Lake Victoria Commences Core Drilling At Uyowa Gold Project Tanzania, East Africa

(LVCA:OTCBB) - Lake Victoria Mining Company, Inc. (“Lake Victoria” or the “Company”) is pleased to announce the beginning of a 1,500 meter core drilling program whereby the company hopes to establish the first fully reportable gold resource at Uyowa in northwestern Tanzania.

DEFINITION DRILLING

Near the end of 2011, a Phase 1, 29 hole, 2,470-meter reverse circulation (RC) drill program was completed at Uyowa; these holes were drilled on north-south fences spaced 80 meters apart (Press Release 27 th October 2011). This Phase 1 drilling appears to have delineated a continuous, single, 1,700 meter long gold bearing structural zone. At this time, drilling has only tested the zone to a depth of about 60 meters, and the gold values appear to continue beyond the current 1,700 meter strike length.

Results suggest that at least 4 additional mineralized veins appear to have been delineated within the western to central parts of the structure. For a distance of about 300 meters, these additional veins appear to contain increased widths and increased gold grades. Some of these RC drill grades and widths are: 17.6 g/t over 6 meters, 11.41 g/t over 2 meters, 4.1 g/t over 10 meters, 4.06 g/t over 13 meters, 10.41 g/t over 3 meters, 27.16 g/t over 4 meters* and 3.43 g/t over 6 meters. *

* Indicates results reported from Reverse circulation drilling by Ashanti GoldFields in 2003 prior to Lake Victoria acquiring the property.

The current 1,500-meter core-drilling program is designed to define geologic controls of the four new veins in the western to central parts of the east-west trending shear zone. Core holes are planned on north-south fences spaced 40 meters apart; the holes will test mineral extensions to a vertical depth of about 150 meters. To confidentially compare gold grades and widths, a select number of core holes will carefully “twin” particular RC holes. If the core holes and the RC holes provide similar results, a new gold resource can be calculated with increased confidence.

RECONNAISSANCE DRILLING

There are at least seven additional Uyowa geochemical and geophysical targets that have been selected for reconnaissance rotary air blast (RAB) drilling; four of these targets include:
i.   the width of the shear zone to the south and north of the current zone of artisanal workings with particular attention to the central zone in which the 4 gold veins occur. The area is covered by sand and duricrust cover.
ii.

the extension of the shear-hosted gold mineralization along 7.5 kilometers of strike with particular attention to where the shear zone is crossed by NW-SE trending fracture zones

iii.

the sand covered area immediately to the west of the central zone and the artisanal mining area.
iv. the western extension of the mineralized shear zone some 5 kilometers further to the west appears to have been right laterally displaced for some 1.5 kilometers to the north by a major NE-SW fault.

The Company will release drilling results as they become available.

Analytical work is 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 as a Professional Geologist 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

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.

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