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.
Company Contact
LKA Gold Incorporated
Kye Abraham
(253) 514-6661
info@lkagold.com
http://lkagold.com
Investor Contact
Riverview Capital Enterprises
Jonathan Barkman, President
(484) 224-3032
jbarkman@riverviewcapitalent.com
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SOURCE LKA Gold Incorporated