|By PR Newswire||
|August 29, 2013 10:13 AM EDT||
GIG HARBOR, Wash., Aug. 29, 2013 /PRNewswire/ -- LKA Gold Incorporated (OTCQB:LKAI) is pleased to announce that Michael Hess will be assuming the role as LKA Gold's Chief Financial Officer effective immediately. Mr. Hess will be replacing Nanette Abraham who has served as the Company's CFO for the past 10 years. Mr. Hess is very familiar with all aspects of LKA operations and administration. He has worked with LKA over the past five years as a contract audit and internal control consultant responsible for overseeing the Company's financial reporting, audit preparation and periodic SEC filings. Nanette Abraham will continue to assist in project and administrative cost control.
Michael Hess is a Certified Public Accountant with extensive experience in public company financial reporting, technical accounting, merger and acquisition and Sarbanes-Oxley compliance. Mike has over sixteen years of private industry and public accounting experience, holding positions such as Corporate Controller at Medicity (a wholly owned subsidiary of Aetna), Director of Administrative Services and Technical Accounting Consultant at PacifiCorp Energy (a subsidiary of Berkshire Hathaway's energy generation and coal mining unit), Senior Audit Manager with HJ & Associates, a boutique SEC audit firm and member of the McGladrey Alliance and Supervising Senior with KPMG, a member of the "Big 4" global accounting firms, in Salt Lake City, Utah
According to LKA President, Kye Abraham, "We're very pleased that Mike decided to take this position. There's no one more qualified, or familiar, with LKA's financial operations and the accounting issues. Mike has been an integral member of LKA's management team for a long time so this is a natural fit."
About LKA exploration program at its Golden Wonder Mine
From 1998 through the second quarter of 2006, LKA's Golden Wonder mine produced over 133,701 ounces from ore with an average grade of 16.01 ozs. (454 grams) gold per ton. Upon resuming exploratory operations to re-establish reserves in the first quarter of 2009, LKA has shipped twenty-three bulk ore samples containing more than 3,417 ounces with a net value of $3.8 million. The exceptionally high-grades of Golden Wonder ore has allowed for "direct shipment" with no milling or concentrating required. Ore shipments continue to cover the cost of LKA's current exploration program. Investors are cautioned that additional exploration will be 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 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.
SOURCE LKA Gold Incorporated