GIG HARBOR, Wash., Jan. 16, 2015 /PRNewswire/ -- LKA Gold
Incorporated (OTCQB:LKAI) reports that it will announce the
initial results of the current underground drilling program being
conducted at the Company's Golden
Wonder mine next Tuesday, January 20,
2015.
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 cubic 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 extracted and/or
shipped (sold) twenty-nine bulk samples of crushed vein material
containing nearly 4,400 ounces of gold with a net value, after
processing, of over $5 million. The
Company continues to seek and evaluate financing options to
expand/accelerate this program. Investors are cautioned that the
Company continues to generate substantial losses and additional
funding and exploration work is required. A commercially viable ore
reserve has yet to be established and there can be no guarantee
that the Company will be successful in this regard.
Safe Harbor Statement
LKA's plans to resume
commercial gold production at its Golden
Wonder mine 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,"
"potential," "possible," "approximate," "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