For Immediate Release
July 21, 2009
Lake Victoria Continues to Advance Kinyambwiga Gold Project Towards Establishment of a Low Cost High Grade Gold Mine, Tanzania
Golden, Colorado, July 21, 2009 (LVCA.OB) - Lake Victoria Mining Company is pleased to report the excavation of thirty-six trenches designed to closely define the continuity of mineralized quartz veins along a northeast to east-northeast trending structure. These trenches have advanced vein exposures towards a one kilometer strike length. As previously reported, the Company continues to move forward with its previously announced plan to establish a low cost, high grade commercial gold mine at Kinyambwiga in northern Tanzania.
The Kinyambwiga project lies within License Number PL4653/2007 and covers 30.73 square kilometers in northern Tanzania’s Lake Victoria Greenstone Belt. The property is about 110 kilometers northeast of Mwanza and 12 kilometers west of the smaller town of Bunda.
- • The current trenching program follows a detailed ground magnetic survey completed earlier this year that helped project quartz vein directions below shallow cover, beyond last year’s drilling program.
- • The drilling program succeeded in defining gold bearing quartz veins over a 300 meter strike length, and the trenches have now extended the length of the veins to 450 meters.
- • While, additional trenches will be required to further advance and expose the veins, based on preliminary trench mapping, it appears that three new veins may have been exposed that were not drilled. The veins have granite host rocks and in addition to microscopic gold, the one to one-and-half to three meter thick quartz veins are also mineralized with disseminated pyrite and visible gold.
- • In the western part of the quartz vein system the trenches have exposed two parallel northeast trending veins that are 20 to 50 meters apart; preliminary mapping suggests that the southern vein may be an extension of the main mineralized zone.
Detailed geological studies are underway and geological representatives from SRK Consulting recently visited the property, and provided certain recommendations for additional trenching, sampling and assaying. These recommendations will be followed as Company geologists continue to map and to collect samples of the veins for gold assaying in preparation for feasibility and environmental studies to be commenced shortly.
In addition to the Kinyambwiga field work, Kilimanjaro Mining Company ( www.kilimanjarominingcompany.com ) and Lake Victoria Mining Company have advanced the share exchange program, and are hoping to close this transaction as planned on July 23rd.
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 produced 1.75 million troy ounces of gold during 2007 and is the 3rd largest gold producer in Africa behind South Africa and Ghana. Lake Victoria Mining Company, Inc. currently holds an eighty percent ownership interest in the Kinyambwiga Gold Project along with Geo Can Resources Company Limited (Tanzania).
Additional information regarding the Company is available on the corporate website at: www.lakevictoriaminingcompany.com or by contacting:
Lake Victoria Mining Company, Inc.
Dr. Roger A. Newell
Phone: 303 -586-1390
Email: info@lvcamining.com
Disclaimer
This news release may contain forward looking statements, relating to the Company's operations or the environment in which it operates, which are based on Lake Victoria Mining Company, Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or beyond Lake Victoria Mining Company, Inc.'s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place undue reliance on such forward-looking statements. Lake Victoria Mining Company, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.