Lake Victoria Mining Company Acquires Kalemela Gold Project, Lake Victoria Greenstone Belt, Tanzania
Dr. Roger A. Newell M.Sc., Ph.D., the newly appointed President and CEO of Lake Victoria Mining Company, Inc. (OTCBB: LVCA) is pleased to announce the company is acquiring an 80% interest in the Kalemela Gold Project in northern Tanzania.
While currently in Mwanza, Tanzania, Dr. Newell said "This is an important opportunity for the company to gain a foothold in a prominent, productive and highly prospective gold belt. The potential for a substantial discovery here is significant since the Lake Victoria Greenstone Belt contains properties with very large gold reserves. This is a mega district and new mines continue to be discovered and are relatively quickly moved into production."
The Kalemela Gold Project is located in northern Tanzania, within the world class Lake Victoria Greenstone Belt (LVGB) about 125 km northeast of the city of Mwanza. Mwanza, which rests on the southern shore of Lake Victoria, is the second largest city in Tanzania and is the location of the region's thriving mining and exploration community. The Kalemela project covers about 70.7 square kilometers.
Geologically, the property contains classic greenstone lithologies similar to those in currently producing or recently past producing gold mines in the LVGB. Silicified and quartz veined Precambrian metavolcanics and granitic rocks dominate the property, and the large regional northwest trending, two to three kilometer wide Suguti shear zone is just east of the property. Fracture and vein patterns within the project generally trend east to northeast, and are believed to be related to shearing and wrench faulting along the Suguti structure. Gold has been mined from a very small occurrence in amphibolite rocks at Ngasamo; similar rocks and structures are present in the Kalemela project and exploration will focus on locating gold occurrences that can be developed into one or more profitable commercial operations.
Gold Exploration and Mining in Tanzania
The Republic of Tanzania provides an ideal location for mining and exploration to flourish in a politically stable and industrially friendly environment. World recognized major and intermediate size gold mining companies are producing nearly two million ounces of gold per year from deposits located and developed mostly within the last ten years, and new mines are scheduled to begin production with the next three years.
Government regulations encourage mining and development, and a friendly work force is available to the industry. Tanzania has an ideal East Africa location that in addition to gold has a geological setting known to contain commercial diamonds, and important copper, nickel, uranium and coal resources. The long standing government Geological Survey has produced and maintains important technical reports and other related resources to assist and support mineral exploration. There are few places where the mining and exploration community is more welcome or have produced more important developments than Tanzania.
Under the terms of the agreement, Lake Victoria Mining Company, Inc. will exercise its purchase option by paying Geo Can Resources Company Limited $75,000 U.S. Dollars and issuing 10% of the issued and outstanding share capital. In addition, it is required to engage in annual exploration over a four year period totaling $1.6 million U.S. Dollars.
About the Company
Lake Victoria Mining Company, Inc. is a gold exploration company focused on acquiring and exploring potential gold mineral deposits or reserves in Tanzania, East Africa. Tanzania produced 1.75 million troy ounces of gold during 2007 and is the 3rd largest gold producing country in Africa. Lake Victoria Mining Company, Inc. currently holds a Mineral Property Purchase/Option Agreement with Uyowa Gold Mining and Exploration Limited (Tanzania) owned by Geo Can Resources Company Limited (Tanzania) a subsidiary of Kilimanjaro Mining Company, Inc. of Nevada (www.kilimanjarominingcompany.com).
For further information the Company's filings that are available at: http://media3.marketwire.com/r/627lvcafilings.
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'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'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 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 Newell (303) 526-5100 Email: firstname.lastname@example.org