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Xtra-Gold Announces Aggressive Target Generation/Definition Programs Are Underway At Its Kibi Gold Project and the Exercise of Warrants for US$1,238,575 in Q2
Jun. 29, 2011 (Newsfile Corp.) -- Toronto, Ontario--(June 29, 2011) - Xtra-Gold Resources Co...
About this update from Xtra-gold Resources Corp.
[{"type":"text","content":"\nXtra-Gold Announces Aggressive Target Generation/Definition Programs Are Underway At Its Kibi Gold Project and the Exercise of Warrants for US$1,238,575 in Q2\n\n Jun. 29, 2011 (Newsfile Corp.) -- Toronto, Ontario--(June 29, 2011) - Xtra-Gold Resources Corp. (\"Xtra\" or the \"Company\") (TSX: XTG; OTCBB: XTGR), is pleased to report that field preparations are underway for its aggressive Q3 2011 exploration programs designed to fully maximize the discovery potential on its wholly-owned Kibi Gold Project, located in the Kibi - Winneba greenstone belt (\"Kibi Gold Belt\"), in Ghana, West Africa. The Company is further pleased to announce it has received gross proceeds of US$1,238,575 in connection with the exercise of an aggregate of 1,045,050 common stock purchase warrants in the 2nd Quarter of 2011. The comprehensive and systematic field programs will include a combination of follow-up work to define drill targets on untested gold-in-soil and Induced Polarization (IP) anomalies lying along the approximately 5.5 km long Kibi Project gold trend located along the north-western margin of the Apapam Mining Lease; as well as first pass, grassroots exploration covering the south-eastern portion (70%) of the concession, and the contiguous Akim Apapam Reconnaissance License. The multi-faceted work programs, including first pass (200m x 25m) and in-fill (100m x 25m) soil sampling, geological mapping and prospecting, hand auger sampling, and mechanized trenching, will also permit the prioritization and definition of geophysical anomalies produced by the recently completed, detail 100 m line-spacing, airborne Versatile Time Domain Electromagnetic (VTEM), magnetic, and radiometric survey over the Apapam property area. Paul Zyla, President and CEO, commented, \"To date only approximately 15% of the existing Kibi Gold Project soil geochemistry / IP survey grid, covering approximately 30% of the 33.65 km2 Apapam Mining Lease, has been subjected to follow-up work; with the ongoing 20,000 m drill program focused on Zone 2 of the Kibi Gold Project only representing approximately 3% of the total concession area. Limited trenching and scout drilling outside Zone 2 has traced the granitoid-hosted gold mineralization over an approximately 2,100 metre distance along the approximately 5.5 km NE - trending Kibi Gold Trend. In combination with our recen...