GIG HARBOR, Wash., March 21, 2014 /PRNewswire/ -- LKA Gold Incorporated (OTCQB: LKAI) announced that ore deliveries, derived from it's 2013 exploration program, yielded 829.76 ounces of gold. The average grade of the ore delivered for the year was 1.13 oz. (31.18 grams) gold per ton.
According to LKA President, Kye Abraham, "While not our primary objective at this stage, ore sales are a welcome by-product of the exploration program and continue to cover the cost of our operations….which is highly unusual in this business. If we can nail down a financing package we can increase revenues and the pace of our search for the next big ore shoot….which would make these ore shipments and grades look insignificant by comparison."
The Company also reports that the current quarter ore grades have risen considerably (more than double 2013 averages) as focus has shifted to an area above the mine's 6 level in the North Raise. Year-end 2013 financial results will be reported in the Company's 10-K which is scheduled for filing with the SEC at the end of the current quarter. Detailed ore shipment records, through 2013, can be found on the Home Page of the Company's website at: www.lkagold.com
All 2013 ore shipments/sales were made to Kinross and Freeport McMoRan.
More discussion on this and related subjects can be found in the "President's Email Updates" and "President's Archive" on the Company's website at: http://lkagold.com/Management_Team_-_LKA_Inter.html
About LKA's 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, the average grade of Golden Wonder ore was 16.01 ozs. (454 grams) gold per ton. LKA believes that additional such ore bodies may exist on its mining claims. Upon resuming exploratory operations in the first quarter of 2009, LKA has shipped twenty-nine bulk ore samples containing nearly 4,00 ounces with a net value, after processing, of over $4.3 million. Ore sales to date have funded LKA exploration program. The Company is currently evaluating financing options to expand/accelerate this program. 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 Gold'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 Gold 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
SOURCE LKA Gold Incorporated