Mar 30, 201211:08 AMBlog

Gold values exceed $1.27M in 2011 at LKA's Golden Wonder

Mar 30, 2012 - 11:08 AM
The total value of gold delivered from LKA International Inc.'s exploration program at its Golden Wonder mine exceeded $1.27 million (average delivered price of $1,616.96) during 2011. This included one ore shipment that was in process but not yet settled at year-end that will be recorded (revenue and expenses) in the first quarter of 2012.
 
Recorded gold sales for the year were $851,000 compared to exploration and related expenses of $667,510. The Gig Harbor-based company expects to significantly expand its exploration program to locate additional high-grade ore zones during 2012 through its previously announced arrangement with Premier Gold Mines.

Premier will supervise an exploration program designed to test the lateral extent and depth of the Golden Wonder's vein system in those areas located 60 meters beyond LKA's current workings. The amount of high-grade enrichment consistently encountered beyond the mine's previous production zones leads management to believe that a much larger deposit (greater than the 137,000 ounces of prior production) exists within the company's claims.

From 1998 through the second quarter of 2006, the Golden Wonder mine produced over 133,701 ounces (82 percent of which came during the period of 2002-2006) from ore with an average grade of 16.01 ounces (454 grams) gold per ton.

Upon resuming exploration in the first quarter of 2009, LKA has shipped 13 bulk ore samples containing more than 2,040 ounces of gold. The ore grades of these shipments have averaged 1.56 ounces (44.22 grams) gold per ton.
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