|By PR Newswire||
|December 16, 2013 11:08 AM EST||
GIG HARBOR, Wash., Dec. 16, 2013 /PRNewswire/ -- LKA Gold Incorporated (OTCQB: LKAI) announced that its project geologist, Rauno Perttu, recently completed a report involving surface geology at the Company's Golden Wonder mine located near Lake City, CO.
In his report entitled "Field Investigation Summary," Mr. Perttu states, "All of the exploration and production to date has been from the southwestern part of one northeast-trending vein complex. Based on surface observations, the strongest part of the vein complex remains unexplored and unmined, to the northeast of the current and historic activity. The potential is strong for the discovery of new ore bodies as large or larger than those historically mined within the zone..."
According to LKA President, Kye Abraham, "Mr. Perttu's findings are just one more indicator that the larger part of this gold deposit may still be ahead of us. It appears that gold production, 140,000 ounces to date, has been confined to relatively small area on the fringes of the bigger target."
To understand the full context of Mr. Perttu's comments and findings, interested parties are encouraged to read the complete report posted on the Company's website under the "Investors" tab at: http://lkagold.com/Presentations___Reports.php
More discussion on this and related subjects can also be found in the "President's Email Updates" on the Company's website at: http://lkagold.com/Management_Team_-_LKA_Inter.html
About LKA's 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