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
TheStreet Open House

Lake Victoria Submits Application For A Mining License To Commence A Medium Scale Gold Mine At Kanunga Village, Tanzania

Today Lake Victoria Mining Company, Inc. (LVCA:OTCBB) submitted an application to the Ministry of Energy and Minerals of Tanzania license department for a Mining License and Processing License to commence a medium scale gold mine at the Company’s Kinyambwiga gold project, Kanunga Village, Tanzania. After officially receiving the Environmental and Social Impact Assessment certificate of approval issued from the National Environment Management Council (NEMC) on the 7 th of January 2014 the Company was now able to submit an application for the Mining License and Processing License.

The application covers the Kunanga site that encompasses 39 Primary Mining Licenses (PMLs) that were amalgamated on the 5 th of July, 2013 into one PML license covering an area of 3.45 square kilometers in anticipation of making application for the Mining License. The area also includes two other known gold occurrences at Kunanga 2 and 3.

The focus for this Mining License will be the Kunanga 1 deposit which has been traced for 700 metres and has seen extensive artisanal mining active in the past. Drilling between and below the artisanal workings has shown continuity of mineralization along strike and down dip over widths and grades with broad zones of lower grade material (eg. 1.21 gpt gold across 16 metre widths) and narrower zones of higher-grade material (eg 12.76 gpt gold across 3 metre widths). Metallurgical testing has demonstrated very good recoveries (>95%) using simple gravity and leaching techniques. Details are reported in a NI 43-101 report dated December 17, 2012 available on www.sedar.com.

According to the Tanzania Mining Act of 2010, Section 50(2), the Mining License shall be granted for a maximum period of 10 years, and is renewable in accordance with the Mining Act Section 53(2) for up to 10 years. The holder of a Mining License in accordance with Section 51 and 52 has exclusive right to carry on mining operations in the area covered by the License for the minerals specified in the license.

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 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

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