Lake Victoria Mining Company, Inc. (LVCA:OTCBB) (“Lake Victoria”
or the “Company”) is pleased to announce resumption of field
activities, after the rainy season, which includes advancing
existing gold discoveries and initial exploration activities on
many of the Company’s gold projects in Tanzania.
Uyowa Gold Project:
At the Company’s 720 square kilometer Uyowa Gold Project,
reverse circulation drilling during the latter part of 2011
identified two narrow, but continuous, gold rich zones extending
about 1.3 kilometers in strike length at Target 1, in the northern
part of the project (see press release 27 October and 28 November,
2011). The Buzwagi Gold Mine owned by African Barrick, which
contains a reported gold resource of approximately 2.89 million
ounces, is located approximately 110 kilometers northwest of the
Uyowa Gold Project. Reconnaissance investigation is currently
underway on the Uyowa block of licenses, located 40 kilometers
southeast of the Kahama South license. A number of ground magnetic
anomalies within the licenses are being targeted with soil and
termite sampling programs. During the second quarter of 2012, a
second phase drilling program of 3000 meters of Reverse Circulation
and 1000 meters of diamond drilling are planned at the Target 1
location. At least seven ground magnetic targets within the
northern license are to be prioritized for a Rotary Air Blast (RAB)
drilling program during the course of this year.
Kiabakari East Gold Project:
Towards the latter part of 2011, the Company had commenced
opening a number of the old collapsed trenches across the BIF hill
at the Kiabakari East Prospect located within the central part of
the Musoma-Mara Greenstone Belt in the Musoma District in
northeastern Tanzania. Sampling of some of the artisanal workings
and shafts on the hill returned encouraging results (see press
release 08 November, 2011). Mapping and channel sampling were
completed before cessation of field activities and samples were
submitted to SGS Laboratories, Mwanza for analysis of gold.
Additional infill trenches have been planned, pending results of
from this initial trench program. Kiabakari East is located about 4
kilometers southeast of the now closed Kiabakari Gold Mine which
reportedly produced 284,335 ounces of gold at a grade of 6.1 g/ton
and is nearby the Company’s Kinyambwiga, Suguti and Murangi gold
licenses.
Kinyambwiga Gold Project:
At the nearby Kinyambwiga property, an auger drill program is
currently in progress to test strike extensions of the Kanunga 1
gold rich vein beneath areas of thin clay rich soil cover. Once
completed, the auger rig will be utilised to explore coincident
ground magnetic and IP gradient targets, overlain by similar soil
cover, on nearby Suguti and Murangi licenses.
Kahama South Gold Project:
At Kahama South, the Company has commenced a ground magnetic
survey and a geologic mapping program of this 245 square kilometer
project. This project is situated about 40 kilometers southwest of
African Barrick’s Buzwagi gold mine.
North Mara Gold Project:
During 2012, early stage exploration programs are planned for a
number of additional Company licenses within the North Mara
Greenstone Belt of northeastern Tanzania.
President and CEO of Lake Victoria, David Kalenuik
commented, “We finished 2011 with very exciting drill results at
the Company’s Uyowa Gold Project, along with very encouraging
trench results from our recently acquired Kiabakari East property.
Additionally, with the Company’s acquisition of a hydraulic
auger-drilling rig, we are now able to test rapidly and
economically hidden gold targets, which extend beneath pervasive,
thin clay rich soils surrounding Lake Victoria, which will
potentially open up new mineralized zones within existing licenses.
With our exploration teams geared up and our exploration programs
already in full swing, we look forward to reporting on the positive
advancement of existing gold discoveries and an exciting year of
new discoveries.”
Project exploration results will be published as the information
becomes available.
The reader is cautioned that the potential quantity and grade of
the regional exploration target is conceptual in nature; it is
uncertain if further exploration will result in the exploration
target being delineated as a mineral resource and there is no
guarantee that these resources, if delineated, will be economic or
sufficient to support a commercial mining operation. The Company's
production objectives are intended to provide an indication of
management's current expectations and are still conceptual in
nature. It is uncertain that it will be established that these
resources will be converted into economically viable mining
reserves. Until a feasibility study has been completed, there is no
certainty that these objectives will be met.
