AXcess News: Lake Victoria Mining Bets Heavily on Gold Property
06 November 2008 - 9:00AM
Marketwired
Microcap gold exploration and development company, Lake Victoria
Mining Co. (OTCBB: LVCA), is betting heavily on its Tanzania gold
property, encouraged by recent assays.
While most precious metals investors are watching the price of
gold go down, Lake Victoria Mining sees opportunity in its claims,
optimistic that further exploration development can prove a win-win
scenario for its investors.
Lost in the news on Election Day was an announcement from the
Colorado-based LVCA that samples collected at its Kalemela gold
project, about 125 kilometers east of Mwanza in northern Tanzania,
were encouraging enough for the Company to proceed with further
exploration.
Lake Victoria Mining President Roger Newell said, "These are the
kind of gold-in-soil assays that encourage us to take the next
exploration steps toward defining a mineable deposit."
Newell's company was the only gold exploration miner to release
bullish news on Tuesday. The Stanford-educated Dr. Newell is no
stranger to success in the field of precious metals geology, having
worked on Newmont Mining Co's Nevada gold exploration, credited
with having steered Newmont into becoming a high-producer, where he
served as its senior geologist. Now, Dr. Newell is betting on
Tanzania's gold belt, which is the third-largest gold production
area in Africa.
"According to Lake Victoria Mining Co's website, two other
executives are involved, though in looking at Newell's background I
get the impression that the company's recent magnetic ground survey
on its property will call for more than concentrated exploration
within its claims in the way of other management if LVCA looks to
finance growth," said Axcess News' Alan Fein.
For a junior exploration company in a down precious metals
market to laud over its property, Dr. Newell may be betting on his
discovery proving itself to be his crowning achievement in a
geological career that spans more than 40 years.
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