Lake Victoria Core Drills Gold At Kiabakari East Tanzania, East Africa

Lake Victoria Mining Company, Inc. (“Lake Victoria” or the “Company”) (LVCA:OTCBB) is pleased to report positive assay results from the recent core drilling program at its 100% owned Kiabakari East project in northeastern Tanzania. The project is about 4 kilometers southeast of the past producing Kiabakari Gold Mine. The four hole drill program, completed in June 2012, totaled 648.72 meters and was the first drilling by Lake Victoria at Kiabakari East. Final drill hole locations were determined by detailed geologic mapping, geophysical surveying and trench sampling.

The holes intersected wide zones of anomalous gold mineralization including 37.5 meters of 1.03 g/t gold, 43.35 meters of 0.58g/t gold, including higher grade intersections of 1.75 g/t gold over 6.13 meters and 2.05 g/t gold over 3.00 meters . Mineralized intercepts are summarized in the table below.

Drilling was focused at BIF Hill where previous trenching returned significant gold grades within Banded Iron Formation rocks (Refer Press Releases of 6 th February and 23 th April 2012). The drill holes were located on the south side of BIF hill and were spaced 40 meters apart on N-S drill fences. The holes, drilled due north at angles of -50 and -55 degrees below the horizontal, were designed to test the grade and to define the geometry of the gold mineralization.
                               

Summary of Diamond Drill Intercepts
 
Hole No.     Total Depth (m)     Section     Azimuth (deg)     Decline (deg)     From (m)     To (m)     Interval (m)     Au (g/t)
KED001     157.03     597580E     0     -50     60.00     109.30     49.30     0.27
                        Including     60.00     63.00     3.00     2.05
KED002     154.48     597540E     0     -50     48.00     85.50     37.50     1.03
                        Including     52.20     56.00     3.80     3.31
                              71.90     76.60     4.70     1.98
KED003     130.48     597620E     0     -50     57.55     64.70     7.15     0.42
                        and     87.50     118.00     30.50     0.32
KED004     206.73     597620E     0     -55     76.05     83.00     6.95     0.44
                        and     107.24     112.60     5.36     0.89
                        and     145.40     188.75     43.35     0.58
                        Including     145.40     151.53     6.13     1.75
                        and     181.20     182.03     0.83     1.21
                        and     185.40     186.97     1.57     1.17
 

Geologic Setting

Each borehole was drilled across an 80 meter wide BIF package of rocks consisting of cyclic siltstone and banded chert sequences until the footwall pebble conglomerate was reached on the northern side of the hill. The BIF unit dips steeply to the south, and although occasional intraformational sedimentary slump breccias are present, the unit is complexly folded, which tends to increase the grade of the gold mineralization. A north-northeast trending fault is present and appears to have displaced the eastern part of the mineralized zone some 40 meters to the north and to also have down dropped the BIF unit to the east.