GIG HARBOR, Wash., Oct. 15, 2013 /PRNewswire/ -- LKA Gold Incorporated (OTCQB:LKAI) announced that the average grade of ore extracted from its Golden Wonder mine's North Raise area continues to exceed 3 ounces (86 grams) gold per ton. Ore from this new zone was used to "upgrade" stockpiled material (.74 ounces per ton) that was mined but not shipped during the latter half of the second-quarter. Third-quarter ore shipments are expected to average 1.24 ounces (35.2 grams) gold per ton vs. second-quarter shipments of 1.07 ounces (30.3 grams).
According to LKA President, Kye Abraham, "Escalating vein enrichment is one of the key indicators we've observed as we approach the much wider and higher-grade ore chutes. It'll be exciting as we get a much better look at this structure over the next two weeks but for now, this is a very good sign." More discussion on this subject can be found in the most recent, "President's Email Updates" entitled, "Searching for The Next Big Ore Chute(s)" on the Company's website at: http://lkagold.com/Management_Team_-_LKA_Inter.html
Details of third-quarter ore shipments to Freeport McMoRan and Kinross will be made available upon final settlement.
About LKA exploration program at its Golden Wonder Mine
Vein material is extracted as mining 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, with a single mining crew, 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 twenty-five bulk ore samples containing more than 3,700 ounces with a net value exceeding $4 million. Ore shipments have more than offset LKA exploration expenses to date. 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.
SOURCE LKA Gold Incorporated