- The action initiated by Buccaneer in the Ontario Court of Justice on July 21 st 2015 will be dismissed without any cost to Xtra-Gold.
- All agreements between Buccaneer and Xtra-Gold are confirmed to have been terminated and of no further force or effect. In this connection, Xtra has agreed to return 1,000,000 common shares of Buccaneer issued in connection with the 2011 Letter of Intent between the companies for nil consideration, and the parties confirm there never was an agreement under which Buccaneer acquired any interest in the "alluvial rights" of Xtra's Banso or Muoso concessions.
- Xtra-Gold has agreed to forgive amounts owing by Buccaneer to it.
- Buccaneer has agreed to pay CND$20,000 towards Xtra-Gold's legal costs.
TORONTO, Nov. 22, 2016 (GLOBE NEWSWIRE) -- Xtra-Gold Resources Corp. ("Xtra-Gold" or the "Company") (TSX:XTG) (OTCBB:XTGRF) , is pleased to announce that it has signed a settlement agreement with Buccaneer Gold Corporation (" Buccaneer") and the amicable severing of all relations between the companies without cost to Xtra-Gold. Under the settlement agreement the parties agree: