Lake Victoria Files NI43-101 Technical Report For Kinyambwiga-Murangi-Suguti Properties Tanzania, East Africa

Lake Victoria Mining Company (LVCA:OTCBB) is pleased to report completion of a National Instrument 43-101 Technical Report for the Kinyambwiga, Murangi and Suguti properties. The report was filed on SEDAR December 19, 2012. As previously announced in a November 13 th, 2012 Press Release, Dr. David Webb P. Geol. authored the report.

Lake Victoria Mining Company Inc., within the Technical Report, reports that 35 reverse circulation drill holes were completed by the Company at Kinyambwiga. Also reported for Kinyambwiga are an additional 21 reverse circulation and 377 rotary air blast holes that were completed by a previous company. Collectively these drill holes define a zone of mineralization that can be correlated on plan and in section over a 700 meter strike-length and to a depth of 90 meters below surface. While these correlations may be open to other interpretations, evidence suggests that the mineralized zone remains open along strike and down dip.

A Conceptual Target of 600,000 to 1,000,000 tonnes of economically significant mineralization is present at grades of 1.50 to 2.00 gpt in three vein structures at the Kanunga 1 prospect on the Kinyambwiga property. This Conceptual Target is within the first 150 to 200 meters of surface and may contain 30,000 to 60,000 ounces of gold.

Conceptual Targets are not Mineral Resources or Mineral Reserves and do not have demonstrated economic viability. Conceptual Targets need additional work or testing, and some or all of these targets may or may not become Mineral Resources or economically viable. Mineral resource and reserve estimates are affected by environmental, permitting, taxation, socio-economic, marketing, political, metallurgical, mining, and infrastructure issues. These issues are mainly economic impacts that have not yet been examined so are not discussed in this Technical Report.

David Webb, B.A.Sc. (Engineering), M.Sc., Ph.D., P. Geol., of DRW Geological Consultants Ltd. is a Qualified Person within the meaning of NI 43-101, is independent of Lake Victoria Mining Company Inc., and has reviewed the technical disclosure in this release and approves of its content.

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 fourth 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 June 29, 2012, 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 news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or unless an exemption from such registration is available.

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