newsfile



Toronto, Ontario--(Newsfile Corp. - November 14, 2013) - Xtra-Gold
Resources Corp. (TSX: XTG) (OTCQB: XTGRF) ("Xtra-Gold" or the "Company"), is
very pleased to announce that it has released its results for the third quarter
ended September 30, 2013 ("Q3"). Xtra-Gold's Q3 financial statements and
MD&A have been filed on SEDAR and with the U.S. Securities
and Exchange Commission and can also be viewed on the Company's
website . All dollar amounts referred to in this news release
are expressed in U.S. dollars.


Highlights from the Company's Q3 include:


recovery of gold with a value of $279,914 from the Company's Kwabeng
Project in Ghana, West Africa during the three months ended September 30, 2013
compared to $nil during the three months ended September 30, 2012;

net income of $70,928 during the three months ended September 30, 2013
compared to a net loss of $6,501 during the three months ended September 30,
2012 which net income can be attributed to a combination of the recovery of
gold and the reduction of exploration and administration expenses during the
three month period;

$nil net income per share during the three months ended September 30, 2013
compared to a $nil loss per share during the three months ended September 30,
2012;

exploration expenditures of $107,798 for the three months ended September
30, 2013 were reduced from $484,791 during the three months ended September
30, 2012;

general and administrative expenses of $129,642 for the three months ended
September 30, 2013 were reduced from $236,542 during the three months ended
September 30, 2012;


as the Company continued to minimize spending and focus on cash
conservation.


Xtra-Gold plans to continue an aggressive gold recovery program
at its Kwabeng Project to increase positive cash flow to fund future exploration
programs at its Kibi Project. As well, the excess cash flow derived from the
Company's gold recovery operations will enable the Company to continue its
normal course issuer bid (the "Bid") to purchase up to 3,957,802 of its common
shares ("Shares") on the open market through the facilities of the TSX until
February 2014 (see February 15, 2013 news release).


In connection with the Bid, as of November 12, 2013, the
Company has repurchased 190,300 Shares.


Based on the Company's mineral assets, it is of the view that
the current market price of its Shares may not fully reflect the true value of
its share price and the underlying value of the Company's business and its
future business prospects.


Results of Election of Board of Directors


The Company announces the results from its 2013 annual general
meeting of shareholders (the "Meeting") held on June 4, 2013. All of the five
nominees set forth in the Company's management information circular dated April
19, 2013, as proposed by management for election to the board of directors at
the Meeting, were acclaimed by the shareholders. The directors will remain in
office until the next annual meeting of shareholders or until their successors
are elected or appointed.


The results on the vote of the election of directors are as
follows:



DIRECTOR
FOR

WITHHELD









Paul Zyla
18,000,412
99.80%
35,915
0.20%


Richard W. Grayston
17,961,012
99.56%
75,315
0.42%


Peter Minuk
17,980,012
99.69%
56,315
0.31%


Robert J. Casaceli
17,981,012
99.69%
55,315
0.31%


James Schweitzer
17,991,012
99.75%
45,315
0.25%










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 Project located on the
Apapam Concession (33.65 sq km), along the eastern flank of 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
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:


Paul Zyla, Chief Executive Officer
Telephone: 416 366-4227

E-mail: [email protected]
Website:
http://www.xtragold.com/">www.xtragold.com