July 24, 2008
Lake Victoria Mining to Commence Gold Exploration at Kalemela Gold Project in Tanzania
Lake Victoria Mining Company, Inc. (OTCBB: LVCA) announced today they will begin gold exploration at the Kalemela Project in Tanzania in which they have an 80% interest. Work will begin at the property some 125 kilometers East of Mwanza, Tanzania, over the next two weeks.
Lake Victoria's President, Dr. Roger Newell, said that the company has signed an exploration services agreement with Geo Can Resources Company Limited, Tanzania, to provide the initial exploration program on the highly prospective Kalemela license. The property, which is easily accessible, covers an area of approximately 70.7 square kilometers and initial exploration will involve geological mapping and rock sampling in the mineralized areas. All artisanal workings will be located and geologically placed into the metallogenitic framework for the prospecting license and the Lake Victoria Greenstone Belt.Satellite imagery will be used to supplement ground based studies, and define both regional and detailed ore controlling structures while existing aerial magnetic anomalies will be used to focus ground based magnetic surveys into shallow covered target areas. The magnetic surveys will be followed by electrical IP surveys to further define targets for shallow RAB (rapid air blast) and RC (reverse circulation drilling).
Commenting from the company's operational headquarters in Bunda, Tanzania, Dr. Newell said that the decision to commence exploration at Kalemela marked a major step forward in the development of the Kalemela property.
"We are fortunate to be operating at the very heart of one of the most productive mining regions in Tanzania, now the third largest gold producer in Africa, and we have been greatly encouraged by the initial data we have been generating. We are, all of us, excited by the prospect of moving ahead with the robust exploration program we have put in place and we feel that it holds out so much promise," Dr. Newell said.
The Kalemela Gold Project
The Kalemela Gold Project is located in northern Tanzania, within the world class Lake Victoria Greenstone Belt (LVGB) about 125 km northeast of the city of Mwanza, the second largest city in Tanzania, and at the center of the region's mining and exploration activity. The Kalemela project lies within Prospecting License Number PL2747, and consists of about 70.7 square kilometers.
Geologically, the property contains classic greenstone lithologies similar to those in currently producing or recently past producing gold mines in the LVGB. Silicified and quartz veined Precambrian metavolcanics and granitic rocks dominate the license and the large regional northwest trending two to three kilometer wide Suguti shear zone lies east of the license. Fracture and vein patterns within the license generally trend east to northeast and are believed to be related to shearing and wrench faulting on the Suguti structure. Gold has been mined from a very small occurrence in amphibolite rocks at Ngasamo; similar rocks and structures are present in the Kalemela license and exploration will focus on locating gold occurrences with commercial value.
About the Company
Lake Victoria Mining Company, Inc. is a gold exploration company focused on acquiring and exploring potential gold mineral deposits or reserves in Tanzania, East Africa. Tanzania produced 1.75 million troy ounces of gold during 2007 and is the 3rd largest gold producer in Africa. Lake Victoria Mining Company, Inc. currently holds an eighty percent ownership interest in the Kalemela Gold Project along with Geo Can Resources Company Limited (Tanzania) a subsidiary of Kilimanjaro Mining Company, Inc. of Nevada (www.kilimanjarominingcompany.com).
For further information investors should review the Company's filings that are available at: http://sec.gov.
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 disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts: Lake Victoria Mining Company, Inc. Dr. Roger Newell (303) 526-5100 Email:[email protected] Marston Webb International - Investor and Media Inquiries Victor Webb (212) 684-6601 Email: [email protected]
SOURCE: Lake Victoria Mining Company, Inc.