VANCOUVER, British Columbia--(BUSINESS WIRE)--Lake Victoria Mining Company, Inc. (LVCA:OTCBB) (“Lake Victoria” or the “Company”) is pleased to report encouraging trench results from Kiabakari East prospect, including, but not limited to, 1.87 grams/ton of gold over 33.69 meters. Our Kiabakari East Gold License lies about 4 kilometers southeast of the past producing Kiabakari Gold Mine in northeastern Tanzania. Between 1959 and 1966, the Kiabakari Mine is reported to have produced 284,335 ounces of gold at an average grade of 6.1 grams/ton. Kiabakari East license is nearby three of Lake Victoria’s other licenses which include Kinyambwiga, Suguti and Murangi.
Prior to the end of 2011, the company undertook a limited follow-up trench sampling program at Kiabakari East where initial results from pit sampling taken across a small hill of Banded Iron Formation (BIF) returned encouraging gold values. (see Press Release November 08, 2011). Following these positive results, the Company re-opened and sampled a number of old trenches, amounting to 264 meters, that were excavated by a previous exploration company. Results are summarised in Table 1.
Table 1. Summary of Trench Assays
| Trench ID | Interval (m) | Au g/t | |||
| KT003 | 11.90 | 1.31 | |||
| KT004 | 33.69 | 1.87 | |||
| Including | 4.03 | 6.96 | |||
| KT005 | 2.10 | 1.31 | |||
| KT008 | 28.35 | 1.22 | |||
| KT009 | 22.70 | 1.54 | |||
| KT010a | 6.00 | 1.09 |
The Company is encouraged by these trench results, and has commenced excavating additional trenches across the BIF hill to further define and trace the strike of the gold zone.
In addition to sampling trenches, results from a reconnaissance termite mound sampling program across the southern part of the license identified two parallel anomalous gold zones, lying about 800 meters apart. These zones broadly define a 2 kilometer long northwest trending topographic ridge, and the northern zone encompasses the BIF unit. A similar geochemical anomaly is seen to exist in the eastern side of the license where some 500 small-scale artisanal gold miners have recently been active. An in-house ground magnetic survey was recently completed and together with the electrical IP survey, currently in progress, will assist in understanding the geological structure of the area. A soil sampling program is to be undertaken shortly, followed by a planned diamond and reverse circulation drill program to be conducted during the first and second quarter of 2012.
President and CEO of Lake Victoria, David Kalenuik commented, “This year has started out well with significant trench results being reported from our Kiabakari East project. It is the Company’s intention to fast track the exploration across the property by completing the Gradient IP and soil sampling surveys in order to understand the potential of the gold mineralization at the BIF Hill as well as to evaluate the artisanal gold working on the eastern part of the license. These are early days for the Kiabakari East prospect, but, results to date are indicating that this could shape up to become a new potential gold discovery for Lake Victoria.”
Analytical work is carried out at the independent SGS Laboratories in Mwanza, Tanzania. The rock samples have been subjected to full sample preparation followed by a 50 gram fire assay with an AA finish. 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 as a Professional Geologist 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 nine 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 in this news release include statements about the Company’s belief that the positive gold assays from the sampling of the BIF hill trench and pits at the Kibakari East license indicate the potential for an important gold deposit to exist in a geologically significant district of Tanzania and that the Company’s plans for further geophysical surveys (Magnetics, IP gradient and Schlumberger profiling) and additional sampling coupled with an increasing awareness of the structural controls (through possible diamond drilling) will result in targets for follow-up drilling. Trench results reported above do not represent true widths of the mineralized zones but represent grades encountered across a folded zone within the BIF unit. 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.