Lake Victoria Mining Company, Inc. (OTCBB:LVCA) (
) is pleased to announce the closing of four option and joint ventures (the “
”) pursuant to which Otterburn Ventures Inc. (CNSX:OTB) (
) may earn up to an undivided 70% interest in certain primary mineral licenses and prospecting licenses owned by Lake Victoria known as the Singida Gold Project, North Mara Gold Project, Kalemela Gold Project and Geita Gold Project (collectively the
On May 20, 2011 Otterburn completed its due diligence investigation of the title and environmental condition of the Properties to its satisfaction, paid the initial cash payment of US$412,423 and completed the issuance of 2,200,000 common shares to Lake Victoria. For a full description of the Properties and the Options, please refer to the news releases dated May 10, 2011 and March 29, 2011, and Lake Victoria’s Current Report on Form 8-K dated May 12, 2011. Prior to closing of the Options Otterburn completed a private placement for gross proceeds of $6,779,599 to fund its asset acquisition investigations, acquisitions, mineral exploration and for general working capital.
During the past week, Dr. Roger Newell Ph.D., Lake Victoria’s Chairman and Director along with Clive King and a technical team from Otterburn, have been on field visits to the Properties to plan the upcoming exploration work programs.
Speaking from Mwanza, Tanzania, a mining operations center in the Lake Victoria Greenstone Belt, Dr. Newell commented: “The next phases of exploration are being planned for each of the projects that are involved in the four option agreements with Otterburn Ventures, additionally, our technical teams will also be advancing Lake Victoria’s four remaining, 100% owned, gold projects: Uyowa, Buhemba, Musoma Bunda and Kahama South. We are exploring in the land of elephant gold deposits and we look forward to what the 2011 exploration programs will define.”