2013-01-24 17:29:32 -
Lake Victoria Refiles NI43-101 Technical Report for Kinyambwiga-Murangi-Suguti Properties Located in Tanzania, East Africa and Clarifies Production Decision Reported on January 9, 2013
Vancouver, British Columbia, January 24, 2013 /FSC/ - Lake Victoria Mining Company, Inc. (LVCA - OTCBB)
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 The report was withdrawn because it contained unclassified estimates of grade, tonnes and metal content which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
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.
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Source: Lake Victoria Mining Company, Inc. (OTCBB LVCA) www.lvamining.com
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