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Xtra-Gold Reports Voting Results of Annual and Special Meeting of Shareholders

TORONTO, July 6, 2015 (GLOBE NEWSWIRE) -- XTRA-GOLD RESOURCES CORP. ("Xtra-Gold" or the "Company") – (TSX:XTG) (OTCBB:XTGRF) is pleased to announce the voting results of its annual and special meeting (the "ASM") of shareholders of the Company (the "Shareholders") held on June 22, 2015. A total of 27,343,433 common shares representing 59.80% of the issued and outstanding shares of the Company were voted at the ASM. Resolutions relating to the following matters were approved by a majority of the votes cast at the ASM.

Appointment of Auditors

Davidson & Company LLP, Chartered Accountants were appointed as the auditors of the Company for the ensuing year.

Election of Directors

The number of directors to be elected to the board of directors of the Company ("Board") was set at five. The following nominees proposed by management were elected as directors of the Company to hold office until the next annual meeting of Shareholders or until their successors are elected or appointed.

DIRECTOR VOTES FOR % VOTES WITHHELD %
Peter Minuk 19,418,171 98.01% 395,029 1.99%
James Schweitzer 19,594,141 98.89% 219,059 1.11%
James Longshore 19,580,571 98.83% 232,629 1.17%
Denis Laviolette 19,604,171 98.95% 209,029 1.05%
Hans Morsches 19,604,171 98.95% 209,029 1.05%

Messrs. Paul Zyla, Richard W. Grayston and Dr. Guy Della Valle did not stand for re-election as directors. The Company thanks them for their contributions as directors of the Company and wishes them much success in their future endeavours.

Denis Laviolette, B.Sc, Earth Science (Geology), is an intermediate level mining and exploration professional with approximately 10 years of experience in exploration, advanced mine operations, start-up mine management, QA/QC, grass roots exploration, financing and acquisitions, working in Northern Ontario (Timmins, Kirkland Lake and Red Lake), Norway and Ghana. He is also experienced with respect to GIS, 3D-modeling, resource delineation/estimation and large scale regional target delineation and production work, with a focus in Archean meso-thermal gold terranes and structural geology.

Mr. Laviolette is a mining analyst with Pinetree Capital Ltd. ("Pinetree") in Toronto since February 2014 to the present time. His responsibilities at Pinetree include market/portfolio analysis, reviewing and vetting assets from a technical perspective and providing valuation estimates, analyzing and summarizing technical reports on resources, feasibility and corporate financial statements. Mr. Laviolette has been and is currently chief geologist/partner/operator of M.A. Resources Ltd., a privately held alluvial mining and exploration company in Ghana since February 2013 to the present time. Mr. Laviolette received his B.Sc, Earth Science (Geology) from Brock University, St. Catharines, Ontario.

Hans Morsches is the Senior Market Manager of Unum at its Kansas City and St. Louis regional offices in Missouri since May 1999 and is a 30 year insurance industry veteran. He has overall responsibility for the Unum brand in Missouri, Kansas, Iowa, Nebraska and southern Illinois. He was National Vice President for Sales for Unum Canada in Toronto from September 1989 to May 1999. Unum is a Fortune 270 insurance company and has been an employee benefits market leader for 35 years generating US$10.5 billion annual revenue.

Mr. Morsches received his B.A., Liberal Arts from Vanderbilt University, Nashville, Tennessee in 1980 and his Masters of International Management from the American Graduate School of International Management, Glendale, Arizona in 1983.

Amendment to Stock Options

The disinterested Shareholders voted 91.90% in favour of an amendment to 1,655,000 stock options previously granted to certain insiders of the Company by re-pricing 1,231,000 options from C$0.50 to C$0.15 per share and 424,000 options from C$0.50 to C$0.225 per share. Final acceptance of the amendment to stock options was received from the TSX on July 3, 2015.

Appointment of Officers

Xtra-Gold is pleased to announce the appointment of Peter Minuk as President, CEO and Corporate Secretary. In addition, Mr. Minuk has been appointed Chairman of the Board. He joined the Company as a director in March 2007 and previously was Vice-President, Finance from March 2007 to January 2009 and Secretary-Treasurer from August 2009 to June 2014. Mr. Minuk has more than 26 years of experience in finance and investment as well as experience in project management, training and developing staff and client relationships. Since April 2011, Mr. Minuk has been providing management and consulting services to unrelated companies. From June 1, 2009 to April 2011, Mr. Minuk was a business analyst consultant for Industry Canada. From 1990 to 2006, Mr. Minuk was employed by BMO InvestorLine in connection with implementing project management protocols. Mr. Minuk received a Masters Certificate in Project Management from the Schulich School of Business, York University in 2005. He obtained his FCSI (Fellow of the Canadian Securities Institute) in 1989 and completed the Business Administration program from Southern Alberta Institute of Technology in 1985.

Xtra-Gold thanks Mr. Paul Zyla for his work as President and CEO.

Xtra-Gold is pleased to announce the appointment of Victor Nkansa as Chief Financial Officer. Mr. Nkansa will also continue in his role as Vice-President, Ghana Operations (since December 2009). Mr. Nkansa is also a director and officer of the Company's Ghananian subsidiary, Xtra-Gold Mining Limited ("XG Mining"). Since November 2005, he has been providing accounting services to XG Mining and overseeing our operations in Ghana, under the supervision of Xtra-Gold's President and the General Manager of XG Mining. Mr. Nkansa is the Company's primary government liaison in Ghana. He has more than 29 years of business experience, the last 14 years of which have been in the mining industry. He is experienced with respect to obtaining mining leases, prospecting and reconnaissance licenses and the government regulations relating thereto and is knowledgeable in connection with environmental and forestry issues, immigration and customs affairs. Mr. Nkansa has been a chartered accountant since 1995 and received his B.A.(Hons), Economics/Sociology in 1984 and his MBA, Finance in 2006 from the University of Ghana, West Africa.

Xtra-Gold thanks John Ross for his work as Chief Financial Officer.

Yves P. Clement, P.Geo., will continue in his role as Vice-President, Exploration.

CONTACT: Peter Minuk, President and CEO Telephone: 416 366-4227 E-mail: info@xtragold.com Website: www.xtragold.comSource:Xtra-Gold Resources Corp.