Document:

Xtra-Gold Resources Corp.: Exhibit 10.55 - Filed by newsfilecorp.com

Exhibit 10.55

Verbina Resources Inc. 

January 21, 2011 

Xtra-Gold Resources Corp. 
Suite 301 
360 Bay Street

Toronto, Ontario M5H 2V6 

ATTENTION: Paul Zyla 

LETTER OF INTENT 

Dear Sirs: 

RE: Option on the Banso and Muoso Concessions, Ghana  

Further to our recent negotiations regarding the above
referenced matter, this Letter of Intent will serve to confirm the principal
elements of the agreement achieved between us, and, for greater certainty, this
Letter of Intent supersedes and replace the letter of intent dated July 21,
2010. 

	1. 	Option : 
	 	 
		
      Verbina Resources Inc. (“Verbina”) shall have the Option
      (the “Option”) to earn an interest from Xtra-Gold Mining Limited
      (“Xtra-Gold”) in the mineral rights of the Banso and Muoso Concesssions,
      Ghana, as further described in Schedule “A” attached hereto (herein called
      the “Concessions”). 

	 	
       

		
      We understand that Xtra-Gold previously held an undivided
      100% interest in the Concessions under a single prospecting licence (the
      “Prospecting Licence”) registered as LVB 16931/2001 and GLR 444/2002 which
      has now been converted to two (2) mining leases (the “Mining Leases”). We
      further understand, and we present this offer based upon our understanding
      that, as a result of converting the Prospecting License to the Mining
      Leases, in accordance with applicable mining legislation in Ghana,
      Xtra-Gold now holds a 90% right, title and interest (the “XG Interest”) in
      all of the Concessions free and clear of liens and encumbrances, with the
      remaining 10% now being owned by the Government of Ghana. For greater
      certainty, the interests to be earned by Verbina in the Concessions
      pursuant to the Option shall be an interest in the XG Interest in the
      Concessions and relate to mineral rights only. 

Suite 301 360 Bay Street Toronto ON M5H 2V6 

TEL: (416) 366-4227    
 FAX: (416) 628-1655      E-MAIL:
verbinaresources@yahoo.com 

- 2 - 

	2. 	Terms of Option: 

	(a) 	
      Xtra-Gold shall grant to Verbina the right to earn a
      majority interest from Xtra-Gold in the XG Interest in the Concessions in
      consideration of and upon the terms set out below. 

	 	
       
	
       

	(b) 	
      Verbina shall have until February 28, 2011 to complete
      due diligence and seek regulatory acceptance, and when Verbina provides
      notice to Xtra-Gold of satisfactory completion of its due diligence and
      receipt of regulatory acceptance, the date of such notice shall be called
      the “Effective Date”. 

	 	
       
	
       

	(c) 	
      Verbina disseminated a news release on January 21, 2011
      announcing the completion of satisfactory due diligence. 

	 	
       
	
       

	(d) 	
      (i)
	Verbina acknowledges that Xtra-Gold is currently
      completing a V-TEM survey (the “Survey”) on the Concessions at an
      estimated cost of US$300,000.  
	 	
       
	
       

		
      (ii) 
	
      Verbina agrees that it shall pay the cost of the Survey.
      

	 	
       
	
       

		
      (iii) 
	
      Xtra-Gold agrees that it shall not bill Verbina for the
      cost of the Survey until, at the earliest, 90 days from the Effective
      Date. 

	 	
       
	
       

		
      (iv) 
	
      Xtra-Gold agrees that the cost of the Survey shall be
      credited toward the $500,000 in exploration expenditures that Verbina is
      required to incur, as more particularly set forth in subparagraph (e)(iii)
      hereunder. 

	 	
       
	
       

	(e) 	
      In order to acquire a 55% legal and beneficial interest
      (the “Verbina Interest”) in the XG Interest in the Concessions, Verbina
      shall complete the following: 

	 	(i) 	
      remit cash payments to Xtra-Gold in the aggregate amount
      of US$425,000 consisting US$100,000 upon the Effective Date and US$325,000
      within 90 days of the Effective Date; 

	 	 	
       

	 	(ii) 	
      issue 1,000,000 fully paid and non-assessable common
      shares of Verbina to Xtra-Gold upon the Effective Date; and 

	 	 	
       

	 	(iii) 	
      incur a total of US$4,425,000 in exploration expenditures
      on the Concessions within five (5) years of the Effective Date with
      US$500,000 to be incurred in the first year from Effective Date and
      US$1,000,000 in each year thereafter except that in the final year the
      exploration expenditures shall be U.S. $925,000.

