Xtra-Gold Resources Corp (OTC:XTGR) has not submitted any news for seven weeks. Yet, it somehow managed to attract market players’ attention yesterday, shifting in excess of 54 thousand shares of common stock.
The latter turned out to be the highest volume XTGR has generated this month. Closing at $1.61 per share, XTGR only moved up by less than 1%.
Based in Toronto, Canada, XTGR specializes in exploring gold properties in West Africa and the Ghanaian Kibi Project, in particular. Prior to 2003, the company operated in a completely different business sector. However, the total loss of $14 million accumulated since Jan. 1, 2003 suggests that XTGR has yet to find a gold mine to sit on.
Indeed, besides the cash reserves of $9 million, there is barely anything positive in the company’s recent financial reports. The company closed each of the last three fiscal years at a loss. The net loss for the second calendar quarter of 2011 alone exceeds $1.5 million.
In the light of XTGR’s continual negative financial performance, it is crucial for its management to finally strike gold in order to ensure a flawless business development not only in the short, but also in the mid run. Otherwise, the current cash well will sooner or later run dry.
