(LVCA:OTCBB) - Lake Victoria Mining Company, Inc. (the “Company”) is pleased to announce encouraging assay results from underground sampling of artisanal shafts at the Uyowa Gold Project in northwestern Tanzania. Notable results include: 89.60 g/t Au over 0.20meters, 68.30g/t Au over 0.32 meters, 66.70 g/t Au over 0.9 meters and 57.10 g/t Au over 0.25 meters. Previous exploration by Ashanti in 2003 identified 4 narrow zones of gold mineralization having an east-west strike length of some 300 meters across a surface width of 60 metres. Borehole intercepts returned a number of encouraging and significant intersections. At about the time that Lake Victoria recommenced exploration activities, a local artisanal gold rush began at the Uyowa workings, and as of today the artisanal miners have exposed and traced the mineralizing structures along a strike length of about 900 meters. Although the miners have targeted narrow high grade gold shoots, the distribution of shafts along strike suggests that multiple gold bearing structures may be present across the width of the surface workings. The mineralized zone is overlain by a thick layer of residual hard soils that in forms a “cap” up to 8 meters thick and from which gold is being recovered by the artisanal miners. Artisanal mining is currently focused across the central and eastern parts of the mineralized trend. Lake Victoria’s sampling was conducted across the working face at the base of the artisanal shafts at depths of between 5 to 22 meters. Both sides of the identified quartz veins were also sampled; all samples were analyzed by fire assaying at the SGS Laboratory in Mwanza, Tanzania. Results indicate anomalous gold grades extend into the wall rocks. The mineralized zone dips steeply to the north. A summary of the more significant results from within the artisanal shafts is presented in Table 1.
|Table 1 Artisanal Shaft Sample Results|
|Shaft No.||Depth ofshaft (m)||Interval (m)||Vein Position||Au g/t|
Dr. Roger Newell, Chairman of Lake Victoria said “We are very pleased by these high grade assays that indicate the potential for an important gold deposit to exist in a geologically significant new district in Tanzania.”The reader is cautioned that the potential 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. Geological mapping and geophysical surveys including gradient IP and a number of detailed select north-south Schlumberger profiles are in progress to further define mineralized structures. An initial 1,800 meter Reverse Circulation drilling program commenced on Saturday, September 10 th, with drill holes expected to be located on north-south drill fences spaced 80 meters apart. Individual drill holes are planned to be inclined to the south at -50 to -65 degrees. The objective of the drilling program is to begin to quantify the strike and grade of mineralization beneath the artisanal workings. Assays are expected be conducted by the independent SGS Laboratories in Mwanza, Tanzania. The drill samples are expected to be tested by 50 gram fire assays and with an atomic adsorption finish. To insure quality control, blank samples (5%), commercial standards (5%) and duplicate samples (5%) are expected to be included with each group of 20 drill hole samples. Drill samples are expected to represent either 5 meters composite samples of 1 meter length, or 1 meter samples where on site logging and panning of the Reverse Circulation chips indicate the presence of visible gold or sulfide minerals. At the Singida Gold Project, the Company completed contractually required payments to maintain the core property holdings, and management remains in the process of evaluating the direction we will pursue at Singida. This may include, either self-mine, JV or a sale of the assets. With core property payments completed until 2013, and a rising gold price, the Company is in a position to hold Singida while different options regarding a future direction are carefully evaluated.
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 is registered with the South African Council of Natural Scientific Professions (Pr.Sci.Nat Reg. No. 400065/09).About the Company Lake 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, CEO & PresidentPhone: 303-586-1390Email: 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 in this news release include statements about the Company’s belief that high grade assays from underground sampling of artisanal shafts at the Uyowa Gold Project indicate the potential for an important gold deposit to exist in a geologically significant new district in Tanzania and its plan for the 1,800 meter reverse circulation drilling program, and its expectation about assays to be conducted by SGS Laboratories for the drill samples from the 1,800 meter reverse circulation drilling program. 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 Quarterly Report on Form 10-Q filed on August 12, 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.