Lake Victoria Mining Company, Inc. (OTCBB:LVCA)(the “Company”) announces the successful completion of the second round of Reverse Circulation drilling at its Singida gold project in Tanzania. Infill drilling was undertaken on 40 meter spaced drill fences across the four artisanal mining sites at Sambaru 2 through to Sambaru 5 in order to better define the grade and continuity of the gold mineralization previously delineated during Phase 1 drilling that was completed in October, 2010. A total of 9,023 meters of reverse circulation drilling, amounting to 93 boreholes have been drilled at both the artisanal mine sites as well as exploring a number of soil anomalies within the Singida northwest trending shear zone (see Press Release 10 th March 2011). All boreholes, collared along northeast trending drill fences, are inclined at -50 degrees to -65 degrees either to the northeast or to the southwest. Notable results included 42.71g/t Au over 2 meters; 7.35g/t Au over 4 meters; 5.45g/t Au over 8 meter; 4.27g/t Au over 5 meters, 6.22g/t Au over 3 meters, 5.05g/t Au over 3 meters, 2.64g/t Au over 46 meters and 1.05g/t Au over 18 meters . A number of higher grade zones are included in these intervals and are listed in Table 1. A tabulation of the new results will be posted on the Lake Victoria corporate website. Two of the three exploration targets were investigated by drilling. The 2 nd zone of mineralization located some 180 meters south of the main mineralized zone at Sambaru 5 was intersected but was found to be narrow and of low grade running 1.04 g/t gold over 1 meter. Similarly, the +100 ppb gold soil anomaly located mid-way between Sambaru 3 and 4 returned anomalous results with only one narrow intersection of 1.57 g/t gold over 1 meter being encountered. No follow-up drilling was undertaken on either of the two targets. Table 1. Summary of Reverse Circulation Drill Results from Sambaru 2, 3, 4 and 5
|Hole No.||Total Depth (m)||Section||Azimuth (deg)||Decline (deg)||From (m)||To (m)||Interval (m)||Grade (Au g/t)|
|(including 1m @20.30 g/t Au)|
|(including 1m @12.10 g/t Au)|
|(including 1m @11.00 g/t Au)|
|(including 3m @9.75 g/t Au)|
|(including 1m @11.90 g/t Au)|
|(including 2 m@ 6.11g/t Au)|
|(including firstname.lastname@example.org/t Au)|
|(including email@example.com/t Au)|
Sambaru 3Sambaru 3 is the 2 nd largest of all 5 artisanal sites, comprising of at least 4 parallel but narrow mineralized zones that have been traced continually across a strike length of 280 meters. The main pod of mineralization averaging 1.93 g/t gold and having a maximum width of 25 meters, pinches out at 110 meters in depth. It has a surface strike extend of approximately 40 meters. The mineral lenses dip sub-vertically to the northeast. Drilling has indicated that a number of lenses appear to extend beyond 110 meters depth and are open along strike both to the northwest and southeast. Sambaru 2 Sambaru 2 is the largest of all 5 prospects within the Singida Project. Although artisanal workings extend across a strike length of 580 meters, drilling has defined the mineralization to occur within 320 meters of strike length. Four, parallel and vertically to sub-vertically dipping gold lenses, have been intersected to depths of 130 meters although in places the lenses do appear either to pinch out or decrease in grade. The lenses tend to occur as narrow semi-discontinuous veins “pinching and swelling” along the horizontal and vertical strike with grades typically varying between 3.5g/t to less than 0.5g/t gold. An evaluation of the drill results of both Phase 1 and 2 drill programs has shown that the gold mineralization at the Singida project comprises of narrow medium to low grade and often discontinuous lenses. The shear structures hosting the gold-rich zones typically “pinch and swell” along strike, which in places, have resulted in larger pods of limited size as at Sambaru 3 and Sambaru 4. This drill project has provided a better understanding of the nature and extent of the gold mineralization. In this regard, the Company intends on a best efforts basis to utilize through Joint Venture, sale or the establishment of a small scale commercial mining operation the Singida assets. A preliminary assessment to determine the economic feasibility of establishing a small scale commercial gold mine is expected to be decided on by the Company in the near future.
The Company has been undertaking exploration work for the last three months to develop geophysical and geochemical targets at the Kinyambwiga and Suguti gold prospects. Additionally, now that the rainy season has finished, exploration is expected to continue on the Uyowa gold project and will be concentrated over a small scale mining area, where a recent artisanal gold rush has been reported.Analytical work has to be carried out at the independent SGS Laboratories in Mwanza, Tanzania. The drill samples have been subjected to full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks (5%), commercial standards (5%) and duplicates (5%) have been used in each sample batch of 20 samples to monitor laboratory performance during the analysis. Samples submitted either represent 5 meters composite samples of 1 meter intervals or 1 meter samples where on site logging and panning of the RC chips indicated the presence of visible gold or gold-bearing sulphides The reader is cautioned that the potential quantity and grade of the regional exploration target is conceptual in nature; it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. The Company's production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met. Clive King, P.Geo, a Qualified Person as such term is defined in Canadian National Instrument 43-101, is responsible for monitoring the supervision and quality control of Lake Victoria’s exploration program and has reviewed and verified the technical information contained in this news release. Clive King, registered 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 is Africa's third largest gold producer, behind South Africa and Ghana, but also has reserves of uranium, nickel and coal. Gold exports alone earned it $1.076 billion in 2009, up from $932.4 million the previous year. 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 or by contacting: Lake Victoria Mining Company, Inc. David T. Kalenuik Phone: 303-586-1390 Email: firstname.lastname@example.org Disclaimer This news release may contain forward-looking statements or information within the meaning of the United States Private 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 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 filed on July 14, 2011, 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. We use certain terms on this press release, such as "mineralized zones" which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our annual report on Form 10-K. 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.