased to US$12,024,580 (March 31, 2022) from US$10,232.901 (March 31, 2021), comprised mainly of cash, liquid securities, and gold inventory (\"liquid assets\");-Zero Debt; and-Pre-Tax Income for the Q1: US$1,194,307.The full details of the Q1 2022 Financials with MD&A can be viewed on the Company's website at www.xtragold.com. James Longshore CEO/Co-Founder states: \"Our Company continues to self-finance our hard rock drilling programs with internal cash generated from our alluvial contract mining (\"Community Mining Project\"), making us a truly unique company in the gold exploration sector. This will give our shareholders significant upside potential in our stock price as the gold resource continues to expand.\"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 thro...