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Lake Victoria Reports Progress At Kinyambwiga Gold Project Tanzania, East Africa

Stocks in this article: LVCA

(LVCA:OTCBB) Lake Victoria Mining Company is pleased to provide an update on the progress of acquiring a Mining License for its open pit gold mining project near the town of Bunda in northern Tanzania. On Friday, August 2 nd the Company completed and filed with the Tanzanian government the required Environmental and Social Impact Assessment Report (ESIA). Acceptance of the ESIA report is necessary before the government can move towards awarding a mining license.

TANSHEQ, an experienced Tanzanian consulting firm specializing in environmental management, was awarded the contract to complete the Environmental Impact Assessment study for an open pit gold mine at Kunanga 1 (K-1), a location within the larger Kinyambwiga project area (Refer to Press Release 19th December 2012).

Field work by TANSHEQ commenced immediately, and by March 2013 a Baseline study and a preliminary Environmental Impact Assessment report was completed and submitted to the Tanzanian Government’s National Environmental Management Council (NEMC). Based upon this report, NEMC conducted a field investigation in May 2013; during this investigation, both environmental and social aspects of the project were discussed with local and government stakeholders. Various issues were resolved which led to finalizing technical requirements contained in the draft report.

During this time, the Company met with the Ministry of Mines, Environment, Lands and Water and with local inhabitants who might be affected by the project. After many meetings with the government’s District representatives, the village council and the inhabitants, the majority stakeholders voted in favor of the planned project.

Additional Property

The Company, through its 100 percent owned Tanzanian subsidiary, has applied and been granted an additional 15 Primary Mining Licenses (PML’s), adjoining and covering the area immediately south and north of the current 24 PML boundary. These 15 additional PMLs include at least 2 new gold occurrences known as Kunanga 2 (K-2) and 3 (K-3). The area enclosed within the Company’s PML’s now totals 3.44 square kilometers, and will support conditions and terms within the ESIA report as well as requirements for a Mining License application.

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