Lake Victoria Mining to Commence Gold Exploration at Kalemela Gold Project in Tanzania
25 July 2008 - 1:00AM
Marketwired
GOLDEN, COLORADO announced today they will begin gold
exploration at the Kalemela Project in Tanzania in which they have
an 80% interest. Work will begin at the property some 125
kilometers East of Mwanza, Tanzania, over the next two weeks.
Lake Victoria's President, Dr. Roger Newell, said that the
company has signed an exploration services agreement with Geo Can
Resources Company Limited, Tanzania, to provide the initial
exploration program on the highly prospective Kalemela license. The
property, which is easily accessible, covers an area of
approximately 70.7 square kilometers and initial exploration will
involve geological mapping and rock sampling in the mineralized
areas. All artisanal workings will be located and geologically
placed into the metallogenitic framework for the prospecting
license and the Lake Victoria Greenstone Belt.
Satellite imagery will be used to supplement ground based
studies, and define both regional and detailed ore controlling
structures while existing aerial magnetic anomalies will be used to
focus ground based magnetic surveys into shallow covered target
areas. The magnetic surveys will be followed by electrical IP
surveys to further define targets for shallow RAB (rapid air blast)
and RC (reverse circulation drilling).
Commenting from the company's operational headquarters in Bunda,
Tanzania, Dr. Newell said that the decision to commence exploration
at Kalemela marked a major step forward in the development of the
Kalemela property.
"We are fortunate to be operating at the very heart of one of
the most productive mining regions in Tanzania, now the third
largest gold producer in Africa, and we have been greatly
encouraged by the initial data we have been generating. We are, all
of us, excited by the prospect of moving ahead with the robust
exploration program we have put in place and we feel that it holds
out so much promise," Dr. Newell said.
The Kalemela Gold Project
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, the second largest city in
Tanzania, and at the center of the region's mining and exploration
activity. The Kalemela project lies within Prospecting License
Number PL2747, and consists of 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 license
and the large regional northwest trending two to three kilometer
wide Suguti shear zone lies east of the license. Fracture and vein
patterns within the license generally trend east to northeast and
are believed to be related to shearing and wrench faulting on 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 license and exploration will focus on
locating gold occurrences with commercial value.
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
producer in Africa. 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
(www.kilimanjarominingcompany.com).
For further information investors should review the Company's
filings that are available at: http://sec.gov.
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
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 Marston Webb International
- Investor and Media Inquiries Victor Webb (212) 684-6601 Email:
marwebint@cs.com
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