This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Lake Victoria Mining Company Inc. Announces Otterburn Ventures Inc. Terminates Option Agreements

Lake Victoria Mining Company, Inc. (OTCBB:LVCA) ( “Lake Victoria” or the “Company”) announces that following the review of initial exploration results of Otterburn Ventures Inc. (CNSX: OTB) ( “Otterburn”), that were confined only to the Singida gold project, Otterburn has determined that it will not be proceeding with the exercise of its option to acquire up to a 70% interest in certain primary mining licenses and prospecting licenses in Tanzania as previously announced on May 29, 2011. After careful consideration of the initial exploratory drilling at the Singida gold project, the board of directors of Otterburn believes it is in the best interests of Otterburn’s shareholders to terminate all four option agreements and preserve its cash reserves for new projects that could provide greater potential for the discovery of a resource. “Although we are disappointed with the results from the Singida project, we are encouraged by the discipline and financial responsibility our geological and management team have shown in coming to the decision to release the option on all four projects. We have a responsibility to our shareholders and we have decided to preserve the majority of our treasury to invest in more advanced-stage projects. This will also allow Lake Victoria Mining Company, Inc. the freedom to find a more suitable partner for these less advanced projects in Tanzania’s gold-producing ‘Lake Victoria Greenstone Belt’” stated Peter Hughes, CEO of Otterburn.

Lake Victoria’s President and CEO David Kalenuik explains: “We are sorry to see Otterburn release all their option agreements with us, but we understand their desire to get involved in more advanced projects. We were hoping for a long term joint venture partner for the four projects that Otterburn had optioned from us. However, along with Otterburn we have completed the Phase 2 drilling of the Singida project, advancing the project to the next stage. We would like to wish them the best in their pursuits as we continue to advance all of our gold projects in Tanzania, the fourth largest gold producing country in Africa.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,108.73 +22.10 0.13%
S&P 500 1,988.22 +1.21 0.06%
NASDAQ 4,481.9880 +8.2910 0.19%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs