Otterburn Ventures Inc. Closes Four Option Agreements With Lake Victoria Mining Company, Inc. To Acquire Properties In Tanzania; Previously Announced On May 10, 2011 And March 29, 2011
Lake Victoria Mining Company, Inc. (OTCBB:LVCA) ( “Lake Victoria”) is pleased to announce the closing of four option and joint ventures (the “ Options”) pursuant to which Otterburn Ventures Inc. (CNSX:OTB) ( “Otterburn”) 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 “Properties”).
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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV