SPY395.91-12.41 -3.04%
DIA318.66-8.44 -2.58%
IXIC11,559.70-424.82 -3.54%

Xtra-Gold Acquires Third Drill Rig To Expedite Kibi Gold Project

Benzinga · 04/29/2022 14:58
  • Xtra Gold Resources Corp (TSX:XTG) (OTC:XTGRF) has acquired a third drill rig to accelerate its exploration efforts at Kibi Gold Project.
  • The drill rig consists of a CS1000/P4 crawler-mounted diamond drill rig designed explicitly for Xtra-Gold.
  • Xtra-Gold operates its fleet of drill rigs, significantly reducing drilling costs versus contracting rigs from third parties.
  • Xtra Gold also announced first-quarter financials. The total assets increased to $12.02 million from $10.23 thousand in 1Q21, comprised mainly of cash, liquid securities, and gold inventory. The company has zero debt, and pre-tax income for the quarter was ~$1.94 million.
  • Price Action: XTG shares are trading lower by 1.09% at C$0.91 on TSX on the last check Friday.