XTG Xtra Gold Resources Corp

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Xtra-Gold Resources Corp. ("Xtra" or the "Company") (TSX:XTG)(TSX:XTG.S) is
pleased to announce that it has completed its initial public offering (the
"Offering") of 8,092,593 common shares of the Company at a price of CDN$1.35 per
common share for gross proceeds to the Company of CDN$10,925,000. The Offering
which was fully subscribed, including the over-allotment option, was carried out
by a syndicate of investment dealers led by Haywood Securities Inc., and
included GMP Securities L.P. and Raymond James Ltd. (collectively the "Agents").
The common shares of the Company will commence trading today on the Toronto
Stock Exchange ("TSX") under the symbols "XTG" and "XTG.S".


The proceeds after the costs will be used to fund the Company's ongoing
exploration activities in Ghana, West Africa.


United States Advisory

The securities referred to herein have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S. Securities
Act"), have been offered and sold outside the United States to eligible
investors pursuant to Regulation S promulgated under the U.S. Securities Act,
and may not be offered, sold, or resold in the United States or to, or for the
account of or benefit of, a U.S. Person (as such term is defined in Regulation S
under the United States Securities Act) unless the securities are registered
under the U.S. Securities Act, or an exemption from the registration
requirements of the U.S. Securities Act is available. Hedging transactions
involving the securities must not be conducted unless in accordance with the
U.S. Securities Act. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy any securities, nor shall there be any sale
of securities in the state in the United States in which such offer,
solicitation or sale would be unlawful.


About Xtra-Gold Resources Corp.

Xtra-Gold is a gold exploration company with a land position in the Kibi
greenstone belt ('Kibi Gold Belt') located in Ghana, West Africa. 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 five (5) concessions totalling approximately 226 sq km (22,600
ha) at the northern extremity of the Kibi Gold Belt. The Company's exploration
efforts to date have focussed on the Kibi Project located on the Apapam
Concession (33.65 sq km), along the eastern flank of the Kibi Gold Belt.
Xtra-Gold's Kibi Project consists of an over 5.5 km long mineralized trend
delineated from gold-in-soil anomalies, geophysical interpretations, trenching
and drilling along the northwest margin of the Apapam Concession.


Drilling highlights to date include intercepts of:



--  8.49 g/t gold over 12.0 meters in hole #KBD08004; 
    
--  6.29 g/t gold over 23 meters, including 8.66 g/t gold over 10 meters, in
    hole #KBRC09047; 
    
--  2.97 g/t gold over 18 meters, including 6.32 g/t gold over 8 meters, in
    hole #KBRC09042 from the Trench TKB005 granitoid zone; 
    
--  1.44 g/t gold over 78 meters, including 3.26 g/t gold over 13.0 meters,
    and 2.27 g/t gold over 20.0 meters in hole #KBRC09055; 
    
--  2.01 g/t gold over 20 meters, including 4.29 g/t gold over 6 meters, in
    hole #KBRC09056 from the Trench TKB004 granitoid zone; 
    
--  39.0 meters grading 9.23 g/t gold (uncut), including 10.0 meters grading
    33.15 g/t gold, in hole KBRC09060 from the Trench TKB006 granitoid zone;
    
--  76.0 meters grading 1.62 g/t gold, including 20.0 meters grading 3.36
    g/t gold (and including 5.25 g/t gold over 9.0 meters), from the trench
    TKB010 granitoid zone. 
    
--  30.0 m grading 3.52 g/t gold, including 14.0 m grading 6.47 g/t gold,
    from a down hole depth of 8.0 m in hole KBRC09019. 
    



All reported mineralized intercepts are core-lengths; true width of
mineralization is unknown at this time.


All mineralization targets are near surface, remain open in all directions and
offer potential for shallow oxide mineralization amenable to bulk mining and
heap leaching, as well as large primary gold systems at depth. Diamond drilling
is continuing to test the Kibi zone and Xtra-Gold anticipates that further
diamond drill assay results will be available within the next few weeks.


National Instrument 43-101 Compliance

Mr. Yves P. Clement, P. Geo, 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. The NI
43-101 Technical Report entitled "Kibi Project, Eastern Region, Ghana", prepared
by Simon Meadows Smith and Joe Amanor of SEMS and dated July 12, 2010 is filed
under the Company's profile on SEDAR at www.sedar.com.


Forward-Looking Statements

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.

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