GIG HARBOR, Wash., May 21, 2013 /PRNewswire/ -- LKA Gold Incorporated (OTCQB: LKAI) announced that first quarter ore deliveries from its Golden Wonder exploration program contained 257 ounces of gold with a gross value of $411,402 vs. 135 ounces valued at $232,609 during the same period in 2012. Gold sales, net of milling and processing charges, were $289,026 vs. $193,893 in the year-ago period.
Average ore grades during the first quarter were 1.14 ounces (32.32 grams) gold per ton vs. 1.57 ounces (44.45 grams) gold per ton during the same period in 2012. According to LKA President Kye Abraham, "We're pleased with the progress being made by our operations team in expanding our Golden Wonder exploration program. The high ore grades we consistently encounter are a strong indicator that additional, super-enriched ore bodies may be located in close proximity to our existing workings."
Gold ore sales (bulk sampling from exploration) continue to exceed the cost of LKA's exploration program. Detailed financial results were reported on Form 10-Q filed with the SEC earlier this month. A copy of this form will also be posted on the Company's website at: http://lkagold.com
First quarter ore shipments were made to Kinross' Kettle River milling facility in Republic, WA.
About LKA exploration program at its Golden Wonder Mine
Vein material is extracted as crews follow the volcanic vent system along the wall of the Uncompahgre Caldera. This method of exploratory mining and underground drilling proved successful in locating the first commercial ore body which yielded more than 133,000 ounces of gold from a single ore chute measuring less than 10,000 square feet. From 1998 through the second quarter of 2006, the Golden Wonder mine produced over 133,701 ounces from ore with an average grade of 16.01 ozs. (454 grams) gold per ton. Upon resuming exploratory operations in the first quarter of 2009, LKA has shipped nineteen bulk ore samples containing more than 3,181 ounces of gold. The exceptionally high-grades of Golden Wonder ore has allowed for "direct shipment" with no milling or concentrating required. 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 Gold Incorporated