November 5, 2008
AXcess News: Lake Victoria Mining Bets Heavily on Gold Property
Microcap gold exploration and development company, Lake Victoria Mining Co. (OTCBB: LVCA), is betting heavily on its Tanzania gold property, encouraged by recent assays.
While most precious metals investors are watching the price of gold go down, Lake Victoria Mining sees opportunity in its claims, optimistic that further exploration development can prove a win-win scenario for its investors.Lost in the news on Election Day was an announcement from the Colorado-based LVCA that samples collected at its Kalemela gold project, about 125 kilometers east of Mwanza in northern Tanzania, were encouraging enough for the Company to proceed with further exploration.
Lake Victoria Mining President Roger Newell said, "These are the kind of gold-in-soil assays that encourage us to take the next exploration steps toward defining a mineable deposit."
Newell's company was the only gold exploration miner to release bullish news on Tuesday. The Stanford-educated Dr. Newell is no stranger to success in the field of precious metals geology, having worked on Newmont Mining Co's Nevada gold exploration, credited with having steered Newmont into becoming a high-producer, where he served as its senior geologist. Now, Dr. Newell is betting on Tanzania's gold belt, which is the third-largest gold production area in Africa.
"According to Lake Victoria Mining Co's website, two other executives are involved, though in looking at Newell's background I get the impression that the company's recent magnetic ground survey on its property will call for more than concentrated exploration within its claims in the way of other management if LVCA looks to finance growth," said Axcess News' Alan Fein.
For a junior exploration company in a down precious metals market to laud over its property, Dr. Newell may be betting on his discovery proving itself to be his crowning achievement in a geological career that spans more than 40 years.
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SOURCE: AXcess News