2014-04-03 17:09:59 -
Vancouver, British Columbia (FSCwire) - Lake Victoria Mining Company (OTCBB: LVCA) is pleased to announce that its wholly owned subsidiary, Lake Victoria Resources (T) Limited has been granted a full mining License for its Kinyambwiga open-pit gold project in northern Tanzania. The Tanzanian Government issued the approval notice on April 1st, 2014 authorizing the Company to advance the Kunanga area at Kinyambwiga in the Bunda District toward production. This notice follows Lake Victoria receiving in January 2014 the Government’s Environmental Impact Assessment Certificate (see Lake Victoria’s News Release dated January 9th, 2014) authorizing the Company to submit an application for a full mining license.
David Kalenuik, Lake Victoria’s CEO and President said “we are very pleased that the Tanzanian Government
has given us permission to move this open pit gold project toward production. We have been working in Tanzania since 2007 and have examined numerous properties across the country. This wide ranging, team-based exploration effort involved geological and geochemical studies, ground based magnetic and electrical geophysical studies and both reverse circulation and diamond core drilling programs. We are delighted that the result of this seven year effort is now approved to advance the Kinyambwiga Project toward open-pit production. Lots of work remains to be completed before we are ready to pour gold, but the pathway is now clear for us to move aggressively in that direction. Our plan now is to complete our financing activities, to place orders on longer lead time equipment, commence acquisition of our necessary mobile mine equipment and all related infrastructure. Site visits and the setup of planning committees including local residents to work with affected villagers to make sure the construction and operation of Tanzania’s newest gold mine progresses smoothly.”
Readers are encouraged to visit the “LVCA Media Room” on the Company’s corporate website for informational audios and videos about ongoing developments at our Kinyambwiga gold project including comments by some of the Company’s directors on future steps toward gold mine production.
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 is 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 which is Africa's fourth largest gold producer, behind South Africa, Ghana and Mali, 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 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
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 28, 2013, 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.
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Source: Lake Victoria Mining Company Inc. (OTC Bulletin Board:LVCA)
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