LKA reports gold sales up 140%
Wednesday, Nov 21, 2012
GIG HARBOR, Wash., Nov. 20, 2012 /PRNewswire/ -- LKA International, Inc. (OTCQB: LKAI) announced that gold ore deliveries by its Golden Wonder mine operator, Coal Creek Construction, exceeded 1,205 ounces during the first nine months of 2012. The gold ore deliveries represent a 140% increase over the same period last year. The net value of 2012 gold sales was $1.57 million vs. $651,808 during the same period in 2011.
"The Golden Wonder mine continues to deliver outstanding ore grades during the exploration phase and provides us with valuable information about the potential of the deposit," stated LKA Chairman Kye Abraham.
Gold enriched vein material is extracted as part of an exploration program designed to determine the width, depth, and lateral extent of the Golden Wonder deposit. Following the Golden Wonder's highly enriched vein system employing exploratory drilling and mining strategies has proven the most effective and cost efficient means of locating commercial ore bodies. LKA management is encouraged by the high ore grades encountered at significant distances beyond the mine's previous production zones and believe it is a strong indicator that the Golden Wonder deposit could be much larger than previously believed. More conclusive information will be obtained as exploration progresses.
All 2012 ore shipments were sold to Kinross' Kettle River milling facility in Republic, WA. A more detailed description of operations and financial statements are available on LKA's website: www.lkaintl.com or may also be found on the SEC's website at: www.sec.gov. Timing differences often exist between actual ore deliveries and the period in which settlements/sales are reported.
About LKA and the Golden Wonder Mine
Since exploration commenced in 2009, LKA's has shipped bulk ore samples containing more than 2,793 ounces of gold resulting in net ore sales of $3.2 million. Average ore grades during this exploration program have exceeded 1.52 ounces (43 grams) per ton. Investors are cautioned that additional exploration is required and a commercially viable ore reserve has yet to be established.
SOURCE LKA International, Inc.