Lake Victoria Refiles NI 43-101 Technical Report For Kinyambwiga-Murangi-Suguti Properties Located In Tanzania, East Africa And Clarifies Production Decision Reported On January 9, 2013
43-101 Technical Report for the Kinyambwiga, Murangi and Suguti properties
In a news release dated December 20, 2012 Lake Victoria Mining Company reported the completion of a National Instrument 43-101 Technical Report for the Kinyambwiga, Murangi and Suguti properties. The report was filed on SEDAR December 19, 2012. As previously announced in a November 13 th, 2012 Press Release, Dr. David Webb P. Geol. authored the report. The report was withdrawn because it contained unclassified estimates of grade, tonnes and metal content which was incorrectly labeled as “resources”. The report also provided a detailed analysis of the key assumptions, parameters and methods used that is consistent with the estimation of mineral resources. The report then classified the estimates as “conceptual resources” which is not a category permitted under NI43-101 or recognized under Canadian and other accepted international standards. In the absence of a mineral resource the Company had no basis for discussing economic significance of a deposit that it has not yet delineated to the point where continuity of tonnes and grade can be determined.
The report is replaced by a revised report dated January 23, 2013.
A Conceptual Target of 600,000 to 1,000,000 tonnes of mineralization may be present at grades of 1 to 3 gpt in three vein structures at the Kanunga 1 prospect on the Kinyambwiga property. This Conceptual Target is within the first 150 to 200 meters of surface and may contain 30,000 to 60,000 ounces of gold.The potential quantity and grade of these targets are conceptual in nature. There has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. The conceptual target has been determined on the basis of trenching, mapping, geophysics and both RC and RAB drilling. Conceptual Targets are not Mineral Resources or Mineral Reserves and do not have demonstrated economic viability. Conceptual Targets need additional work or testing, and some or all of these targets may or may not become Mineral Resources. David Webb, B.A.Sc. (Engineering), M.Sc., Ph.D., P. Geol., of DRW Geological Consultants Ltd. is a Qualified Person within the meaning of NI 43-101, is independent of Lake Victoria Mining Company Inc., and has reviewed the technical disclosure in this release and approves of its content.
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