November 11, 2008
Lake Victoria Mining Company, Inc.
Roger A. Newell Ph.D., President and CEO of Lake Victoria Mining Company, Inc. (OTCBB: LVCA) is pleased to announce that the Company has acquired, subject to final payment, two exploration licenses (PL 2910, PL 3006) contiguous with the existing Kalemela License PL 2747. Once the acquisition is complete, the Kalemela Gold Project will contain over 260 square kilometers.
Dr. Newell stated: "This acquisition is an important opportunity for the company to expand its footprint in this prominent, productive and highly prospective gold belt. I'm very pleased to obtain these properties so early in our development of the Kalemela Project. Our recent assay and magnetic survey results on the existing license, PL 2747, suggests important geological structures trend into these two new licenses. These additional licenses certainly add to the potential for a substantial discovery in this famous mining district."
The Kalemela Gold Project is located in northern Tanzania, about 125 km northeast of the city of Mwanza. Mwanza, the second largest city in Tanzania, lies on the southern shore of Lake Victoria, and is the logistical center for the region's thriving mining and exploration community.
Under the agreement with Geo Can Resources Ltd., Lake Victoria Mining Company, Inc. will acquire a 60 percent ownership of the licenses for cash, shares, and a 3 year exploration commitment. Additionally, the agreement provides an option for Lake Victoria to acquire up to a 100 percent interest in the licenses.
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 produced 1.75 million troy ounces of gold during 2007 and is the 3rd largest gold producer in Africa behind South Africa and Ghana. 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. Kilimanjaro Mining Company's website is www.kilimanjarominingcompany.com.
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, Inc. 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 A. Newell (303) 586-1390 Email: [email protected] Website: www.lakevictoriaminingcompany.com
SOURCE: Lake Victoria Mining Company, Inc.