LAKE CITY, Colo., Feb. 6, 2015 /PRNewswire/ -- LKA Gold Incorporated (OTCQB: LKAI) announced that gold contained in shipments of high-grade vein material from exploratory operations at the Company's Golden Wonder mine increased to 923 ounces during 2014. This was up 92.6 ounces over 2013 deliveries. The grade of the 2014 shipments, measured in troy ounces (grams) per ton, increased 86% to 2.1 ounces (65.3 grams) gold per ton vs. 1.13 ounces (35.1 grams) in the prior year.
According to LKA President, Kye Abraham, "The number of ounces extracted during the exploration program is very helpful in terms of paying the bills but it's insignificant when compared to our previous commercial production, or this project's real potential. The rise in the gold enrichment of vein structures is much more significant. It increases the possibility that we're closing in on the source."
During 2014, 439 tons of gold bearing vein material was sold to Kinross Gold Corp., TCB International and Klondex Mines, Ltd. Financial and operations details will be reported in the Company's 10-K later this quarter.
More discussion on this and related subjects can be found in the "President's Email Updates" on the Company's website at: http://lkagold.com/Management_Team_-_LKA_Inter.html
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 average grade of Golden Wonder ore was 16.01 ozs. (454 grams) gold per ton. LKA believes that additional such ore chutes may exist on its mining claims. Upon resuming exploratory operations in the first quarter of 2009, LKA has shipped thirty-five bulk ore samples containing more than 4,600 ounces with a net value, after processing, of over $5 million. Ore sales to date have funded the majority of LKA exploration 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.
LKA Gold Incorporated
Riverview Capital Enterprises
Jonathan Barkman, President
SOURCE LKA Gold Incorporated