Lake Victoria Mining Company, Inc. Completes Definitive Option Agreement-Kalemela Gold Project Now Exceeds 260 Sq. Km. in the Wo
20 November 2008 - 3:26AM
Marketwired
Lake Victoria Mining Company (OTCBB: LVCA) is pleased to announce
that, further to its news release dated November 11, 2008, it has
signed a definitive Option Agreement (the "Option") with Geo Can
Resources Company Ltd. ("Geo Can") for two licenses in its Kalemela
Gold Project in the United Republic of Tanzania. The "Option" will
permit Lake Victoria Mining Company, Inc. ("LVCA") to acquire up to
a 60% interest in the Kalemela gold prospecting licenses that when
combined with their existing license will total approximately
64,700 acres (260 sq. km.) (the "Property"), incorporating 3
separate licenses (the "Licenses").
The newly optioned licenses lie along geologic trends recently
identified by ground magnetic studies and anomalous gold assays in
soil samples on the Company's existing prospecting license. Lake
Victoria Mining Company President, Dr. Roger Newell shared that,
"With these new acquisitions we are anxious to expand our current
exploration contract in order to confirm the extension of these
geological structures. So far, all indications point to another
significant gold occurrence in this highly productive mining
district."
To advance the Kalemela Gold Project, Lake Victoria Mining
Company is preparing for additional geophysics, soil and rock
sampling, trenching and drilling which will include these
licenses.
Under the terms of the Option agreement, LVCA will make cash
payments and issue common shares to Geo Can and must complete three
years of annual minimum exploration expenditures on the
Property.
In addition to the Option, LVCA will have granted by Geo Can, a
"Remaining Interest Option" that provides LVCA the ability by means
of a second and third option to acquire up to 100% interest in and
to the two additional gold prospecting licenses, while Geo Can
retains a Net Smelter Royalty (NSR).
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
President (303) 586-1390 Email: info@lvcamining.com Website:
www.lakevictoriaminingcompany.com
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