Clive King, P.Geo, a Qualified Person as such term is defined in
Canadian National Instrument 43-101, is responsible for monitoring
the supervision and quality control of Lake Victoria’s exploration
program and has reviewed and verified the technical information
contained in this news release. Clive King, registered as a
Professional Geologist with the South African Council of Natural
Scientific Professions (Pr.Sci.Nat Reg. No. 400065/09).
About the Company
Lake Victoria Mining Company, Inc. is working to create another
gold mine in the world famous Lake Victoria Greenstone Belt,
Tanzania, East Africa. Tanzania is Africa's third largest gold
producer, behind South Africa and Ghana, but also has reserves of
uranium, nickel and coal. Gold exports alone earned it $1.076
billion in 2009, up from $932.4 million the previous year. Lake
Victoria holds nine prospective gold projects and five uranium
projects within its Tanzania property portfolio. Additional
information regarding the Company is available on the corporate
website at: www.lakevictoriaminingcompany.com.
Disclaimer
This news release may contain forward-looking statements or
information within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and within the meaning of
Canadian provincial securities laws applicable to the Company.
Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and
similar expressions, or are those, which, by their nature, refer to
future events. Forward-looking statements in this news release
include statements about the Company’s belief that the positive
gold assays from the sampling of the BIF hill trench and pits at
the Kibakari East license indicate the potential for an important
gold deposit to exist in a geologically significant district of
Tanzania and that the Company’s plans for further geophysical
surveys (Magnetics, IP gradient and Schlumberger profiling) and
additional sampling coupled with an increasing awareness of the
structural controls (through possible diamond drilling) will result
in targets for follow-up drilling. Forward-looking statements or
information are subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those
reflected in the forward-looking statements or information,
including, without limitation, risks and uncertainties relating to
obtaining financing to meet the Company's exploration programs and
operating costs during its exploratory stage, the interpretation of
exploration results and the estimation of mineral resources and
reserves, the geology, grade and continuity of mineral deposits,
the possibility that future exploration, development or mining
results will not be consistent with the Company's expectations,
accidents, equipment breakdowns, title matters, or other
unanticipated difficulties with or interruptions in production and
operations, the potential for delays in exploration or development
activities or the completion of feasibility studies, the inherent
uncertainty of production and cost estimates and the potential for
unexpected costs and expenses, commodity price fluctuations,
currency fluctuations, regulatory restrictions, including the
inability to obtain mining permits and environmental regulatory
restrictions and liability, the speculative nature of mineral
exploration, dilution, competition, loss of key employees, and
other risks and uncertainties, including those described under
"Risk Factors" in the Company's Annual Report on Form 10-K filed on
July 14, 2010, which is on file with the Securities and Exchange
Commission, as well as the Company's periodic filings available at
www.sec.gov and with Canadian Securities Administrators at
www.sedar.com. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in
forward-looking statements. Accordingly, readers are advised not to
place undue reliance on forward-looking statements or information.
The Company does not undertake any obligation to release publicly
revisions to any "forward-looking statement," to reflect events or
circumstances after the date of this news release, or to reflect
the occurrence of unanticipated events, except as is required under
applicable securities laws.
Cautionary note to U.S. Investors -- The United States
Securities and Exchange Commission permits U.S. mining companies,
in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or
produce. We use certain terms on this press release, such as
"mineralized zones" which the SEC guidelines strictly prohibit U.S.
registered companies from including in their filings with the SEC.
U.S. Investors are urged to consider closely the disclosures in our
annual report on Form 10-K. This press release contains information
about adjacent properties on which we have no right to explore or
mine. We advise U.S. investors that the SEC's mining guidelines
strictly prohibit information of this type in documents filed with
the SEC. U.S. Investors are cautioned that mineral deposits on
adjacent properties are not indicative of mineral deposits on our
properties.
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