GIG HARBOR, Wash., Nov. 13, 2013 /PRNewswire/ -- LKA Gold Incorporated (OTCQB: LKAI) announced that it's third quarter, 2013 exploratory gold ore shipments rose to 293 ounces vs. 205 ounces in the previous quarter. Average ore grades also rose 12.2% to 1.2 ounces (34 grams) gold per ton from 1.07 ounces (30.3 grams) per ton in the previous period.
According to LKA President, Kye Abraham, "Our exploration program requires that we extract all vein material, even lower grades, as we advance along the Golden Wonder's vein structure toward, what we believe, is the center of this gold deposit Early results indicate that fourth quarter ore grades may be considerably higher. We'll know soon."
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
During the third quarter, all 244 tons of gold ore were sold to Kinross and Freeport McMoran.
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 twenty-five bulk ore samples containing more than 3,700 ounces with a net value, after processing, of over $4 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.
SOURCE LKA Gold Incorporated