Overview

All gold licenses that Lake Victoria Mining Company, Inc. has acquired fall within the Lake Victoria Greenstone Belt. Over the last 12 years, the Lake Victoria Goldfield of northern Tanzania has been recognized as a world-class gold province and six large mines are now in production.

For example, the Bulyanhulu deposit, drilled and developed by Sutton Resources was purchased by Barrick Gold in 1999. The Bulyanhulu mine was completed in 2001 and produced 242,575 oz. of gold at a cash cost of $197 per ounce in its first year.

The Geita, mine which is a joint venture between Ashanti Gold and Anglo Gold produces 545,000 oz. per annum.

Golden Pride owned by Resolute of Australia produces 216,000 oz. per annum.

The surge of interest in the Lake Victoria Goldfield has been spurred by an economic and political climate hospitable to mining and business.

TANZANIA GOLD MINES