Lake Victoria Mining Company Acquires Kalemela Gold Project, Lake Victoria Greenstone Belt, Tanzania
July 08 2008 - 10:00AM
Marketwired
GOLDEN, COLORADO is pleased to announce the company is acquiring
an 80% interest in the Kalemela Gold Project in northern
Tanzania.
While currently in Mwanza, Tanzania, Dr. Newell said "This is an
important opportunity for the company to gain a foothold in a
prominent, productive and highly prospective gold belt. The
potential for a substantial discovery here is significant since the
Lake Victoria Greenstone Belt contains properties with very large
gold reserves. This is a mega district and new mines continue to be
discovered and are relatively quickly moved into production."
The Kalemela Gold Project is located in northern Tanzania,
within the world class Lake Victoria Greenstone Belt (LVGB) about
125 km northeast of the city of Mwanza. Mwanza, which rests on the
southern shore of Lake Victoria, is the second largest city in
Tanzania and is the location of the region's thriving mining and
exploration community. The Kalemela project covers about 70.7
square kilometers.
Geologically, the property contains classic greenstone
lithologies similar to those in currently producing or recently
past producing gold mines in the LVGB. Silicified and quartz veined
Precambrian metavolcanics and granitic rocks dominate the property,
and the large regional northwest trending, two to three kilometer
wide Suguti shear zone is just east of the property. Fracture and
vein patterns within the project generally trend east to northeast,
and are believed to be related to shearing and wrench faulting
along the Suguti structure. Gold has been mined from a very small
occurrence in amphibolite rocks at Ngasamo; similar rocks and
structures are present in the Kalemela project and exploration will
focus on locating gold occurrences that can be developed into one
or more profitable commercial operations.
Gold Exploration and Mining in Tanzania
The Republic of Tanzania provides an ideal location for mining
and exploration to flourish in a politically stable and
industrially friendly environment. World recognized major and
intermediate size gold mining companies are producing nearly two
million ounces of gold per year from deposits located and developed
mostly within the last ten years, and new mines are scheduled to
begin production with the next three years.
Government regulations encourage mining and development, and a
friendly work force is available to the industry. Tanzania has an
ideal East Africa location that in addition to gold has a
geological setting known to contain commercial diamonds, and
important copper, nickel, uranium and coal resources. The long
standing government Geological Survey has produced and maintains
important technical reports and other related resources to assist
and support mineral exploration. There are few places where the
mining and exploration community is more welcome or have produced
more important developments than Tanzania.
Under the terms of the agreement, Lake Victoria Mining Company,
Inc. will exercise its purchase option by paying Geo Can Resources
Company Limited $75,000 U.S. Dollars and issuing 10% of the issued
and outstanding share capital. In addition, it is required to
engage in annual exploration over a four year period totaling $1.6
million U.S. Dollars.
About the Company
Lake Victoria Mining Company, Inc. is a gold exploration company
focused on acquiring and exploring potential gold mineral deposits
or reserves in Tanzania, East Africa. Tanzania produced 1.75
million troy ounces of gold during 2007 and is the 3rd largest gold
producing country in Africa. Lake Victoria Mining Company, Inc.
currently holds a Mineral Property Purchase/Option Agreement with
Uyowa Gold Mining and Exploration Limited (Tanzania) owned by Geo
Can Resources Company Limited (Tanzania) a subsidiary of
Kilimanjaro Mining Company, Inc. of Nevada
(www.kilimanjarominingcompany.com).
For further information the Company's filings that are available
at: http://media3.marketwire.com/r/627lvcafilings.
Disclaimer
This news release may contain forward looking statements,
relating to the Company's operations or the environment in which it
operates, which are based on Lake Victoria Mining Company's
operations, estimates, forecasts and projections. These statements
are not guarantees of future performance and involve risks and
uncertainties that are difficult to predict, and/or beyond Lake
Victoria Mining Company's control. A number of important factors
could cause actual outcomes and results to differ materially from
those expressed in these forward-looking statements. Consequently,
readers should not place undue reliance on such forward-looking
statements. Lake Victoria Mining Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contacts: Lake Victoria Mining Company, Inc. Dr. Roger Newell
(303) 526-5100 Email: info@lvcamining.com
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