VANCOUVER, British Columbia--(BUSINESS WIRE)--Lake Victoria Mining Company (OTCBB: LVCA) announces encouraging gold recovery test results from its Kinyambwiga project in northern Tanzania. Two gold bearing samples each weighing about 40 kilograms were tested by two independent metallurgical laboratories.
The first set of test results were completed by Peacocke & Simpson Mineral Processing Engineers in Harare, Zimbabwe. The second tests were completed in Vancouver, British Columbia by Met-Solve Laboratories, Inc.. Both laboratories are independent of each other and the Company. Testing found that Kinyambwiga’s gold can be recovered by conventional and routine metallurgical methods, which will be used to design the project’s most economical and optimal recovery process.
Peacocke & Simpson Results
The Peacocke & Simpson (P&S)
sample had an average assayed head grade of 7.24 grams/metric tonne
gold, and was tested for gold recovery by gravity, flotation and
leaching methods. When the rock was crushed to 100 percent minus 1.0
millimeter the gravity gold recovery was 24.2 percent. With continued
grinding so that 80 percent of the rock was less than 0.75 millimeters,
the total gravity recoverable gold increased to 54.5 percent.
Flotation of the gravity tails was undertaken using two different flotation reagents. Both methods, combined with the results of gravity recoverable gold returned gold recoveries of 81.0 and 83.8 percent respectively.
Agitated leaching of the gravity tails recovered 84.1 percent of the remaining gold providing for an overall gravity and leaching recovery of 92.7 percent of the gold in the sample. These are laboratory results and actual mine site operational results may differ.
Met-Solve Results
The Met-Solve (MS) sample had an average
assayed head grade of 9.80 grams/metric tonne gold. The rock was crushed
and ground to 80 percent minus 0.071 millimeters and had a gravity
recoverable gold content of 60.6 percent. Leaching of the gravity tails
recovered 88.5 percent of the balance yielding a combined gravity plus
cyanide leach recovery of 95.5 percent. Met-Solve then conducted:
- two recovery tests combining gravity and flotation methods using two different flotation reagents with recovery results of 85.2 and 85.6 percent.
- two tests combining gravity with flotation, then followed by leaching of the flotation concentrates. These results were 84.0 and 84.2 percent.
The complete Met-Solve – Gravity, Flotation and Cyanide Leach Test Work report may be viewed on our corporate website in the Kinyambwiga Gold Project section.
Summary
In summary, results from the two independent
laboratories tend to verify and confirm each others findings. The P&S
gravity-only-recovery was 54.5 percent and the MS gravity-only-results
were 60.1 percent; both results are encouraging. The additional leach
test results from both laboratories ranged between 92.7 and 95.5 percent
respectively. David Kalenuik, Lake Victoria’s CEO and President stated:
“While these are initial and preliminary results, the gravity and the
additional tests suggest Kinyambwiga’s gold is readily recoverable by
time-tested routine methods. These are very positive results and will be
used to help design and balance the most optimal metallurgical recovery
method versus projected operating and capital cost requirements. It
appears that gravity and cyanide leach of the gravity tails provides the
best recovery option.”
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).
Follow Our Pathway to Production
Visit the LVCA Media Room
on the Company’s corporate website and watch and listen in on the
continuing developments on our pathway to gold production. We are in
anticipation of a visit to the project area by the National Environment
Management Council (NEMC) as they review our current draft environmental
application. Additionally, the successful achievement of a Special
Mining License will be accomplished in working in harmony with the
District Commissioner, District Counselors and village administration.
We will work to bring you up close to all these developments as they
happen.
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 fourth
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
or by contacting:
Lake Victoria Mining Company, Inc.
David T. Kalenuik, CEO &
President
Phone: 303-586-1390
Email: info@lvcamining.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 June 29, 2012, 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 news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or unless an exemption from such registration is available.