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TheStreet Open House

Lake Victoria Receives Mining License At Kinyambwiga Open Pit Gold Project, Tanzania

Stocks in this article: LVCA

Lake Victoria Mining Company (OTCBB: LVCA) is pleased to announce that its wholly owned subsidiary, Lake Victoria Resources (T) Limited has been granted a full mining License for its Kinyambwiga open-pit gold project in northern Tanzania. The Tanzanian Government issued the approval notice on April 1 st, 2014 authorizing the Company to advance the Kunanga area at Kinyambwiga in the Bunda District toward production. This notice follows Lake Victoria receiving in January 2014 the Government’s Environmental Impact Assessment Certificate (see Lake Victoria’s News Release dated January 9th, 2014) authorizing the Company to submit an application for a full mining license.

David Kalenuik, Lake Victoria’s CEO and President said “we are very pleased that the Tanzanian Government has given us permission to move this open pit gold project toward production. We have been working in Tanzania since 2007 and have examined numerous properties across the country. This wide ranging, team-based exploration effort involved geological and geochemical studies, ground based magnetic and electrical geophysical studies and both reverse circulation and diamond core drilling programs. We are delighted that the result of this seven year effort is now approved to advance the Kinyambwiga Project toward open-pit production. Lots of work remains to be completed before we are ready to pour gold, but the pathway is now clear for us to move aggressively in that direction. Our plan now is to complete our financing activities, to place orders on longer lead time equipment, commence acquisition of our necessary mobile mine equipment and all related infrastructure. Site visits and the setup of planning committees including local residents to work with affected villagers to make sure the construction and operation of Tanzania’s newest gold mine progresses smoothly.”

Readers are encouraged to visit the “LVCA Media Room” on the Company’s corporate website for informational audios and videos about ongoing developments at our Kinyambwiga gold project including comments by some of the Company’s directors on future steps toward gold mine production.

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