Lake Victoria Mining Company, Inc.: Kalemela Gold Project Triples in Size With Two New Acquisitions, Lake Victoria Greenstone Be
November 11 2008 - 9:20AM
Marketwired
Roger A. Newell Ph.D., President and CEO of Lake Victoria Mining
Company, Inc. (OTCBB: LVCA) is pleased to announce that the Company
has acquired, subject to final payment, two exploration licenses
(PL 2910, PL 3006) contiguous with the existing Kalemela License PL
2747. Once the acquisition is complete, the Kalemela Gold Project
will contain over 260 square kilometers.
Dr. Newell stated: "This acquisition is an important opportunity
for the company to expand its footprint in this prominent,
productive and highly prospective gold belt. I'm very pleased to
obtain these properties so early in our development of the Kalemela
Project. Our recent assay and magnetic survey results on the
existing license, PL 2747, suggests important geological structures
trend into these two new licenses. These additional licenses
certainly add to the potential for a substantial discovery in this
famous mining district."
The Kalemela Gold Project is located in northern Tanzania, about
125 km northeast of the city of Mwanza. Mwanza, the second largest
city in Tanzania, lies on the southern shore of Lake Victoria, and
is the logistical center for the region's thriving mining and
exploration community.
Under the agreement with Geo Can Resources Ltd., Lake Victoria
Mining Company, Inc. will acquire a 60 percent ownership of the
licenses for cash, shares, and a 3 year exploration commitment.
Additionally, the agreement provides an option for Lake Victoria to
acquire up to a 100 percent interest in the licenses.
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 produced 1.75 million troy ounces
of gold during 2007 and is the 3rd largest gold producer in Africa
behind South Africa and Ghana. Lake Victoria Mining Company, Inc.
currently holds an eighty percent ownership interest in the
Kalemela Gold Project along with Geo Can Resources Company Limited
(Tanzania) a subsidiary of Kilimanjaro Mining Company Inc., of
Nevada. Kilimanjaro Mining Company's website is
www.kilimanjarominingcompany.com.
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, Inc.'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, Inc.'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,
Inc. 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 A. Newell
(303) 586-1390 Email: info@lvcamining.com Website:
www.lakevictoriaminingcompany.com
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