LKA Gold Incorporated (OTCMKTS:LKAI) Files An 8-K Termination of a Material Definitive AgreementITEM 1.02 Termination of a Material Definitive Agreement.
In or around July, 2015, Kinross Gold U.S.A ("Kinross") entered into an Exploration Agreement and Option (the "Agreement") with LKA Gold Incorporated ("LKA") granting Kinross the exclusive right to prospect and explore for minerals on and in patented and unpatented mining claims owned by LKA in Hinsdale County, Colorado. If during the term of the Agreement, Kinross identified one or more "mineral resources" as defined in the Agreement, LKA and Kinross had the option of negotiating in good faith a joint venture for the commercial exploitation of those resources.
Since the inception of the Agreement, Kinross conducted certain surface evaluations and drilled five test holes. The initial term of the Agreement was for five years. However, Kinross had the right to terminate the Agreement at any time upon providing notice of its desire to terminate to LKA. On or about September 20, 2017, Kinross gave LKA notice of termination of the Agreement.
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About LKA Gold Incorporated (OTCMKTS:LKAI)
LKA Gold Incorporated is an exploration-stage company. The Company is engaged in an exploration program at the Golden Wonder mine. The Company owns certain real and personal property interests, including patented and unpatented mining claims, buildings, fixtures, improvements, equipment and permits situated near Lake City, Colorado. It owns interest in the Ute-Ulay (non-donated portion of patented claims) and Golden Wonder Properties. The Company’s Ute-Ulay silver mine and milling facility (Ute-Ulay Property ) and the Golden Wonder gold mine (the Golden Wonder Property), consist of certain patented and unpatented mining claims and a milling facility located in Hinsdale County, Colorado. The Company’s Ute-Ulay Property consists of approximately 20 patented mining claims located approximately four miles west of Lake City, Colorado. These are mineralized silver-lead-zinc mines. The Golden Wonder Property consists of approximately three patented and over 25 unpatented mining claims.