GIG HARBOR, Wash.--(BUSINESS WIRE)--LKA International, Inc. (OTCQB:LKAI) announced today that its exploration program has confirmed the existence of the high-grade gold bearing zone located in the LKA Winze area at the mine’s 7th Level. LKA’s exploration crew has been sinking on the gold bearing structure in this 100’+ vertical area located between the mine’s 6th & 7th levels in an effort to confirm an extension of the rich production zone encountered during commercial mining operations between 1998 and 2002. During that period, this zone produced over 24,644 ounces of gold and average ore grades of 12.96 ounces (367 grams) gold per ton.
Sampling/assays from the exposed vein in the lower 30’ of the LKA Winze area yielded the following results:
|Sample||Au oz (grams) per ton||Ag oz/ton|
|AU 70' No||0.220 (6.2)||1.10|
|Au 78' No||0.712 (20.2)||1.43|
|AU 82' No||25.6 (725.7)||4.83|
|AU 87' No||11.4 (323.2)||2.59|
|AU 90' So||4.95 (140.3)||5.05|
|AU 100' Center East||0.980 (27.8)||5.28|
|AU 100' Center West||0.132 (3.7)||1.40|
About the Golden Wonder
From 1998 through the second quarter of 2006, the mine produced over 133,701 ounces (82% of which came during the period of 2002-2006) from ore with an average grade of 16.01 ozs. gold per ton. Upon resuming operations (exploration) in the first quarter of 2009, LKA has shipped seven bulk ore samples (lower grade material) containing more than 1,200 ounces of gold. Over 226 ozs. were shipped in February. Historically, the high-grade nature of Golden Wonder ore has allowed for “direct shipment” with no milling or concentrating required. Investors are cautioned that a commercially viable ore reserve has yet to be established and there can be no guarantee that one will be.
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.