Lake Victoria Mining Company, Inc. (OTCBB:LVCA) ( “Lake Victoria”) is pleased to announce the closing of four option and joint ventures (the “ Options”) pursuant to which Otterburn Ventures Inc. (CNSX:OTB) ( “Otterburn”) may earn up to an undivided 70% interest in certain primary mineral licenses and prospecting licenses owned by Lake Victoria known as the Singida Gold Project, North Mara Gold Project, Kalemela Gold Project and Geita Gold Project (collectively the “Properties”). On May 20, 2011 Otterburn completed its due diligence investigation of the title and environmental condition of the Properties to its satisfaction, paid the initial cash payment of US$412,423 and completed the issuance of 2,200,000 common shares to Lake Victoria. For a full description of the Properties and the Options, please refer to the news releases dated May 10, 2011 and March 29, 2011, and Lake Victoria’s Current Report on Form 8-K dated May 12, 2011. Prior to closing of the Options Otterburn completed a private placement for gross proceeds of $6,779,599 to fund its asset acquisition investigations, acquisitions, mineral exploration and for general working capital. During the past week, Dr. Roger Newell Ph.D., Lake Victoria’s Chairman and Director along with Clive King and a technical team from Otterburn, have been on field visits to the Properties to plan the upcoming exploration work programs. Speaking from Mwanza, Tanzania, a mining operations center in the Lake Victoria Greenstone Belt, Dr. Newell commented: “The next phases of exploration are being planned for each of the projects that are involved in the four option agreements with Otterburn Ventures, additionally, our technical teams will also be advancing Lake Victoria’s four remaining, 100% owned, gold projects: Uyowa, Buhemba, Musoma Bunda and Kahama South. We are exploring in the land of elephant gold deposits and we look forward to what the 2011 exploration programs will define.”
Lake Victoria Mining Company, Inc.Lake Victoria Mining Company, Inc. is focused on acquiring, exploring and developing gold deposits in Lake Victoria Greenstone Belt in Tanzania, East Africa. About Otterburn Ventures Inc. Otterburn is a British Columbia based mineral exploration company in the business of exploring and potentially developing precious metal deposits. On behalf of the board of directors of Lake Victoria Mining Company, Inc. “David Kalenuik” President and CEO Disclaimer The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. This news release may contain forward-looking statements or information within the meaning of the United States Primary Securities Litigation Reform Act of 1995 and within the meaning of Canadian provincial securities laws applicable to the Company. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to conditions that Otterburn must meet in order to earn its interest pursuant to the Options, obtaining financing to meet the Company's exploration programs and operating costs during its exploratory stage, the interpretation of exploration results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including the inability to obtain mining permits and environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees, and other risks and uncertainties, including those described under "Risk Factors" in the Company's Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as the Company's periodic filings available at www.sec.gov and with Canadian Securities Administrators at www.sedar.com. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as is required under applicable securities laws. Cautionary note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. This press release contains information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.