Kinyambwiga Small Scale Gold Mining Project
In a news release dated January 9, 2013 the Company announced the hiring of a mining contractor, Camlaren Mine Development, to construct commission and operate the Company’s Kinyambwiga gold project in northern Tanzania.
The Company wishes to clarify that the Company has not established mineral reserves or mineral resources that would support a production decision. The Company does not have a feasibility study demonstrating economic and technical viability. Historically a production decision without mineral resources or a positive feasibility study results in a much higher risk of economic or technical failure. In this case the specific economic and technical risk is that the conceptual targets may or may not be converted to resources or reserves and even if mineral resources are established, they may not be economically viable. This is due to geological, mining engineering, metallurgical engineering, environmental, socio-economic, taxation, political, infrastructure, legal, and other issues that may impact the conceptual target. Establishing mineral reserves, economic viability and feasibility involve comprehensive exploration, geological analysis and interpretation and engineering, amongst other things, which has not yet been done by the Company.
About the CompanyLake Victoria Mining Company, Inc. is working to create another gold mine in the world famous Lake Victoria Greenstone Belt, Tanzania, East Africa. Tanzania is Africa's fourth largest gold producer, behind South Africa and Ghana, but also has reserves of uranium, nickel and coal. Gold exports alone earned it $1.076 billion in 2009, up from $932.4 million the previous year. Lake Victoria holds nine prospective gold projects and five uranium projects within its Tanzania property portfolio. Additional information regarding the Company is available on the corporate website at: www.lakevictoriaminingcompany.com or by contacting: Lake Victoria Mining Company, Inc. David T. Kalenuik, CEO & President