LKA Announces 2nd Consecutive Profitable Quarter
GIG HARBOR, Wash., Dec. 11, 2012 /PRNewswire/ -- LKA International, Inc. (OTCQB:LKAI) announced that gold ore deliveries from exploration during the third quarter produced the second consecutive quarterly profit for the Company in 2012.
The Company recorded a profit of $76,404 on net ore sales of $714,990 during the third quarter. Operating income was $97,171. The net value of gold sales from exploration activities, through the first nine months of 2012, was $1.57 million vs. $651,808 during the same period in 2011.
According to LKA Chairman, Kye Abraham , "The results of the drilling and exploratory mining program continue to cover our exploration costs while we gather compelling information about the Golden Wonder deposit. The nature of these types of telluride gold deposits, coupled with the high ore grades we continue to encounter, bolsters our belief that multiple high-grade zones exist on LKA claims"
All 2012 ore shipments were sold to Kinross' Kettle River milling facility in Republic, WA. A detailed description of operations and financial statements are available on LKA's website: www.lkaintl.com or may also be found on the SEC's website at: www.sec.gov
About LKA and the Golden Wonder Mine
Since exploration commenced in 2009, LKA's has shipped bulk ore samples containing more than 2,793 ounces of gold resulting in net ore sales of $3.2 million. Average ore grades during this exploration program have exceeded 1.52 ounces (43 grams) per ton. Investors are cautioned that additional exploration is required and a commercially viable ore reserve has yet to be established.
Safe Harbor Statement
LKA's plans to resume/expand Golden Wonder production are subject to a number of conditions including, but not limited to, favorable geology, successful exploration efforts, favorable financing terms/availability, permits, gold prices, market conditions, etc. Mining and related activities are inherently high-risk endeavors and there can be no assurance that LKA will be successful. This press release contains certain forward-looking statements. Statements contained in this press release that are not purely historical are considered forward-looking. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding LKA International, Inc.'s future plans for exploration and/or production, future expenses and costs, future liquidity and capital resources, and estimates of ore, ore grades and mineralized material. All forward-looking statements in this press release are based upon information available to LKA International, Inc. on the date of this press release and the Company assumes no obligation to update any such statements. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company's reports filed with the Securities and Exchange Commission.
Riverview Capital Enterprises
Jonathan Barkman , President
SOURCE LKA International, Inc.
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