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| | Business Summary: Xtra-Gold Resources Corp., an exploration-stage company, engages in the exploration of gold properties in the Republic of Ghana, West Africa. The company's mining portfolio includes several projects. | | | Address
360 Bay Street, Suite 301
Toronto
, Ontario M5H 2V6
Phone: 416-366-4227
Website: http://www.xtragold.com
| | Auditor |
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DAVIDSON & COMPANY LLP
| | Transfer Agent |
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Allied Stock Transfer, Inc.
| | ShareHolders: 563 | Founded: 1998
Domicile: Nevada | | | |
| | Xtra-Gold Resources Corp., in the exploration stage as of Mar. 31, 2010, is a gold exploration company engaged in the exploration of gold properties in the Republic of Ghana, West Africa. The company's mining portfolio consists of 246.84 square kilometers comprised of 51.67 square kilometers for its Banso Project, 55.65 square kilometers for its Muoso Project, 33.65 square kilometers for its Apapam Project, 44.76 square kilometers for its Kwabeng Project, 40.51 square kilometers for its Pameng Project and 20.60 square kilometers for its Edum Banso Project, or 60,969 acres, pursuant to the leased and licensed areas set forth in the company's respective mining leases, prospecting licenses and/or option agreement.
The company holds three mining leases in Ghana for its Kwabeng, Pameng and Apapam Projects. It holds a prospecting license on its Banso and Muoso Project in Ghana. The company also holds an option on the Edum Banso Project in Ghana.
Xtra-Gold's strategic plan with respect to its gold projects includes the following elements: to focus efforts and dedicate financial resources toward the potential to drill out a resource and, perhaps ultimately, a reserve of the Kibi Gold Trend located on the company's Apapam Project; to define a resource and, perhaps ultimately, a reserve on the company's other exploration projects; to enter into negotiations with independent Ghanaian contract miners and operators to resume Xtra-Gold's recovery of gold operations at its Kwabeng Project with a view to these contractors conducting recovery of gold operations for fixed payments to the company; and to acquire further interests in gold mineralized projects that fall within the criteria of providing a geological basis for development of drilling initiatives that can enhance shareholder value by demonstrating the potential to define reserves.
In October 2008, Xtra-Gold suspended operations at its Kwabeng Project while the company's management considered a more economic and efficient manner in which to extract and process the gold recovered from the mineralized material at this project. In mid-May 2010, Xtra-Gold reported that during the next 12 months it planned to enter into negotiations to contract out the recovery of gold operations at this project; advance the development of its Kibi Gold Trend located on the company's Apapam Project by carrying out the Phase III drill program; and acquire further interests in mineral projects by way of acquisition or joint venture participation. | | History: INCORPORATED in Nevada Sept. 1, 1998, as Silverwing Systems Corp.; name changed to Advertain On-Line Inc. Aug. 19, 1999, to RetinaPharma International, Inc. June 18, 2001, and to Xtra-Gold Resources Corp. Dec. 19, 2003.
October 31, 2003, acquired 100% of the issued and outstanding Common stock of Xtra-Gold Resources, Inc. (incorporated in Florida Oct. 24, 2003) for 10,070,000 Common shares. | | | | Subsidiaries: |
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Xtra Energy Corp.
Xtra Oil & Gas (Ghana) Limited
Xtra Oil & Gas Ltd.
Xtra-Gold Exploration Limited
Xtra-Gold Mining Limited
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Management
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| Officers | Position |
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| Richard W. Grayston | Chairman | | James Longshore | President, Chief Financial Officer & Chief Executive Officer | | Peter Minuk | Secretary & Treasurer |
| | Directors |
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| Richard W. Grayston | | James Longshore | | Peter Minuk | | Robert H. Montgomery | | Paul Zyla | | | |
| | | | Capitalization as of 03/31/2010: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.001 par | 250,000,000 | 33,400,586 |
| | | | LONG TERM DEBT: None. | | | | Common $0.001 par | | | |
Stockholders:
03/29/2010,
563.
| | PRINCIPAL STOCKHOLDERS: March 29, 2010, James Longshore owned or controlled 8.0% of the Common, and Mark T. McGinnis 7.5%. | | | |
Transfer Agent: Allied Stock Transfer, Inc.
