Lake Victoria’s New Drill Rig To Undertake Soil Sampling Programs On Its Gold Projects In The Lake Victoria Gold Belt Of Tanzania

Lake Victoria Mining Company, Inc. (LVCA:OTCBB) (“Lake Victoria” or the “Company”) is pleased to announce the purchase of a mobile auger drill rig to provide soil sampling services over “mbuga” covered areas of its gold projects in the Lake Victoria Greenstone Gold Belt of Tanzania.

Dr. Roger Newell, Chairman of Lake Victoria comments: “The addition of the auger rig as a cost effective exploration tool will help us rapidly evaluate our “mbuga” covered targets without having to rely on the availability and expensive commercial RAB rigs during this early stage of exploration. Since a large proportion of the land mass in the Lake Victoria Gold District is covered by “mbuga” the chances of making a new gold discovery in areas of our existing licenses is very good. The Company is committed to ensure that no stone is left unturned in their quest for exploring for hidden targets beneath the “mbuga” ”.

Much of the low-lying areas, including the drainages around Lake Victoria, in the northern part of Tanzania, are covered by a blanket of dark grey clays known as Black Cotton Soil or locally as “mbuga” clays. These clays, believed to be lacustrine sediments derived from periodic flooding of Lake Victoria, have masked the underlying land surface, covering both in-situ soils and rock outcrops and allowing little to no chemical dispersion from the underlying substrate to pass through to the surface. Depths of the “mbuga” vary between a few centimetres to in excess of 10 meters thick. Exploration for mineral deposits in “mbuga” covered areas therefore becomes difficult, time consuming and costly as it generally requires the scheduling and contracting of a RAB drilling program.

Exploration over these “mbuga” covered areas is largely done by various geophysical techniques conducted by the Company’s own geophysical teams and equipment. Upon interpretation of the collected geophysical data, this results in the mapping out of the geophysical properties of the underlying rock sequences and the structural imprint in order to interpret potential gold targets. Follow up drilling is required to test these targets to confirm mineralization.

Utilizing the recently acquired auger drill rig the Company intends to test the geophysical targets that have already been interpreted, across many of their “mbuga” covered project areas, including but not limited to the Suguti, Murangi, Kinyambwiga, Kalemela and the Tarime licenses in the Lake Victoria District. The auger rig has the capability to drill holes to depths in excess of 20 meters; sufficient to reach below the “mbuga” cover. Using systematic sampling programs and the specially designed sampling tool Lake Victoria will sample the soil/saprock interface beneath the “mbuga” at the bottom of each drill hole.

The auger rig has recently arrived in the country and has been deployed in testing the immediate strike extensions of the subsurface Kanunga 1 gold vein at the Kinyambwiga Prospect. A number of additional N-S sample traverses are planned further east along strike of the Kanunga 1 vein to validate previously reported soil anomalies.

The drill rig will the move onto the Suguti Project where a program has been planned to trace a number of NE-SW trending soil and gradient IP anomalies beneath the “mbuga” in the vicinity of the major NW striking Suguti Fault.

The Company intends to have the new auger drill constantly deployed to complete the testing of all existing geophysical targets that lie below “mbuga” covering. Assay results will be published as they become available and will provide the basis for planning future exploration and possible drill programs on these licenses.

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 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:

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, 2010 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.

Copyright Business Wire 2010

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