Xtra-Gold Resources Acquires Third Drill Rig to Accelerate Drilling on Its Kibi Gold Project and Announces First Quarter 2022 Financial Results

Toronto, 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 significantly accelerate the Company’s exploration efforts on our Kibi gold project. The drill rig consists of a CS1000/P4 crawler mounted diamond drill rig specially designed for Xtra-Gold.

(Photo of Xtra-Gold’s CS1000/P4 crawler mounted diamond drill rig arriving at our mining camp in Ghana)

Xtra-Gold is unique for a gold exploration company to operate its own fleet of drill rigs, which has significantly reduced our drilling costs compared to third party contract rigs. This has significantly reduced our discovery cost per ounce of gold.

The Company is also pleased to announce a summary of our first quarter (“Q1 2022”) financial statements:

-Total assets increased to $12,024,580 (March 31, 2022) from $10,232.901 (March 31, 2021), consisting primarily of cash, liquid securities and gold inventory (“liquid assets”);

Zero Debt; and

-Pre-tax income for T1: $1,194,307.

Full details of the first quarter 2022 financial statements with management report can be viewed on the company’s website at www.xtragold.com.

CEO/Co-Founder of James Longshore says, “Our company continues to self-fund its hard rock drilling programs with internal cash generated from our contract mining operation (Community Mining Project), making us “a truly unique company in the gold exploration industry. This will provide our shareholders with significant upside potential in our share price as the gold resource continues to expand.”

About Xtra-Gold Resources Corp.

Xtra-Gold is a gold exploration company with a significant land position in the Kibi gold belt. The Kibi Gold Belt, which has many similar geological features to Ghana’s main gold belt, the Ashanti Belt, has been the subject of very limited modern exploration activity targeting vein gold deposits, as virtually all past gold mining and exploration efforts have focused on the vast alluvial area. gold occurrences in many river valleys throughout the Kibi region.

Xtra-Gold holds 5 mining leases totaling approximately 226 km2 (22,600 ha) at the northern end of the Kibi gold belt. The Company’s exploration efforts to date have focused on the Kibi Gold Project located on the Apapam Concession (33.65 km2), along the eastern flank of the Kibi Gold Belt. The Kibi Gold Project Mineral Resource Estimate (Zones 1-3), produced by Xtra-Gold on September 30, 2021, represents the only mineral resource ever generated on a lode gold project in the Kibi Gold Belt. The NI 43-101 Technical Report entitled “Xtra-Gold Resources Corporation Kibi Gold Project”, prepared jointly by Pivot Mining Consultants (Pty) and Tect Geological Consulting, and dated November 16, 2021, is filed under the Company’s profile on SEDAR at www. .sedar.com.

Forward-looking statements

TSX accepts no responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein. This press release contains certain “forward-looking statements”. These statements are based on information currently available to the Company and the Company does not guarantee that actual results will meet management’s expectations. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words that indicate that the Company or management expects a stated condition or result to occur. Forward-looking statements can be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will” or “plans”. Because forward-looking statements are based on assumptions and address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Actual results relating to, among other things, the results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, as well as the Company’s financial condition and prospects , could differ materially from those currently anticipated in these statements for a number of reasons, including: changes in general economic and financial market conditions; changes in mineral demand and prices; litigation, legislative, environmental and other legal, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the Company’s activities; and other matters discussed in this press release. This list is not exhaustive of the factors that could affect the Company’s forward-looking statements. These and other factors should be carefully considered, and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company, except in accordance with applicable securities laws.

Contact information

For more information, please contact:

James Longshore
Chief executive officer
Such. : 416-628-2881
E-mail: This email address is protected from spam. You need JavaScript enabled to view it.
Website: www.xtragold.com

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