Lake Victoria Receives Initial Gold Assay Results from Rock Dump Sampling - Singida Gold Project, Tanzania
Golden, Colorado, August 31, 2009 (OTCBB:LVCA) – A 3.0 gram per ton average has been received on the initial assay results from the first 582 samples of rock dump piles at the Singida “Gold Rush” Project, Central Tanzania. Lake Victoria Mining Company is pleased to report that preliminary field information from the Singida Project suggests that the first stage of sampling, totaling 10,800 metric tons of rock in surface mine dumps from artisanal workings, may contain approximately 1,000 ounces of gold. To obtain these estimates, a total of 582 samples were systematically collected from 147 pits excavated in the eight different mine dumps. These results are summarized in the table below.
|
ROCK DUMPS |
TOTAL PITS |
TOTAL METERS |
TOTAL N0. OF |
AVERAGE |
AVERAGE |
TONNAGE |
AVERAGE |
GOLD |
GOLD |
|
N0. |
|
PITTED |
SAMPLES |
DEPTH,M |
AREA, M2 |
Tons1 |
GRADE(g/t)2 |
(grams) |
(ounces)3 |
|
1 |
16 |
17.20 |
56 |
1.07 |
285.00 |
762.38 |
1.30 |
991.09 |
31.87 |
|
2 |
26 |
45.70 |
130 |
1.76 |
720.00 |
3,168.00 |
2.75 |
8,712.00 |
280.12 |
|
3 |
16 |
29.50 |
78 |
1.84 |
318.80 |
1,466.48 |
3.99 |
5,851.26 |
188.14 |
|
4 |
22 |
34.50 |
83 |
1.54 |
208.00 |
800.80 |
3.36 |
2,690.69 |
86.52 |
|
5 |
20 |
15.70 |
53 |
0.83 |
91.00 |
188.83 |
1.21 |
228.48 |
7.35 |
|
6 |
20 |
13.40 |
48 |
0.67 |
243.00 |
407.03 |
1.90 |
773.36 |
24.87 |
|
7 |
12 |
21.00 |
57 |
1.75 |
336.00 |
1,470.00 |
3.22 |
4,733.40 |
152.20 |
|
8 |
15 |
30.00 |
77 |
2.00 |
510.00 |
2,550.00 |
3.32 |
8,466.00 |
272.22 |
|
TOTALS |
147 |
207.00 |
582 |
-- |
-- |
10,813.52 |
-- |
32,446.28 |
1,043.29 |
Notes:
- 1. The total number metric tons is calculated using 2.5 metric tons per cubic meter.
- 2. The weighted average grade is 3.00 grams per metric ton, and 3.00 times 10,813.52 tons = 32,440.56 grams of gold versus an unweighted 32,446.28 grams of gold.
- 3. The number of ounces is calculated by dividing the number of grams of gold by 31.1 grams per Troy ounce of gold or 32,446.28 divided by 31.1 = 1,043.29 ounces of estimated gold contained in the eight dumps sampled.
Roger Newell, president of Lake Victoria stated that “This is only the beginning of the dump pile sampling program and we look forward to continuing to receive positive results from the program. These mine dumps will be further evaluated to determine their significance, but, it is encouraging that this rock material is lying at surface and is readily accessible for processing and gold recovery. The next step will be to conduct some metallurgical recovery tests on this material.”
About the Company
Lake Victoria Mining Company, Inc. along with its wholly owned subsidiary, Kilimanjaro Mining Company Inc. ( www.kilimanjarominingcompany.com ) 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.
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.