GIG HARBOR, Wash., April 28 /PRNewswire-FirstCall/ -- LKA International, Inc. (BULLETIN BOARD: LKAI) announces production results from LKA's Golden Wonder Mine located near Lake City, CO for the first quarter of 2006 as follows:
Total ounces gold delivered 4,699.58
Total dry weight tons delivered (ore) 290
Net ounces gold received @ 90% 4,229.62
Settlement grade of ore 16.217 ozs. gold per ton
Settlement price $556.81
First quarter production results represent a decrease in net ounces received of 1,215.49 ounces over the fourth quarter, 2005 and an increase of $81.05 in the settlement price (per ounce). Settlement grade decreased from 20.378 ozs. per ton in the fourth quarter, 2005. First quarter production grades were substantially better than the weighted average (14.25 ozs. gold per ton) grade of all shipments from the Golden Wonder Mine during LKA's ownership of the property.
LKA financial results for the first quarter, 2006 have not yet been reported. LKA expects to report these results soon. When reported, financial results for the quarter ended March 31, 2006 will be filed on Form 10-QSB.
About LKA
As the sole property owner, LKA currently receives a 10% net-smelter royalty (less certain shipping and handling charges) from Golden Wonder production. LKA plans to substantially increase it's interest in Golden Wonder production (up to a 50% net-profits interest) by financing the estimated $3.5 million expansion of the Mine's existing production zone.
LKA's plans to expand Golden Wonder production are subject to a number of conditions including but not limited to, favorable financing terms/availability, permits, favorable geology, etc. There can be no assurance that LKA will be successful in this endeavor.
Forward-looking statements in this release are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, but not limited to, continued acceptance of the company's products and services, competition, new products and technological changes, as well as any and all 'other risks' associated with business.
Website: http://www.lkaintl.com/
