Lake Victoria Mining Company, Inc. ("Lake Victoria" or the
"Company") (OTCBB: LVCA) is pleased to report initial drill results
from the Sambaru 3, 4 and 5 prospect areas within the
Singida-Londoni gold project, Tanzania. Drill intercepts include:
13.91 g/t Au over 4 meters; 16.80g/t Au over 2 meters; 23.6g/t Au
over 1 meter; 4.14g/t Au over 5 meters and 1.15 g/t Au over 21
meters. A number of higher grade zones are included in these
intervals and are listed in Table 1; a tabulation of the new
results is expected to be posted in the near future on the Lake
Victoria corporate website.
Table 1.
Summary of Reverse Circulation Drill Results from Sambaru 3, 4 and 5
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Total (i) (i) Azi- Inter-
Depth Sect- North East muth Declin. From To val Grade
Hole No. (m) ion Co-ord Co-ord (deg) (deg) (m) (m) (m) Au g/t
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Sambaru 3
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SGRC0004 80 2580W 9412284 727015 40 -55 2 7 5 4.14
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SGRC0008 93 2500W 9412254 727088 40 -60 31 38 7 1.78
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and 44 65 21 1.15
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and 75 78 3 2.17
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(including 1 meter @ 5.39g/t Au)
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and 82 87 5 1.56
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SGRC0014 74 2660W 9412336 726950 40 -55 58 59 1 23.6
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Sambaru 4
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SGRC0019 100 3520W 9412796 726195 40 -55 11 13 2 0.88
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SGRC0023 77 3760W 9413004 726056 40 -55 53 63 10 1.14
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and 69 70 1 7.19
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SGRC0041 99 3760W 9413070 726115 220 -50 24 26 2 0.9
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and 71 83 12 2.81
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(including 1 meter @ 18.10g/t Au)
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SGRC0024 109 3840W 9413066 726003 40 -55 67 71 4 13.91
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(including 1 meter @ 37.30g/t Au)
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SGRC0043 124 3840W 9413150 726066 220 -50 73 74 1 6.33
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SGRC0025 70 3920W 9413146 725978 40 -55 41 45 4 3.85
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(including 1 meter @ 10.20g/t Au)
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SGRC0045 114 3020W 9412490 726620 220 -55 86 88 2 3.22
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SGRC0046 92 3140W 9412524 726485 40 -50 32 36 4 2.01
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Sambaru 5
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SGRC0039 80 4640W 9413876 725625 40 -55 52 54 2 16.8
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(including 1 meter @ 22.10g/t Au)
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(i) Datum Arc 1960
Notes: 34.286 grams of gold/metric tonne = 1 Troy ounce of gold/short ton;
g/t = grams/metric tonne; Au is the chemical symbol for gold.
The mineralized interval represents the length of the drill hole intercept,
and is not the true horizontal width of the mineralized structure.
These initial results, represent a total of 3,600 meters of
recently completed reverse circulation drilling from within three
of five target areas, and the results demonstrate the presence of
high grade, narrow gold-rich zones from the central to the
northwestern part of the five kilometer long Singida-Londoni gold
project area.
Roger Newell, Ph.D. and Chairman of the Board, said, "I am very
pleased that these 13 drill holes have found high grade gold below
the artisanal workings, and I am confident that many of the
remaining holes will continue to report important gold assays. This
kind of early drill success is very unusual in a brand new gold
project, and Clive King, our Qualified Person and his geological
team are doing an excellent of job of finding the ore controls in
this large, complex and exciting gold property. While we are
anxious to learn about additional assay results from holes that
have already been drilled, it appears we are embarking upon a whole
new greenstone belt and a related exploration/mining area in
Tanzania."
Sambaru 3 Target Zone
At Sambaru 3, at least four mineralized zones have been
intercepted on one drill fence (News Release - 7th September 2010).
These four zones have been partly traced to the corresponding drill
fences over a strike length of about 160 meters.
Sambaru 4 Target Zone
At Sambaru 4, drill results from immediately west of the active
artisanal mine area (News Release - 28th September 2010) indicate
that the main 2 to 4 meter wide artisanal mining zone averaging
2.41g/t Au has now been traced for some 120 meters along strike.
This main zone appears to also be present along strike to the
northwest at a distance of about 620 meters within the central part
of Sambaru 4. Drilling has also traced two additional mineralized
zones along a strike distance of about 160 meters. The best
intersection of 37.30g/t Au over 1 meter was within in a 4 meter
wide, massive arsenopyrite gold-bearing sulphide zone that averaged
13.91g/t Au within the central Sambaru 4 target area.
Sambaru 5 Target Zone
At Sambaru 5, in the northwestern part of the licence area, one
borehole averaged 16.80g/t Au over 2 meters within a narrow zone of
arsenopyrite. The mineralized intercepts in Sambaru 3, 4 and 5
occur less than 70 meters below surface.
A planned 1,000 meter drill program is currently underway at the
Sambaru 2 target which is the largest location of artisanal
workings within the licence area.
Preliminary positive visual drill results are reported from the
drill site and include geological rock observations and gold panned
minerals from a number of drill samples within the central
artisanal mine area; additional information concerning this drill
program is planned to be provided in the near future.
Analytical work is being carried out at the independent SGS
Laboratories in Mwanza, Tanzania. The drill samples are subject to
full sample preparation followed by a 50 gram fire assay with an AA
finish. Blanks (5%), commercial standards (5%) and duplicates (5%)
are being used in each sample batch of 20 samples to monitor
laboratory performance during the analysis. Samples submitted
either represent 4 meters composite samples of 1 meter intervals or
1 meter samples where on site logging and panning of the RC chips
indicates the presence of visible gold or gold-bearing
sulphides.
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, P.Geo, 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 and has reviewed and verified the technical information
contained in this news release. Clive King, 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 eleven 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"
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.
Contacts: Lake Victoria Mining Company, Inc. David T. Kalenuik
President and CEO 303-586-1390 www.lvcamining.com
www.lakevictoriaminingcompany.com
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