GIG HARBOR, Wash., April 18, 2013 /PRNewswire/ -- LKA Gold Incorporated (OTCQB: LKAI) announced today that Mr. Francois Viens has joined LKA's Board of Directors.
Francois Viens is the former Vice President of Business Development and Exploration for Cambior, Inc., a major Canadian gold producer, prior to its acquisition by IAMGOLD Corp in 2006. Previously, Mr. Viens was Vice President Exploration for Ariane Gold and Hope Bay Gold Corp. and most recently, CEO of Bear Lake Gold. Mr. Viens is a geological engineer with extensive experience exploring and developing multi-million ounce gold deposits in North and South Americas. In 2006, during his tenure with Cambior, Mr. Viens recommended and received Cambior's Board approval for an LKA-Cambior joint venture, which gave Cambior the right to earn a fifty percent interest in LKA's Golden Wonder mine for $18 million in exploration and development expenditures. Cambior's acquisition by IAMGOLD shortly thereafter prevented the joint venture from being finalized.
Mr. Viens stated, "It is with great pleasure and excitement that I join LKA's Board. The Golden Wonder deposit offers great opportunity for additional exploration both locally and regionally. The mine mineralization could also be related to a bigger hydrothermal system potentially linked with the Eureka Graben fracture system which played an important role in the location of some other gold veins known to the W-SW of Lake City area (Sunnyside, Idarado). Major Gold-Tellurides deposits are known elsewhere in the world (Cripple Creek in Colorado, 24 M oz district – Golden Sunlight & Zortman-Landusky in Montana, 4.1 M oz – Emperor in the Fiji, 10 M oz – and Porgera in Papouasie New-Guinea, 10 M oz). There is no guarantee that the Golden Wonder area may contain such a resource but the potential grades of that kind of structure and the fact that they occur in complex systems of veins, breccias and dissemination offers great exploration opportunities. The spectacular gold grades encountered at the mine also put us in a favourable position amongst our peers. Our business is all about gold and at the end of the day… Nothing Beats The Grade."
LKA's Board Chairman, Kye Abraham, commented; "Mr. Viens has been a trusted advisor for several years. His industry experience has proven invaluable, as we've assessed joint venture and financing proposals in recent years. His knowledge of high-grade telluride deposits of this type (Golden Wonder) has also been helpful as we've advanced our exploration program. We are extremely honored to have Francois officially join the LKA Board."
Mr. Viens addition to LKA's Board of Directors became effective on April 15th, 2013.
About LKA Gold & The Golden Wonder Mine
From 1998 through the second quarter of 2006, LKA's Golden Wonder mine, with a single mining crew, produced over 133,701 ounces of gold from ore with an average grade of 16.01 oz. (453.8 grams) per ton ($207 million at today's price) making it one the richest gold mines in North America. In 2009, LKA commenced an exploration program to re-establish reserves and return the mine to commercial production. Since then, LKA's has shipped bulk ore samples containing more than 2,942 ounces of gold resulting in net gold 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 a commercially viable ore reserve has yet to be established and there can be no assurance that one will be.
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.
Jonathan Barkman, President
SOURCE LKA Gold Incorporated