Atlantic Highlands
, NJ | | | | OTC Bulletin Board( Primary): XTGR | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2009 | 1.1400 | 0.3650 | | OTC Bulletin Board | 2008 | 2.0000 | 0.2500 |
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| | | | DIVIDENDS: Common $0.001 par: No cash. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2009 | 2008 |
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| Amortization | 68 | 64 | | Exploration | 1,080 | 5,141 | | General and administrative | 957 | 1,035 | | Foreign exchange gain (loss) | 303 | (425) | | Realized gains (losses) on sales of trading securities | (173) | 3 | | Net unrealized gain (loss) on trading securities | 790 | (858) | | Gain on recovery of gold | 11 | 4,141 | | Other income | 139 | 197 | | Interest exp. | 3 | 49 | | Net income | (1,038) | (3,231) | | Share earns. basic | ($0.03) | ($0.11) | | Share earns. diluted | ($0.03) | ($0.11) |
| | | | Balance Sheet | |
| 2009 | 2008 |
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| Assets: |
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| | Cash & equiv. | 623 | 272 | | Investments | 1,781 | 1,470 | | Receivables and other | 46 | 93 | | Deposit for equipment | 152 | - | | Tot. curr assets | 2,602 | 1,835 | | Net property | 245 | 312 | | Deferred financing costs | 1 | 4 | | Oil and gas investment | 40 | 40 | | Mineral properties | 1,663 | 1,663 | | Total assets | 4,551 | 3,854 | | Liabilities: |
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| | Convertible debentures | 250 | - | | Accts. pay. & accruals | 233 | 535 | | Tot. curr. liabs. | 483 | 535 | | Convertible debentures | - | 250 | | Asset retirement obligation | 72 | 65 | | Com. stk. p.$0.001 | 33 | 31 | | Paid-in cap. | 14,771 | 12,742 | | Retained earns. | (10,732) | (9,769) | | Non-controlling interest | (76) | - | | Total liabs. | 4,551 | 3,854 |
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| | Interim Report
01/01/2010 - 03/31/2010 |
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| | | Income Statement | |
| 2010 |
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| Amortization | 11 | | Exploration | 182 | | General and administrative | 234 | | Foreign exchange gain | 45 | | Realized gains on sales of trading securities | 83 | | Net unrealized gains on trading securities | 153 | | Other income | 18 | | Net loss attributable to non-controlling interest | (17) | | Interest exp. | 1 | | Net income | (112) | | Share earns. basic | Nil | | Share earns. diluted | Nil |
| | | | Balance Sheet | |
| 2010 |
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| Assets: |
| | Cash & equiv. | 1,002 | | Investments | 1,181 | | Other curr. assets | 65 | | Tot. curr assets | 2,248 | | Net property | 509 | | Oil and gas investment | 40 | | Mineral properties | 1,663 | | Total assets | 4,460 | | Liabilities: |
| | Accts. pay. & accruals | 253 | | Tot. curr. liabs. | 253 | | Asset retirement obligation | 74 | | Com. stk. p.$0.001 | 33 | | Paid-in cap. | 14,938 | | Subscriptions received in advance | 100 | | Retained earns. | (10,844) | | Non-controlling interest | (94) | | Total liabs. | 4,460 |
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| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2007 |
2 | 340,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (110,000) | | 2009 |
Full Year
| (960,000) | | 2008 |
Full Year
| (3,230,000) | | 2007 |
Full Year
| (1,870,000) | | 2006 |
Full Year
| (2,560,000) | | 2005 |
Full Year
| (270,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | Nil | | 2009 |
1 | (.01) | | 2009 |
2 | Nil | | 2009 |
3 | (.01) | | 2009 |
4 | (.01) | | 2009 |
Full Year
| (.03) | | 2008 |
1 | Nil | | 2008 |
2 | (.01) | | 2008 |
3 | (.05) | | 2008 |
4 | (.05) | | 2008 |
Full Year
| (.11) | | 2007 |
1 | (.02) | | 2007 |
2 | (.01) | | 2007 |
3 | Nil | | 2007 |
4 | (.03) | | 2007 |
Full Year
| (.07) | | 2006 |
1 | (.01) | | 2006 |
2 | (.02) | | 2006 |
3 | (.02) | | 2006 |
4 | (.04) | | 2006 |
Full Year
| (.10) | | 2005 |
3 | .01 | | 2005 |
4 | (.02) | | 2005 |
Full Year
| (.01) |
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