	(f) 	
      Verbina shall have the right to accelerate the
      exploration expenditures at any time. Amounts expended on mineral
      exploration in excess of the prescribed amount in one period are to be
      applied to the requirement to make such expenditures in the subsequent
      period. Verbina shall also have the right to pay the amount of any prescribed exploration expenditure directly to Xtra-Gold
      at any time before the prescribed deadline rather than actually complete
      such exploration expenditures.
  

- 3 - 

	 	
       

	(g) 	
      Upon Verbina having exercised the Option and earned the
      Verbina Interest, Xtra- Gold shall execute and deliver to Verbina such
      transfer documentation as shall be effective to transfer and convey to
      Verbina the Verbina Interest in the XG Interest in the Concessions which
      Verbina shall be entitled to register in the office of the mining
      recorder. 

3. Operatorship: 

	(a) 	
      Verbina shall act as operator during the Option period
      and shall be responsible for all work permits, environmental compliance,
      payment of contractors, insurance and other matters relating to work
      carried out on the Concessions and shall indemnify and save harmless
      Xtra-Gold against any claims or liability with respect to such matters.
      All work done by Verbina on the Property shall be done in accordance with
      good mining practice and in compliance with applicable laws. Xtra-Gold
      shall provide assistance to Verbina in acquiring all relevant permits.
    

	 	
       

	(b) 	
      During the Option period, Verbina shall provide to and
      review its exploration and development plans with Xtra-Gold and Xtra-Gold
      shall be provided an opportunity to comment and provide input with respect
      to prospective exploration and development programs. Decisions regarding
      exploration and development of the Concessions shall be determined by a
      three person committee, comprising two representatives of Verbina and one
      representative of Xtra-Gold (the “Management Committee”). 

	 	
       

	(c) 	
      Verbina as operator may charge up to 15.0% for management
      fees which shall be applied as part of the exploration expenditures. All
      HST Input Tax Credits for monies expended during the exploration phases of
      this contract shall be for the account of Verbina.

4. Joint Venture: 

	(a) 	
      In the event that Verbina exercises the Option by
      completing the exploration expenditures as required above, a joint venture
      (the “Joint Venture”) will be formed for the further exploration and
      development of the Concessions. Under the Joint Venture each party shall
      have the right to participate in the Joint Venture and the corresponding
      obligation to fund further exploration and development of the Property
      (the "Participating Interest"). The Participating Interest, at the time of
      the formation of the Joint Venture shall be: 

	             
           Verbina: 	55%, and 
	             
           Xtra-Gold: 	45%. 
	  	  
	
    The parties’ deemed expenditures upon
      formation of the Joint Venture shall be as follows: 

	

- 4 - 

	 	Verbina: 	US$5,000,000 
	 	Xtra-Gold: 	US$4,090,909 

It is understood that this formula shall apply to both
Xtra-Gold and Verbina equally. Should either Xtra-Gold or Verbina not advance
its respective proportional share of the joint-venture costs in accordance with
the terms thereof, the percentage of the non-contributing party will be reduced
accordingly in accordance with the terms of the formal option and joint venture
agreement. 

Both parties acknowledge that under applicable mining
legislation the Government of Ghana holds a 10% interest in all mining leases
and the percentages above represent the respective percentages of the remaining
90% interest. 

(b) The formal option and joint venture agreement shall include
the following terms: 

	 	(i) 	
      decisions regarding further exploration and development
      of the Concessions will be determined by a three (3) person Management
      Committee, including two (2) representatives appointed by the operator and
      one representative appointed by the non-operator. 

	 	 	
       

	 	(ii) 	
      exploration and development budgets will be determined
      and signed off by the Management Committee, at which time both parties
      then have ninety (90) days to provide funds toward the project or be
      diluted; 

	 	 	
       

	 	(iii) 	
      if one party declines or fails to provide all or part of
      its required funding (based upon its then proportionate legal and
      beneficial interest), the other party can increase its funding to the
      amount budgeted and increase its percentage ownership in the Concessions
      in proportion to the additional funds provided; 

	 	 	
       

	 	(iv) 	
      upon formation of the Joint Venture, Verbina shall
      continue to be the operator of the Joint Venture so long as it maintains
      at least a majority participating interest; 

	 	 	
       

	 	(v) 	
      standard dilution will apply to the Joint Venture as
      follows: 

	Participating 	  	Contribution to Total Costs by a Party
    
	Interest of a 	= 	(including deemed expenditures)
    
	Party 	  	Contribution to Total Costs by 
	  	  	all parties (including deemed 
	   	 	expenditures) 

	 	(vi) 	
      in the event that the operator determines not to propose
      a project program or fails to do so within six (6) months of completion of
      the previous project program, the non-operator can propose and operate a
      project program; 

- 5 - 

	 	(vii) 	
      in the event that a party’s participating interest is
      reduced to a 5% participating interest, its interest shall be converted to
      a 2% NSR (net smelter return royalty), one half of which (1%), can be
      acquired at any time by the other party for a payment of US$2,500,000; and
      

	 	 	
       

	 	(viii) 	
      for greater certainty, a party does not have the right to
      contribute at a later date and recoup an interest in the joint venture
      when that party fails to contribute to a project program.
  

5. Assessment Work: 

	(a) 	
      Both during the Option period and after formation of the
      Joint Venture, the operator will file all standard reports required to
      maintain the Concessions in good standing forthwith after completion of
      any work, and supply Xtra-Gold with a copy of all geological data, reports
      or other information obtained during the course of the work program.
      During the Option period, Verbina shall be responsible to maintain the
      Concessions in good standing. 

	 	
       

	(b) 	
      In the event that the Option terminates, Verbina shall
      ensure that the Concessions are in good standing for a minimum of 12
      months from the date of termination of the Option.

	6. 	Access to: 
	 	 	 
		(a) 	Information: 
	 	
       
	
       

		
      Upon the execution of this Letter of Intent, Xtra-Gold
      will provide to Verbina reasonable access to all information, documents,
      data, drill logs, and drill core in its possession and control with
      respect to the Concessions. If the Option terminates, Verbina shall return
      all such material to Xtra-Gold. 

	 	
       
	
       

		
      (b) 
	
      Property 

	 	
       
	
       

		
      Upon the execution of this Letter of Intent, Xtra-Gold
      will permit Verbina all reasonable surface access to the Concessions.
      Verbina shall have the right to erect, bring and install all such
      buildings, machinery equipment and supplies on the Concessions as it shall
      reasonably deem necessary and proper, provided it complies with all
      applicable laws and governmental policies. 

	 	
       
	
       

	7. 	
      Press Release: 

	 	
       
	
       

		
      All press releases regarding the Concessions shall be
      subject to prior approval by Xtra- Gold and Verbina and, for this purpose,
      the parties shall respond to such a request for approval within two (2)
      business days of notice thereof. 

- 6 - 

	8. 	
      Governed by the Laws of Nevada: 

	 	
       

		
      The Letter of Intent shall be governed by the laws of the
      State of Nevada. 

	 	
       

	9. 	
      Definitive Documentation: 

	 	
       

		
      The parties may enter into a formal agreement containing
      more detailed provisions for with respect to the Option and Joint Venture,
      but preserving the principles of the agreement herein contained. However,
      until such agreement is completed, or if no such agreement is made, the
      provisions herein shall have full effect, shall be enforceable against the
      parties and shall govern the operation of the matters herein. 

	 	
       

	10. 	
      Arbitration: 

	 	
       

		
      Any disputes under this Agreement shall be submitted to
      binding arbitration consisting of a panel of three arbitrators, one
      arbitrator appointed by each of the parties with a third arbitrator
      appointed by the parties' two designated arbitrators, with all costs of
      such arbitrator to be borne by the unsuccessful party(ies).
  

Should you agree that this Letter of Intent accurately recites
the principal elements of the agreement reached between us, please sign the
duplicate copy and return it to our offices immediately by telefax with the
originally signed Letter of Intent to follow by courier.

Yours very truly, 

Verbina Resources Inc.

Per: /s/ Kevin C. Swanborough       

Kevin C. Swanborough 
Authorized signatory 

Agreement with the terms recited herein is hereby
acknowledged this 21st day of January, 2011: 

Xtra-Gold Resources Corp. 

Per: /s/ John C. Ross                     
 
John C. Ross 
Authorized Signatory

Schedule "A" 

DESCRIPTION OF CONCESSIONS 

The Banso and Muoso Concessions are situated 80 km north of
Accra in the East Akim District of the Eastern Region of the Republic of Ghana
and are legally described as follows: 

Banso Concession 

All that piece or parcel of land containing an approximate area
of 51.67 square kilometers lying to the North of Latitudes 6°13’04”, 6°14’10”
and 6°14’42”; South of Latitudes 6°15’54”, 6°16’52”, 6°16’55”, 6°16’56”,
6°17’04” and 6°20’20”; East of Longitudes 0°38’18”, 0°38’20”, 0°39’42” and
0°40’00”; West of Longitudes 0°35’52”, 0°35’59”, 0°36’38” and 0°38’00”. 

Muoso Concession 

All that piece or parcel of land containing an approximate area
of 55.65 square kilometers lying to the North of Latitudes 6°20’00”, 6°20’20”,
6°20’22”, 6°20’30”, 6°20’35”, 6°20’50” and 6°21’35”; South of Latitudes
6°21’25”, 6°21’37”, 6°22’40”, 6°22’55” and 6°23’16”; East of Longitudes
0°36’30”, 0°38’06”, 0°38’13” and 0°38’44”; West of Longitudes 0°30’00” and
0°31’16”.Xtra-Gold Resources Corp.: Exhibit 10.56 - Filed by newsfilecorp.com

 Exhibit 10.56 

 THIS AGREEMENT made as of the 1st day of January, 2011. 

B E T W E E N : 

 XTRA-GOLD RESOURCES CORP., 

 a corporation incorporated under the laws of the  

 State of Nevada, having an office at  

 Suite 301, 360 Bay Street,  

 Toronto, Ontario, M5H 2V6 

 (hereinafter referred to as the “Corporation”) 

 OF THE FIRST PART 

 - and - 

 PAUL ZYLA, 

428 Aspen Forest Drive  

Oakville, Ontario, L6S 6H5 

 (hereinafter referred to as “Zyla”) 

 OF THE SECOND PART 

  WHEREAS the Corporation is a Nevada corporation engaged in the exploration of gold properties (the “Business”) and is desirous of obtaining from Zyla managerial and other services on the basis hereinafter provided;

  AND WHEREAS Zyla was appointed President and Chief Executive Officer of the Corporation on May 31, 2010 and is a qualified executive prepared to provide the services specified herein to the Corporation; 

  WITNESSETH that in consideration of the covenants, agreements and warranties herein set forth and for other good and valuable consideration, the parties hereto respectively covenant and agree as follows: 

1.  Services to be Provided by Zyla.  The Corporation hereby engages Zyla as a consultant to provide to the Corporation the services of President and Chief Executive Officer (the “Services”) and Zyla hereby agrees to
provide the Services to the Corporation upon the various terms and conditions hereinafter set forth. 

2.  Covenants and Authority of Zyla.  Zyla covenants and agrees that he shall, during the term of this Agreement: 

 (a) undertake such duties and exercise such powers as may be requested of Zyla by the board of directors of the Corporation (the “Board”) from time to time; 

 (b) well and faithfully serve the Corporation and use his best efforts to promote the interests thereof; and 

- 2 - 

 (c) conform to all lawful instructions and directions given to him by the Board and obey and carry out the by-laws of the Corporation. 

3.  Zyla shall have, subject always to the general or specific instructions and directions of the Board, full power and authority to manage and direct the business and affairs of the Corporation (except only the matters and duties as by law
must be transacted or performed by the Board or by the shareholders of the Corporation in a general or special meeting), including power and authority to enter into contracts, engagement or commitments of every nature or kind in the name of and on
behalf of the Corporation as authorized by the Board. 

4. Term. The term of this Agreement is one (1) year commencing on January 1, 2011 and ending on December 31, 2011 (the “Term”) unless terminated earlier in accordance with paragraph 6 below.  The Term of this
Agreement may only be renewed by written agreement of the parties hereto. If the parties have not reached a written agreement with respect to any renewal of the Term of this Agreement on or before November 30, 2011, then, unless otherwise agreed to
in writing, they each shall be entitled to act on the assumption that this Agreement shall expire at the end of the Term. Upon expiry of the Term, Zyla shall have no further entitlements with respect to the Fees set forth in paragraph 5 hereunder.

5. Compensation. Zyla shall be compensated for his services under this Agreement on the following basis: 

 (a) Zyla shall be paid a management consulting fee of CAD$3,000.00 (the “Fees”) on a monthly basis on the last day of each month during the Term. 

 (b) Zyla shall be reimbursed for all expenses incurred in performing his obligations under this Agreement which are supported by written invoices, expense reports, vouchers or other evidences of payment; and 

 (c) Zyla shall be entitled to receive grants of stock options from time to time pursuant to the Corporation’s stock option plan. 

6.  Termination. Either party may terminate this Agreement at any time during the Term without reason or cause by providing the other party with 30 days’ written notice of such termination, which notice may be waived in whole or in part
by the other party. 

7.  Confidential Information. Zyla shall not at any time during the terms of this Agreement, or at any time thereafter, use or disclose proprietary information of the Corporation without the written authorization of the Corporation. 

8.  Governing Law.  This Agreement shall be constructed and interpreted in accordance with laws of the State of Nevada and the federal laws of the United States of America applicable therein. Each of the parties hereby irrevocably attorns to
the jurisdiction of the courts of the State of Nevada with respect to any matters arising out of this Agreement. 

9.  Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the engagement of Zyla’s Services and any and all previous arrangements, written or oral, express or implied, between the
parties or on their behalf, relating to the engagement of Zyla’s Services by the Corporation are terminated
and cancelled and each of the parties releases and forever discharges the other
of and from all manner of actions, causes of action, claims and demands
whatsoever, under or in respect of any such agreement. 

- 3 - 

10. Severability. If any provision of this
Agreement is determined to be void or unenforceable in whole or in part, it
shall not be deemed to affect or impair the validity of any other provision
herein and each such provision is deemed to be separate, distinct and severable.

11. Enurement. This Agreement shall enure to the
benefit of and be binding upon Zyla and his heirs, executors and administrators
and upon the Corporation and its successors and assigns. 

12. Amendment of Agreement. This Agreement may be
amended only by an instrument in writing signed by both parties. 

13. Waiver. Neither party may waive or shall be
deemed to have waived any right it has under this Agreement (including under
this section) except to the extent that such waiver is in writing. 

14. Assignment of Agreement. The rights of Zyla
hereunder are not assignable or otherwise transferable by Zyla. 

15. Independent Legal Advice. Zyla acknowledges
that he has executed this Agreement after receiving independent legal and
accounting advice and, in that connection, he has been advised by both his
accountants and his legal representatives that all of the provisions of this
Agreement are reasonable and enforceable in accordance with their respective
terms. 

16. Execution of Agreement. This Agreement may be signed
by the parties hereto in counterpart, each of which counterpart when so signed
shall be deemed to be an original, and such counterparts together shall
constitute one and the same instrument and notwithstanding the date of execution
will be deemed to bear the execution date as set forth in this Agreement. This
Agreement may be executed by facsimile and such facsimile or facsimiles shall be
deemed to represent the original Agreement. 

IN WITNESS WHEREOF
the parties hereto have executed this Agreement as of the day and year first
above written. 

	
SIGNED, SEALED AND DELIVERED
		
 	
)  
		
 	
XTRA-GOLD RESOURCES CORP.
	
	
in the presence of
		
 	
)
		
 	
 
		
 
	
	
 
		
 	
)
		
 	
 
		
 
	
	
 
		
 	
)
		
 	
 
		
 
	
	
 
		
 	
) 
		
Per:
		
/s/ John C. Ross	
 
	
	
 
		
 	
)
		
 	
John C. Ross   Chief Financial Officer
	
 
		
 	
)
		
 	
 
		
 
	
	
 
		
 	
)
		
 	
 
		
 
	
	
               
               /s/ Kevin Coombes
		
 	
)
		
 	
 
		
 
	
	
 
		
 	
)
		
 	
/s/ Paul N. Zyla

	
Signature of Witness
		
 	
)
		
 	

PAUL N. ZYLA

	
 
		
 	
)
		
 	
 
		
 
	
	
Kevin Coombes
	
	
 	
)
		
 	
 
		
 
	
	
Print Name
		
 	
)

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