Lake Victoria Mining Company, Inc. (OTCBB:LVCA) ( “Lake Victoria” or the “Company”) announces that following the review of initial exploration results of Otterburn Ventures Inc. (CNSX: OTB) ( “Otterburn”), that were confined only to the Singida gold project, Otterburn has determined that it will not be proceeding with the exercise of its option to acquire up to a 70% interest in certain primary mining licenses and prospecting licenses in Tanzania as previously announced on May 29, 2011. After careful consideration of the initial exploratory drilling at the Singida gold project, the board of directors of Otterburn believes it is in the best interests of Otterburn’s shareholders to terminate all four option agreements and preserve its cash reserves for new projects that could provide greater potential for the discovery of a resource. “Although we are disappointed with the results from the Singida project, we are encouraged by the discipline and financial responsibility our geological and management team have shown in coming to the decision to release the option on all four projects. We have a responsibility to our shareholders and we have decided to preserve the majority of our treasury to invest in more advanced-stage projects. This will also allow Lake Victoria Mining Company, Inc. the freedom to find a more suitable partner for these less advanced projects in Tanzania’s gold-producing ‘Lake Victoria Greenstone Belt’” stated Peter Hughes, CEO of Otterburn. Lake Victoria’s President and CEO David Kalenuik explains: “We are sorry to see Otterburn release all their option agreements with us, but we understand their desire to get involved in more advanced projects. We were hoping for a long term joint venture partner for the four projects that Otterburn had optioned from us. However, along with Otterburn we have completed the Phase 2 drilling of the Singida project, advancing the project to the next stage. We would like to wish them the best in their pursuits as we continue to advance all of our gold projects in Tanzania, the fourth largest gold producing country in Africa.”
The Company has recently completed two Technical reports in compliance with National Instrument 43-101 of the Canadian Securities Administrators (NI 43-101) and the Guidelines given in Form 43-101F1 that will be filed along with the Company’s Form 10-K today.1. The Kinyambwiga-Suguti-Murangi Gold Project report includes all work undertaken on the project area up to and including the last round of Reverse Circulation drilling undertaken in November, 2010. 2. The Singida-Londoni Gold Project report includes all work undertaken up to and including the Phase 1 drilling program completed in October, 2010. The compiled assay results from the 9,023 meter Phase 2 Reverse Circulation (RC) drilling program at Singida-Londoni Gold Project will be released as soon as available. Lake Victoria Mining Company, Inc. Lake Victoria Mining Company, Inc. is focused on identifying, acquiring, exploring and developing gold deposits in the Lake Victoria Greenstone Belt of Tanzania, East Africa. Lake Victoria holds nine prospective gold projects and five uranium projects within its Tanzania property portfolio. Additional information regarding the Company is available on the corporate website at: www.lakevictoriaminingcompany.com. About Otterburn Ventures Inc. Otterburn Ventures Inc. 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 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 in this news release include a statement that the termination of the option agreements will allow the Company the freedom to find a more suitable partner for the projects in Tanzania and the Company’s intention to continue on its planned pathway of exploration on all of its gold projects in Tanzania. 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 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.