(LVCA:OTCBB) Lake Victoria Mining Company is pleased to provide
an update on the progress of acquiring a Mining License for its
open pit gold mining project near the town of Bunda in northern
Tanzania. On Friday, August 2nd the Company completed and filed
with the Tanzanian government the required Environmental and Social
Impact Assessment Report (ESIA). Acceptance of the ESIA report is
necessary before the government can move towards awarding a mining
license.
TANSHEQ, an experienced Tanzanian consulting firm specializing
in environmental management, was awarded the contract to complete
the Environmental Impact Assessment study for an open pit gold mine
at Kunanga 1 (K-1), a location within the larger Kinyambwiga
project area (Refer to Press Release 19th December 2012).
Field work by TANSHEQ commenced immediately, and by March 2013 a
Baseline study and a preliminary Environmental Impact Assessment
report was completed and submitted to the Tanzanian Government’s
National Environmental Management Council (NEMC). Based upon this
report, NEMC conducted a field investigation in May 2013; during
this investigation, both environmental and social aspects of the
project were discussed with local and government stakeholders.
Various issues were resolved which led to finalizing technical
requirements contained in the draft report.
During this time, the Company met with the Ministry of Mines,
Environment, Lands and Water and with local inhabitants who might
be affected by the project. After many meetings with the
government’s District representatives, the village council and the
inhabitants, the majority stakeholders voted in favor of the
planned project.
Additional Property
The Company, through its 100 percent owned Tanzanian subsidiary,
has applied and been granted an additional 15 Primary Mining
Licenses (PML’s), adjoining and covering the area immediately south
and north of the current 24 PML boundary. These 15 additional PMLs
include at least 2 new gold occurrences known as Kunanga 2 (K-2)
and 3 (K-3). The area enclosed within the Company’s PML’s now
totals 3.44 square kilometers, and will support conditions and
terms within the ESIA report as well as requirements for a Mining
License application.
The ESIA report has been submitted for approval to the NEMC’s
Director General. Once the report is approved, NEMC will issue an
Environmental Certificate, which is the next and final step towards
receiving a license to mine from the Tanzania Ministry of Energy
and Minerals.
David Kalenuik, CEO and President of Lake Victoria stated “the
Company and our contractor’s have worked very hard to complete this
detailed report in a short amount of time, and I am very pleased
that this milestone has been reached and that we are moving closer
to the Company’s goal of having our first gold mine in
Tanzania.”
Expansion Possibilities
In the meantime, at K-3 about 1 kilometer north of K-1, recent
artisanal mining activities have increased with the arrival of
about 400 small scale gold miners. In addition, at K-2, artisanal
miners have found and opened another gold bearing quartz vein about
1.4 kilometers northeast of K-1 which is the planned site of the
initial small scale open pit. Both K-2 and K-3 are exploration
targets and may contribute to an expansion of the current K-1 mine
plan.
The reader is cautioned that the potential quantity and grade of
the Company’s regional exploration targets are conceptual in
nature; it is uncertain if further exploration will result in the
exploration targets 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 Geologist 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 fourth 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 &
PresidentPhone: 303-586-1390Email: info@lvcamining.com
Disclaimer
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 June 28, 2013, 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 news release does not constitute
an offer to sell or a solicitation of an offer to buy any of the
securities of the Company in the United States, nor shall there be
any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities offered have
not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any U.S. state securities laws and may not be offered or sold
within the United States or to, or for the account or benefit of,
U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or unless an exemption from such
registration is available.
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