Lake Victoria Mining Company, Inc. (OTCBB: LVCA) ("Lake Victoria"
or the "Company") is pleased to provide a further detailed update
on the Reverse Circulation (RC) drilling program that was recently
completed at the Singida-Londoni gold project in Tanzania.
An initial program of 79 drill holes totalling 6,416 meters
tested depth extensions below five zones of artisanal gold mining
contained within a 5 kilometer long, northwest trending shear
zone.
Sambaru 1, the last of the 5 drill targets to be tested, is
located about 1.2 kilometers southeast of Sambaru 2 target, in the
southeastern part of the project area. The artisanal workings at
Sambaru 1, unlike the other 4 targets in hilly terrain, lie on the
Singida plains, and appear to be offset about 300 meters to the
northeast from the main shear zone that hosts Sambaru 2 to 5
targets. Due to this offset, it is possible that Sambaru 1, which
is covered by a 10 to 15 meter thick layer of alluvial gravels, may
represent a new mineralized zone. Artisanal miners have sunk a
number of +20 meter deep shafts through the alluvial gravels to
access narrow, gold-bearing quartz veins along a strike length of
160 meters.
Three boreholes, located on 80 meter spaced northeast trending
drill fences, were drilled to test the width, grade and strike
extent of the Sambaru 1 gold bearing reef. The three holes
intersected greenstone hosted gold bearing arsenopyrite in oxidised
fracture zones. Occasional flakes of suspected visible gold were
present in panned samples. The best suspected visible gold is
present in a borehole that penetrated the central most part of the
artisanal workings. This hole contains two separate 2 meter wide
zones and a 7 meter wide zone; both zones contain visible gold and
moderate amounts of arsenopyrite. The second and third Sambaru 1
boreholes, located on either side of the first hole intersected
highly oxidised shear zones and minor amounts of arsenopyrite. No
artisanal pits occur along strike to the current workings,
suggesting that the mineralised zone may be of limited strike
length. However, further exploration would be required along strike
of workings to explore the structural trends, as seen from the
ground magnetic survey, beneath the soil cover of the Singida
plain.
After completing three holes at Sambaru 1, the drill returned to
Sambaru 3 to complete an additional 2 infill holes. Both of these
holes, inclined -50 degrees to the southwest, were spaced 40 meters
on either side of section 2500W which had returned mineralized
intercepts of 1.78 g/t Au over 7 meters, 1.15 g/t Au over 21 meters
and 2.17 g/t Au over 3 meters (See Press Release 13 October 2010).
These holes, aimed to test a geological model of a south-westerly
plunging ore shoot, were drilled to intersect the suspected ore
shoot at different elevations in order to confirm an interpolated
30 degrees plunge angle.
The borehole collared 40 meters west of Section 2500W
intersected abundant quartz veinlets and suspected visible gold
within the upper oxidised part of the borehole from 0 to 36 meters
down-hole. The borehole drilled to the east of Section 2500W was
aimed to intersect this mineralized zone at a vertical depth of 60
meters below surface. Mineralization, although sporadic, was
intersected from 65 to 85 meters down-hole which corresponds to the
targeted 60 meters expected vertical depth. The current drilling
defined a southwest plunge of the mineralized zone. Additional
drilling will be required to substantiate the geological model and
to further follow the down-dip extension of the mineralization.
All samples from this last phase of drilling have been submitted
to the SGS laboratory in Mwanza for gold analysis and results will
be released as they become available.
With the completion of the initial Singida drill program the
drill rig is now being mobilised to the Company's Kinyambwiga gold
project near the eastern shore of Lake Victoria. Kinyambwiga is
about 750 kilometers by road north of the Londoni-Singida gold
project. A 2,000 meter reverse circulation drill program has been
planned to test 3 targets at Kinyambwiga prior to the onset of the
short Tanzanian rainy season.Further up-dates will be provided once
drilling is underway.
The reader is cautioned that the potential quantity and grade of
the regional exploration target is conceptual in nature; it is
uncertain if further exploration will result in the exploration
target being delineated as a mineral resource and there is no
guarantee that these resources, if delineated, will be economic or
sufficient to support a commercial mining operation. The Company's
production objectives are intended to provide an indication of
management's current expectations and are still conceptual in
nature. It is uncertain that it will be established that these
resources will be converted into economically viable mining
reserves. Until a feasibility study has been completed, there is no
certainty that these objectives will be met.
Clive King, Professional Geologist, a Qualified Person as such
term is defined in Canadian National Instrument 43-101, is
responsible for monitoring the supervision and quality control of
Lake Victoria's exploration program. This press release has been
reviewed by Clive King, Lake Victoria's in-house Qualified Person
who is registered with the South African Council of Natural
Scientific Professions (Pr.Sci.Nat Reg. No. 400065/09).
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 third 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 eight 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.
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 July 14, 2010, 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" or "mineralized intercepts" 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 press release contains information about adjacent
properties on which we have no right to explore or mine. We advise
U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
Investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties.
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Contacts: Lake Victoria Mining Company, Inc. David T. Kalenuik
303-586-1390 info@lvcamining.com
www.lakevictoriaminingcompany.com
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