Lake Victoria Mining Company Inc. (OTCBB: LVCA) is pleased to report that its wholly owned Tanzanian subsidiary, Lake Victoria Resources (T) Ltd, has officially been issued Mining License ML520/2014 by the Tanzanian Government in respect to the Company’s proposed Kinyambwiga open-pit gold project in northern Tanzania. The official license was received on June 2 nd, 2014, which follows the earlier project approval notice issued on April 1 st, 2014 (see Lake Victoria’s press release dated April 3 rd, 2014) and the Environmental certificate which was approved on the 9 th January 2014.
The mining license covers an area of approximately 5.12 square kilometers and remains in force for the period of ten years, under the terms of the mining license the Company can now search for, mine, dig, mill, process, refine, transport, use and or market Gold under the Mining license area and execute such other works as are necessary for that purpose. Receiving the mining license allows the Company to raise the estimated $3,000,000 capital investment needed to proceed with the mine development. This will take the Company from exploration into gold production.
Readers of this news release are encouraged to visit the “LVCA Media Room” on the Company’s corporate website for audio and video updates on the Kinyambwiga and other Company projects.
Clive King, P. Geo., a Qualified Person as such term is defined in Canadian National Instrument 43-101, has reviewed and approved the information in this news release. Clive King is a registered Professional Geologist with the South African Council of Natural Scientific Professions (Pr.Sci. Nat. Reg. No. 400065/09).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, which is Africa’s fourth largest gold producer behind South Africa, Ghana and Mali, also has reserves of uranium, nickel and coal. Gold exports alone earned Tanzania $1.076 billion in 2009, up from $932.4 million the previous year. Lake Victoria holds nine prospective gold 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