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Author Topic: LKAI - Gold - OTCBB - 12M Shares
Mu Meson
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12m Share OS from latest 10K.

Pps is low.

Help me guys with DD. Why is this gold play so low?


Recent Exploration/Development Work Extends Immediately-Mineable Reserves by at Least Six Quarters

GIG HARBOR, Wash.--(BUSINESS WIRE)--May 4, 2006--Au Mining, the operator of the Company's Golden Wonder Mine, has advised LKA (OTCBB:LKAI - News) that recently completed exploration/development work at the mine's 6th level has resulted in the extension of the strike length of the Golden Wonder vein system. LKA expects this recent development to extend the immediately-mineable reserves (located between the 3rd and 6th levels) by at least another six quarters. Pre-production efforts at this extension area are currently underway and there is no reason to believe, at this point, that the ore grade will be significantly different than the weighted average (15.42 ounces/437 grams per ton) of all ore produced from this area since commercial operations began in 1997.

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Increase in potential reserves below 6 Level

LKA also believes that this extension of the vein structure(s) at 6 Level should increase potential reserves located in the 1,050' vertical interval between the valley floor and the current workings. Potential reserves in this yet-to-be-developed area are estimated by LKA to exceed 428,000 ounces of gold ($278 million at current prices). Intersecting the Golden Wonder vein structure from the valley floor is the focus of the "mine expansion project" discussed in previous press releases and Company regulatory filings. For an illustration of the underground workings, and the mine expansion area at the Golden Wonder, interested parties are referred to the diagram entitled "Golden Wonder Underground Workings" on the Company's website at: www.lkaintl.com.

Note: Investors are cautioned that "potential reserve" estimates made by LKA are based upon the continuity of the Golden Wonder vein structure (both in size and grade) to a depth of approximately 1,050 feet below the current workings. These estimates also take into account the Company's nine-year production history with the 350'vertical interval between 6 and 3 levels as well as exploration work conducted 100' below 6 level. There can be no assurance, at this time, that these estimates will prove reliable.

Posts: 167 | From: Dallas | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
heynow
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I dont think the PPS will be low tomorrow. Ill be on this one first thing * 6:30 pst. Watching it closely.

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Hurry up and wait.

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redmax
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Market cap is about $3 million if I am correct. They say they have $278 million in gold. Not a bad buy. Anyone know anything else about this company?
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dbrownRC
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i know that there werent any shares traded today or yesterday...whats up with that?

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Eat, Drink, and Be Merry

Posts: 192 | From: Virginia | Registered: Feb 2006  |  IP: Logged | Report this post to a Moderator
Jason0321
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the PR came out at 1750 after the market closed. This thing is going to gap in the morning. could see 52 week high. if I can get some cheep I will.

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One wrong move and you're eatin bag-nasties just to survive!
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wallymac
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Over a year later and the O/S is still 12.8M very low float. After Market News

Intention To Proceed With $3 Million Initial Commitment Toward $18 Million JV Interest in Golden Wonder Mine

GIG HARBOR, Wash.--(BUSINESS WIRE)--


On December 21st, Richmont Mines Inc. (AMEX:RIC) notified LKA International, Inc. (OTCBB:LKAI) that it has completed its initial evaluation of the Golden Wonder and intends to proceed with the "Initial Commitment Period" of its option to acquire a 50% joint venture interest in LKA's Golden Wonder mine. During this Initial Commitment Period Richmont will be required to invest $3 million in certain project-related expenditures ("Option Expenditures") prior to September 1, 2008. Included in this amount will be expenditures for exploration and development within the mine as well as approximately $550,000 to, or on behalf of, LKA for option fees, litigation settlement costs and project-related finder's fees. Also included will be certain amounts for permit compliance work at the mine.


Once Richmont completes its obligation(s) under the Initial Commitment Period it will have the option, but not the obligation, to proceed with a formal joint venture in which Richmont can earn a 50% interest in the Golden Wonder, subject to additional Option Expenditures totaling $15 million over a maximum, sixty-four month period. In the event Richmont fails to complete any of the Option Expenditures within certain specified time periods the shortfall will be paid directly to LKA in cash. Detailed terms of the joint venture will be announced after the Initial Commitment Period has been completed in September 2008 and Richmont elects to exercise its option to proceed.


During Richmont's initial evaluation samples were taken of the Golden Wonder vein system below the mine's 6th Level. Assays from these samples, taken at four-foot intervals over a thirty-two foot vertical section, yielded the following results:


Gold Silver

ozs. / grams ozs. / grams

(per ton) (per ton)

K416-1 2.82 / 79.94 13.9 / 394.06
K416-2 0.328 / 9.30 1.11 / 31.47
K416-3 70.30 / 1,992.97 29.80 / 844.81
K416-4 0.636 / 18.03 0.70 / 19.84
K416-5 9.27 / 262.80 1.70 / 48.19
K416-6 29.0 / 822.14 6.46 / 183.14
K416-7 0.360 / 10.20 0.46 / 13.04
K416-8 21.9 / 620.85 22.5 / 637.86

Average 16.82 / 476.84 9.57 / 271.30


The average assays from this area are remarkably consistent (although possibly coincidental) with the average of 48 assays/samples (15.208 ozs. / 431.14 grams gold per ton) taken from the Golden Wonder by Pincock Allen & Holt for Barrick last summer. (See LKA announcement dated October 4, 2007.) Investors are cautioned that these assays may not be representative of future production, if any, from the Golden Wonder mine.


Golden Wonder Mine


Since commercial production began in 1998, the Golden Wonder mine has produced ore containing over 133,701 ounces of gold valued at more than $45 million (based on an average sale price of $337.75, net of processing charges). The average grade of the ore sold during this period was 16.01 ounces (453.87 grams) of gold per ton. Ore production from the most recent two-year period (June, 2004 - June, 2006) yielded 52,668 ounces of gold at an average grade of 18.87 ounces (534.95 grams) of gold per ton. The primary purchasers of ore over this period were ASARCO and Barrick-Goldstrike with limited purchases by Teck Cominco. Substantial exploration and development work will be required to return the Golden Wonder to "producing" status (assuming such efforts are successful). The mine is not currently in production.


About LKA


LKA is a Gig Harbor, WA based natural resource holding and development company. The Company's primary assets are the Golden Wonder mine and the Ute-Ule silver mine and mill. Both of these properties are located in Hinsdale County, CO.


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.


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, market conditions and price for the company's products, availability of labor, equipment, consulting services, financing and technological changes, as well as any and all 'other risks' associated with business.


Source: LKA International, Inc.

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wallymac
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Very thinly traded so be careful. Here's a chart.

http://stockcharts.com/h-sc/ui?s=LKAI&p=D&yr=0&mn=3&dy=0&id=p31945609918

Not sure if it will be a day trade could be more of a swing trade.

GLTA
Wally

Posts: 3255 | From: Los Angeles California | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
   

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