LKA Records Second Consecutive Profitable Year For Golden Wonder Mine Operations
GIG HARBOR, Wash., April 10, 2013 /PRNewswire/ -- LKA International, Inc. (OTCQB:LKAID) (temporary) announced today that for the second consecutive year its exploration program at the Company's Golden Wonder mine was profitable. Gold ore sales exceeded $1.72 million in 2012, which more than doubled 2011 ore sales of $851,561. Project profits were $542,532 in 2012 vs. 219,625 in 2011. As previously announced, the average grade of ore sold was 1.55 ounces (43.9 grams) gold per ton in 2012 vs. an average grade of 1.44 ounces (40.8 grams) in 2011.
Chairman Kye Abraham commented, "We're extremely pleased with our exploration progress at the Golden Wonder. Our operator, Coal Creek Construction, has done a remarkable job of advancing our knowledge of the mine and the deposit while controlling project costs. They're an invaluable component of the program's success."
For the Company as a whole, LKA recorded a net loss of $2.71 million, which was mostly attributed to one-time charges of $2.34 million associated with debt restructuring. More detailed information about the Company's operations and financial condition may be found in the Company's 10-K filed as filed with the SEC on April 1, 2013 at: www.sec.gov or under the "Investors" tab "Public Filings" on the Company's website: www.lkagold.com .
About the Golden Wonder Exploration ProgramGold enriched vein material is extracted as part of an exploration program designed to determine the width, depth, and lateral extent of the Golden Wonder deposit. Following the Golden Wonder's highly enriched vein system employing exploratory drilling and mining strategies has proven the most effective and cost efficient means of locating commercial ore bodies.
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