NOV 09, 2011
LAKE VICTORIA CONFIRMS GOLD MINERALIZATION IN MOST OF THE WORKINGS AT THE RECENTLY ACQUIRED KIABAKARI EAST LICENSE – TANZANIA, EAST AFRICA
Vancouver, British Columbia, November 8, 2011, (LVCA:OTCBB) – Lake Victoria Mining Company, Inc. (“Lake Victoria” or the “Company”) is pleased to report initial assays that confirm the presence of gold at the recently acquired Kiabakari East Prospecting License in Lake Victoria Greenstone Gold district of Tanzania. Lake Victoria’s Kiabakari East license covers an area of 15.2 square kilometers, and is located about 4 kilometers southeast of the now closed Kiabakari Gold Mine which reportedly produced 284,335 oz of gold at a grade of 6.1 g/t from 1959 to 1966.
The Company was granted this prospecting license in April 2011 (see press release dated 2 May 2011) from the United Republic of Tanzania Ministry of Energy and Minerals. To confirm the presence, the extent and the grade of gold at Kiabakari East, Lake Victoria collected one meter long channel samples from existing shallow pits and trenches. A total of 33 samples were collected from locations across a hill of Banded Iron Formation (BIF) that covers a surface outcrop area of 0.5 hectares. These samples were submitted to the SGS Laboratory in Mwanza for 50 gm fire assays; gold values were encountered in most of the samples. The composite grades for each of the rock faces sampled are summarized in the table below:
Summary of Kiabakari East BIF Hill Pit and Trench Samples
Trench ID Interval Au (g/t )
KP001 1.8 3.05
KP002 1.0 2.32
KP003 0.9 0.70
KP004 2.0 2.55
KP005 1.2 1.52
KP006 1.2 1.32
KP007 2.0 4.43
KP008 1.0 3.31
KP009 0.8 4.11
KP010 1.5 0.36
KP011 1.0 0.71
KP012 1.0 0.25
KP013 2.0 0.81
KP014 2.0 0.98
KP015 1.0 0.73
KP016 1.0 2.87
KP017* - 4.47
KP018 3.0 2.37
KP019 2.0 1.59
KP020 9.4 0.40
KP021 1.7 2.88
KP022 8.0 0.25
*KP017 is a rock sample collected at the bottom of a 12 meter deep artisanal mine shaft.
Dr. Roger Newell, Chairman of Lake Victoria commented “It is still early days for this license, but, Kiabakari East contains good geology that is capable of hosting a nice gold deposit. With the former Kiabakari Mine located only about 4 kilometers to the NW, the current gold assays from the BIF Hill suggest that a significant gold deposit could be close by.“
Kiabakari East (KE) is nearby to some of Lake Victoria’s other licenses which include Kinyambwiga, Suguti and Murangi. These four licenses, all within a radius of 18 kilometers, form a package of licenses held by Lake Victoria which total 170 square kilometers of productive greenstone belt geology. Numerous gold occurrences are present in these folded greenstone rocks including Barrick’s active North Mara Mine with reported proven and probable reserves of 2.95 million ounces of gold.
Previous explorers have trenched and drilled for gold at Kiabakari East, and when Lake Victoria acquired the Prospecting License, about 500 artisanal miners were active about 1.7 kilometers east of the BIF Hill. At least 24 drill holes, believed to have been drilled during 2005, have been identified up to 1.6 kilometers east of the BIF Hill. These existing holes, of which no information is currently available, lie on three evenly spaced N-S drill fences.
Selected re-sampling and detailed mapping of the trenches across the BIF Hill will provide a better understanding of the geology and distribution of gold mineralization. A detailed ground magnetic survey is currently underway and an electrical IP survey may be planned for the near future. These surveys will be conducted by Lake Victoria’s own skilled personnel using the Company’s own state of the art geophysical equipment. A program of diamond drilling may be designed to further define mineralized structures. Additional project exploration results will be published as the information becomes available.
Analytical work is carried out at the independent SGS Laboratories in Mwanza, Tanzania. The rock samples have been subjected to full sample preparation followed by a 50 gram fire assay with an AA finish. 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 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 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 in this news release include statements about the Company’s belief that the positive gold assays from the sampling of the BIF hill pits and trenches at the Kiabakari East license indicate the potential for an important gold deposit to exist in a geologically significant district of Tanzania and that the Company’s plans for further geophysical surveys (Magnetics, IP gradient and Schlumberger profiling) and additional sampling coupled with an increasing awareness of the structural controls (through possible diamond drilling) will result in targets for follow-up drilling. 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, 2010, 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.