LKA Reports 2012 Gold Sales From Exploration Up 100% Over Previous Year
GIG HARBOR, Wash., Feb. 26, 2013 /PRNewswire/ -- LKA International, Inc. (OTCQB: LKAI) announced that gold ore deliveries by its Golden Wonder mine operator, Coal Creek Construction, exceeded 1,335 ounces during 2012. Ore sales more than offset the Company's exploration expenses for the year. The net value of 2012 gold sales exceeded $1.7 million vs. $851,561 in 2011.
According to LKA Chairman, Kye Abraham, "We're very encouraged by our continued success in locating and extending the Golden Wonder's vein system beyond the original production zones. Based on our experience with previous discoveries, and the consistently high ore grades encountered, we're confident that exploration efforts will eventually result in the establishment of another commercial ore body. We've seen this before."
All 2012 ore shipments were sold to Kinross' Kettle River milling facility in Republic, WA. A more detailed description of operations and the Company's financial statements will be made available in LKA's 10-K which is expected to be filed in March, 2013.
About the Golden Wonder Exploration Program
Gold enriched vein material is extracted as part of an exploration program designed to determine the width, depth, and lateral extent of the Golden Wonder deposit. Following the Golden Wonder's highly enriched vein system, employing exploratory drilling and mining strategies, has proven the most effective and cost efficient means of locating commercial ore bodies.
Since exploration commenced in 2009, LKA's has shipped bulk ore samples containing more than 2,942 ounces of gold resulting in net ore sales of $3.3 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.