Lake Victoria Submits Application For A Mining License To Commence A Medium Scale Gold Mine At Kanunga Village, Tanzania
Today Lake Victoria Mining Company, Inc. (LVCA:OTCBB) submitted an
application to the Ministry of Energy and Minerals of Tanzania license
department for a Mining License and Processing License to commence a
Today Lake Victoria Mining Company, Inc. (LVCA:OTCBB) submitted an application to the Ministry of Energy and Minerals of Tanzania license department for a Mining License and Processing License to commence a medium scale gold mine at the Company’s Kinyambwiga gold project, Kanunga Village, Tanzania. After officially receiving the Environmental and Social Impact Assessment certificate of approval issued from the National Environment Management Council (NEMC) on the 7 th of January 2014 the Company was now able to submit an application for the Mining License and Processing License. The application covers the Kunanga site that encompasses 39 Primary Mining Licenses (PMLs) that were amalgamated on the 5 th of July, 2013 into one PML license covering an area of 3.45 square kilometers in anticipation of making application for the Mining License. The area also includes two other known gold occurrences at Kunanga 2 and 3. The focus for this Mining License will be the Kunanga 1 deposit which has been traced for 700 metres and has seen extensive artisanal mining active in the past. Drilling between and below the artisanal workings has shown continuity of mineralization along strike and down dip over widths and grades with broad zones of lower grade material (eg. 1.21 gpt gold across 16 metre widths) and narrower zones of higher-grade material (eg 12.76 gpt gold across 3 metre widths). Metallurgical testing has demonstrated very good recoveries (>95%) using simple gravity and leaching techniques. Details are reported in a NI 43-101 report dated December 17, 2012 available on www.sedar.com. According to the Tanzania Mining Act of 2010, Section 50(2), the Mining License shall be granted for a maximum period of 10 years, and is renewable in accordance with the Mining Act Section 53(2) for up to 10 years. The holder of a Mining License in accordance with Section 51 and 52 has exclusive right to carry on mining operations in the area covered by the License for the minerals specified in the license.