Xtra-Gold Clarifies Technical Disclosures

Toronto, Ontario–(Newsfile Corp. – July 26, 2019) – Xtra-Gold Resources Corp. (TSX: XTG) (OTCBB: XTGRF) (“Xtra-Gold” or the “Company”) announces that, in connection with a continuous disclosure review by the Ontario Securities Commission (the “OSC”) of the Company’s technical disclosure under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), the Company is issuing this news release to clarify certain disclosures previously made by the Company in the following documents:

(a)     news releases dated August 8, 2018, October 30, 2018 and May 1, 2019;
(b)     MD&A for the quarter ended March 31, 2019 and the year ended December 31, 2018; and
(c)     Annual Information Form (on SEC Form 20F) for the year ended December 31, 2018.

Under sections 2.2(d) and 3.4(b) of NI 43-101, these documents should have contained quantity and grade disclosure in respect of the Company’s Kibi Gold Project located in Ghana, West Africa. Accordingly, the Company is issuing this news release to clarify this disclosure in the above-noted news releases and will also be re-filing revised MD&As and Annual Information Form with the additional clarification.

A.    News Release Clarification

The revised news release disclosure should read as follows (additional disclosure is underlined):

“The South Ridge deposit has a current inferred mineral resource estimate of 0.9 million tonnes grading 1.48 grams per tonne (“g/t”) gold for 42,000 ounces of contained gold. The South Ridge deposit, along with the Big Bend, East Dyke, and Mushroom deposits in Zone 2 and the Double 19 deposit in Zone 3, form part of a maiden mineral resource estimate (October 26, 2012) on the Company’s Kibi Gold Project. In aggregate, these five gold deposits lying within approximately 1.6 kilometres of each other are estimated to encompass an indicated mineral resource of 3.38 million tonnes grading 2.56 g/t gold for 278,000 ounces of contained gold and an additional inferred mineral resource of 2.35 million tonnes grading 1.94 g/t gold for 147,000 ounces of contained gold (@ base case 0.5 g/t cut-off). The Zone 2 – Zone 3 maiden mineral resource represents the first ever ^mineral resource generated on a lode gold project within the Kibi Gold Belt. Gold mineralization is characterized by auriferous quartz vein sets hosted in Belt-type granitoids geologically analogous to other “Grantoid-hosted” gold deposits of Ghana, including Kinross Gold’s Chirano and Newmont Mining’s Subika deposits in the Sefwi gold belt. The NI 43-101 Technical Report entitled “Independent Technical Report, Apapam Concession, Kibi Project, Eastern Region, Ghana“, prepared by SEMS Explorations and dated October 31, 2012, is filed under the Company’s profile on SEDAR at www.sedar.com.”

B.    MD&A Clarification

In respect of the March 31, 2019 and December 31, 2018 MD&A, revisions will be made on page 5 of each document with the addition of quantity and grade information. The refiled MD&A will be identified as “Amended”.

C.    Annual Information Form Clarification

In respect of the 2018 Annual Information Form Dated March 28, 2019, revisions will be made on pages 17, 23, 30, 31 and 40 with the addition of quantity and grade information. The refiled Annual Information Form will be identified as “Amended”.

Readers of these disclosure documents are advised to ensure that they read such disclosure in conjunction with either this news release or the refiled MD&As and Annual Information Form.

Qualified Persons

Yves P. Clement, P. Geo, Vice President, Exploration for Xtra-Gold is acting as the Qualified Person in compliance with National Instrument 43-101 (“NI 43-101”) with respect to this announcement. He has prepared and or supervised the preparation of the scientific or technical information in this announcement and confirms compliance with NI 43-101. All samples in this news release were analyzed by standard fire assay fusion with atomic absorption spectroscopy finish at the ISO 17025:2005 accredited lntertek Minerals Limited’s laboratory in Tarkwa, Ghana. Xtra-Gold has implemented a rigorous quality assurance/quality control (QA/QC) program to ensure best practices in sampling and analysis of drill core, trench channel, and saw-cut channel samples, the details of which can be viewed on the Company’s website at www.xtragold.com.

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 throughout the Kibi area.

Xtra-Gold holds 5 Mining Leases totaling approximately 226 sq km (22,600 ha) at the northern extremity 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 sq km), along the eastern flank of the Kibi Gold Belt. The Kibi Gold Project (Zone 2 – Zone 3) maiden mineral resource estimate produced by Xtra-Gold in October 2012 represents first ever resource estimate generated on a lode gold project within the Kibi Gold Belt. The NI 43-101 Technical Report entitled “Independent Technical Report, Apapam Concession, Kibi Project, Eastern Region, Ghana”, prepared by SEMS Explorations and dated October 31, 2012, is filed under the Company’s profile on SEDAR at www.sedar.com.

Forward-Looking Statements

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

Contact Information

For further information please contact:

James Longshore
Chief Executive Officer
Tel.: 416-366-4227
E-mail: info@xtragold.com
Website: www.xtragold.com


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46551

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