MAY 30, 2012
LAKE VICTORIA COMPLETES INITIAL CORE DRILLING AT UYOWA GOLD PROJECT AND BEGINS DRILLING AT KIABAKARI EAST GOLD PROJECT TANZANIA, EAST AFRICA
Vancouver, British Columbia, May 29, 2012(LVCA:OTCBB) – Lake Victoria Mining Company, Inc. (“Lake Victoria” or the “Company”) is pleased to announce completion of an 11 hole core drilling program totaling 1,459 meters at its 100% owned Uyowa Gold Project in northwestern Tanzania. Assays are pending and will be reported when available and confirmed.
Uyowa core drilling was focused along the central to western part of the east-west trending 1,700 meter long mineralized zone. In August 2011, (Refer to Press Release 27 October 2011) geologic mapping, geophysical surveying and reverse circulation drilling identified 4 mineralized veins. These veins have increased widths and elevated gold grades over a strike length of about 300 meters. The current core holes indicate gold mineralization lies within a number of semi-continuous, ductile shear zones that are up to 7 meters wide. These shear zones contain disseminated pyrite, dip to the north between 55 and 70 degrees, have been traced to 100 meters below surface and appear to continue at depth.
Single diamond drill holes were drilled at each end of the known mineralized zone, and these two drill holes confirm the presence of the mineralized shear zone and suggest its extension further along strike both to the east and to the west.
Samples from the core holes have been geologically logged, split, sampled and submitted to the SGS Laboratories in Mwanza for 50 gram fire assays. Strict quality control was maintained with 5% of each sample batch having a blank, a duplicate and a commercial standard inserted as part of the sample stream.
Uyowa Soil Sampling
Soil samples were collected from lateritic soils both east of and west of the main Uyowa artisanal mine site. The soil samples were collected on north-south lines spaced 200 meters apart and at 50 meter spacing on the sample lines. Initial results indicate that single point anomalies between 10 and 400 ppb gold lie along extensions to the known mineralized trend for a further 3.2 kilometers to the east and 5.3 kilometers to the west. These results suggest the known length of the overall anomalous gold trend is approximately 10 kilometers.
The soil anomaly also coincides with a satellite image interpretation and suggests that the structural trend continues farther to the west for at least an additional 1.3 kilometers; on the east, the trend is covered by floodplains of the northward flowing Igombe River. Follow-up infill soil sampling and Rotary Air Blast (RAB) drilling are planned to further evaluate extensions of the Uyowa gold system.
Kiabakari East Drilling
After drilling at Uyowa, the drill rig was moved to the Kiabakari East Gold Project located about 220 kilometers northeast of Mwanza in the central part of Tanzania’s Musoma-Mara Greenstone Belt. This core drilling program will total about 1,000 meters at the BIF Hill and the Kyarano Prospects.
Previous trenching across BIF Hill returned significant gold grades (Refer to Press Releases of 6th February and 23rd April 2012) and drilling recently commenced at BIF Hill with an inclined hole of -50 degrees to the north being drilled beneath artisanal workings lying near the hill top. This hole will be followed by additional inclined holes collared on 40 meter spaced N-S sections. Geologically the gold is hosted in deeply rust colored, banded iron formations comprised of cherts, siltstones and greywackes.
At the Kyarano prospect, about 1.5 kilometers east of BIF Hill, a short core drilling program is planned to test a pyrite bearing, north-northeast trending, fine grained, quartz porphyry. Recent sampling of seven artisanal mine shafts at the Kyarano prospect returned gold values between 0.47 g/t and 19.8 g/t gold. Two core holes, collared 240 meters apart on east-west drill fences are planned to test the mineralized zone about 80 meters below the active artisanal workings.
Further up-dates will be provided as results become available.
Analytical work is carried out at the independent SGS Laboratories in Mwanza, Tanzania. The drill samples have been subjected to full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks (5%), commercial standards (5%) and duplicates (5%) have been used in each sample batch of 20 samples to monitor laboratory performance during the analysis. Samples submitted either represent 1 meter intervals or have been sampled according to lithology and/or structural zones that would include the presence of visible gold or gold bearing sulphides as logged in each of the boreholes.
The reader is cautioned that the potential quantity and grade of the regional exploration target is conceptual in nature; it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. The Company's production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.
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 Geologistwith 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 third 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 July 14, 2011, 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 press release contains information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.