43-101 Technical Report for
the Kinyambwiga, Murangi and Suguti
properties
In a news release dated December 20, 2012 Lake Victoria Mining
Company reported the completion of a National Instrument 43-101
Technical Report for the Kinyambwiga, Murangi and Suguti
properties. The report was filed on SEDAR December 19, 2012. As
previously announced in a November 13th, 2012 Press Release, Dr.
David Webb P. Geol. authored the report. The report was withdrawn
because it contained unclassified estimates of grade, tonnes and
metal content which was incorrectly labeled as “resources”. The
report also provided a detailed analysis of the key assumptions,
parameters and methods used that is consistent with the estimation
of mineral resources. The report then classified the estimates as
“conceptual resources” which is not a category permitted under
NI43-101 or recognized under Canadian and other accepted
international standards. In the absence of a mineral resource the
Company had no basis for discussing economic significance of a
deposit that it has not yet delineated to the point where
continuity of tonnes and grade can be determined.
The report is replaced by a revised report dated January 23,
2013.
A Conceptual Target of 600,000 to 1,000,000 tonnes of
mineralization may be present at grades of 1 to 3 gpt in three vein
structures at the Kanunga 1 prospect on the Kinyambwiga property.
This Conceptual Target is within the first 150 to 200 meters of
surface and may contain 30,000 to 60,000 ounces of gold.
The potential quantity and grade of these targets are
conceptual in nature. There has been insufficient
exploration to define a mineral resource and that it is uncertain
if further exploration will result in the target being delineated
as a mineral resource. The conceptual target has been
determined on the basis of trenching, mapping, geophysics and both
RC and RAB drilling.
Conceptual Targets are not Mineral Resources or Mineral Reserves
and do not have demonstrated economic viability. Conceptual Targets
need additional work or testing, and some or all of these targets
may or may not become Mineral Resources. David Webb, B.A.Sc.
(Engineering), M.Sc., Ph.D., P. Geol., of DRW Geological
Consultants Ltd. is a Qualified Person within the meaning of NI
43-101, is independent of Lake Victoria Mining Company Inc., and
has reviewed the technical disclosure in this release and approves
of its content.
Kinyambwiga Small Scale Gold Mining
Project
In a news release dated January 9, 2013 the Company announced
the hiring of a mining contractor, Camlaren Mine Development, to
construct commission and operate the Company’s Kinyambwiga gold
project in northern Tanzania.
The Company wishes to clarify that the Company has not
established mineral reserves or mineral resources that would
support a production decision. The Company does not have a
feasibility study demonstrating economic and technical viability.
Historically a production decision without mineral resources or a
positive feasibility study results in a much higher risk of
economic or technical failure. In this case the specific economic
and technical risk is that the conceptual targets may or may not be
converted to resources or reserves and even if mineral resources
are established, they may not be economically viable. This is due
to geological, mining engineering, metallurgical engineering,
environmental, socio-economic, taxation, political, infrastructure,
legal, and other issues that may impact the conceptual target.
Establishing mineral reserves, economic viability and feasibility
involve comprehensive exploration, geological analysis and
interpretation and engineering, amongst other things, which has not
yet been done by the Company.
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 fourth 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 or by contacting:
Lake Victoria Mining Company, Inc.
David T. Kalenuik, CEO & President
Phone: 303-586-1390
Email: info@lvcamining.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 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 June 29, 2012, 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 news release does not constitute
an offer to sell or a solicitation of an offer to buy any of the
securities of the Company in the United States, nor shall there be
any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities offered have
not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any U.S. state securities laws and may not be offered or sold
within the United States or to, or for the account or benefit of,
U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or unless an exemption from such
registration is available.
Victoria Lake (CE) (USOTC:LVCA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Victoria Lake (CE) (USOTC:LVCA)
Historical Stock Chart
From Jul 2023 to Jul 2024
