2014-01-21 17:29:28 -
Vancouver, British Columbia, Canada January 21, 2014 /FSC/ - Lake Victoria Mining Company, Inc. (LVCA - OTCQB),Today Lake Victoria Mining Company, Inc. submitted an application to the Ministry of Energy and Minerals of Tanzania license department for a Mining License and Processing License to commence a medium scale gold mine at the Company's Kinyambwiga gold project, Kanunga Village, Tanzania. After officially receiving the Environmental and Social Impact Assessment certificate of approval issued from the National Environment Management Council (NEMC) on the 7th of January 2014 the Company was now able to submit an application for the Mining License and Processing License.
The application covers the Kunanga site that encompasses 39 Primary Mining Licenses (PMLs) that were amalgamated on the 5th
of July, 2013 into one PML license covering an area of 3.45 square kilometers in anticipation of making application for the Mining License. The area also includes two other known gold occurrences at Kunanga 2 and 3.
The focus for this Mining License will be the Kunanga 1 deposit which has been traced for 700 metres and has seen extensive artisanal mining active in the past. Drilling between and below the artisanal workings has shown continuity of mineralization along strike and down dip over widths and grades with broad zones of lower grade material (eg. 1.21 gpt gold across 16 metre widths) and narrower zones of higher-grade material (eg 12.76 gpt gold across 3 metre widths). Metallurgical testing has demonstrated very good recoveries (>95%) using simple gravity and leaching techniques. Details are reported in a NI 43-101 report dated December 17, 2012 available on www.sedar.com.
According to the Tanzania Mining Act of 2010, Section 50(2), the Mining License shall be granted for a maximum period of 10 years, and is renewable in accordance with the Mining Act Section 53(2) for up to 10 years. The holder of a Mining License in accordance with Section 51 and 52 has exclusive right to carry on mining operations in the area covered by the License for the minerals specified in the license.
President David Kalenuik says: " We are thrilled to be able to submit our application for a gold mining and processing license to the Ministry of Energy and Minerals. Upon receipt of it we will hold all the regulatory approvals needed to commence gold mining and production at the first of potentially four separate gold projects in Tanzania. This should allow us to complete the necessary financing to begin to order and prepare for the mobile and stationary mining and recovery equipment. We will transition from a junior exploration Company to gold producing Company, which will create added value for our shareholders."
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 fourth largest gold producer, behind South Africa, Ghana[D1] and Mali, 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 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. (OTCBB LVCA) www.lvamining.com
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