Overview

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.

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Investment Highlights

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Kalemela Project

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 wholly owned subsidiary of Kilimanjaro Mining Company, Inc. of Nevada.

Under the terms of the agreement Lake Victoria has acquired an 80% interest in and to the Kalemela prospecting license PL2747/2004, located in the world famous Lake Victoria Greenstone Belt and consisting of 70.72 square kilometers. Over the last 12 years, the Lake Victoria Goldfield of northern Tanzania has been recognized as a world-class gold province and five large mines are now in production, with a sixth to open shortly.

For example, the Bulyanhulu deposit, drilled and developed by Sutton Resources was purchased by Barrick Gold in 1999. The Bulyanhulu mine was completed in 2001 and produced 242,575 oz. of gold at a cash cost of $197 per ounce in its first year. The Geita, mine which is a joint venture between Ashanti Gold and Anglo Gold produces 545,000 oz. per annum. Golden Pride owned by Resolute of Australia produces 216,000 oz. per annum.

Geologically, the property contains classic greenstone lithologies similar to those in currently producing or recently past producing gold mines in the Lake Victoria Greenstone Belt. Silicified and quartz veined Precambrian metavolcanics and granitic rocks dominate the license and the large regional northwest trending two to three kilometer wide Suguti shear zone lies east of the license. Fracture and vein patterns within the license generally trend east to northeast and are believed to be related to shearing and wrench faulting on 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 license and exploration will focus on locating gold occurrences with commercial value.

The Company announced in mid-September, 2008 that their initial prospecting results from the Kalemela project in northern Tanzania have identified a large gold anomaly in soil samples that covers an area of about 2 km X 6 km. More than a thousand soil samples have been collected in a total area exceeding 20 square kilometers. Assay results from the soil samples have ranged from 20 ppb to 144 ppb and have indicated two significant geochemical anomaly trends, northeast and north-south, similar to directions at the Kiabakari and Buhemba gold mines. These initial prospecting results will be followed up with a detailed ground magnetic survey and trenching and pitting programs to further define this large gold anomaly and to identify drill targets.

To view the Kalemela Project geological map, click here.

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Tanzania Resource Wealth

Apart from Gold, Diamond and Gemstones, Tanzania has abundant mineral reserves of Nickel, Copper, Uranium, Kaolin, Titanium, Cobalt and Platinum and even SALT. That is why Tanzania has been attracting some of the largest mining companies in the world. Gold exploration has mainly been focused on the greenstone belts around Lake Victoria with particular attention on the shear hosted gold mineralization associated with banded iron formations (BIF), tufts and volcano-sedimentary exhalatives.

Since the 1990's, several major gold discoveries have been made and much larger mines are entering production. These developments and discoveries including the Geita mine which produced 20.0M oz of Gold at 4.05 g/T by Anglo Gold-Ashanti Ltd, the Bulyanhulu mine which produced 19M oz of Gold at 14.0 g/T by Barrick, the North Mara mine which produced 4.0M oz of Gold at 3.17 g/T by Placer Dome and also the Golden Pride mine which produced 2.7M oz Gold at 2.6 g/T by Resolute Mining. These and other significant gold discoveries are being encountered all over Tanzania, and prospecting for new gold deposits continues.

Tanzania has great potential particularly for gold, base metals, diamonds, ferrous minerals and a wide variety of gemstones, some of, which are unique such as tanzanites. Coal, uranium, and various industrial minerals such as soda, kaolin, tin, gypsum, phosphate and dimension stones are available at attractive economic rates.

Tanzania has been the major focus of Africa's gold exploration and development over the past five years. As a result, the mining industry in Tanzania grew 27% in 1999, a major increase from the previous years' 17%. Up to 15% of Africa's exploration expenditure has been spent in Tanzania, thought to have Africa's largest gold reserves, after South Africa. Diamonds, gold, nickel and gemstones play key roles in Tanzania's growing minerals industry. However, nearly all major developments have been seen in the gold sector.

The Williamson Diamond Mine (also known as the Mwadui mine) is a famous diamond mine in Tanzania; it became well known as the first significant diamond mine outside of South Africa. The mine was established in 1940 by Dr. John Williamson, a Canadian geologist, and has been in continuous operation since then, making it one of the oldest continuously operating diamond mines in the world. Over its lifetime it has produced over 19 million carats (3,800 kg) of diamonds.

The mining sector contributes about 2.3 per cent of the GDP, which is projected to increase to 10 per cent in 2025. It is one of the leading components in generating foreign exchange earnings within non-traditional exports. Furthermore, it has great potential for employment opportunities and spearheading Tanzania’s economy for decades to come.

Recent News and Press Releases

Lake Victoria Mining Company, Inc.: Kalemela Gold Project Continues to Advance Based on Encouraging Soil Assays, Tanzania
Marketwire (Tue, Nov 4)

 

Lake Victoria Mining Company, Inc.: Kalamela Project Identifies Gold Target & Plans Exploration Follow-Up, Tanzania
Marketwire (Tue, Sep 16)

LAKE VICTORIA MINING COMPANY, INC. Financials
EDGAR Online Financials(Thu, Sep 11)

Lake Victoria Mining to Commence Gold Exploration at Kalemela Gold Project in Tanzania
Marketwire (Thu, Jul 24)

Lake Victoria Mining Company Acquires Kalemela Gold Project, Lake Victoria Greenstone Belt, Tanzania
Marketwire (Tue, Jul 8)

Lake Victoria Mining Company, Inc.: Exploring for Gold in Tanzania-New International Board Appointed
Marketwire (Mon, Jun 30)

Lake Victoria Mining Company, Inc.: African Gold Exploration Company Appoints Renowned Geo as New President and CEO
Marketwire (Fri, Jun 27)

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Management

Dr. Roger Newell - President

Dr. Roger Newell holds a Ph.D. in mineral exploration from Stanford University, and has more than forty years of experience in the mining industry. Dr Newell also holds an M.Sc. in geology form the Colorado School of Mines and is a past president of the Alumni Association. Dr. Newell is renowned internationally for recognizing the potential of the Carlin Trend in Nevada. Under his direction Newmont Mining Company established new exploration programs in Nevada, which ultimately lead to Newmont Mining becoming the 2nd largest gold producer in the world with gold operations yielding over 1,000,000 ounces per year. Dr. Newell served as Vice President, Development Officer and Board Member of Capital Gold Corp (CGLD) from 2000 to 2007. As such he was responsible for much of Gold Corp’s engineering and business development. He also served as President (2000 to 2006) of Gold Corps Mexican subsidiary, Minera Santa Rita. Prior to his time at Capital Gold, he served as Exploration Manager/Senior Geologist for the Newmont Mining Company; Exploration Manager for Gold Fields Mining Company; and Vice President - Development, for Western Exploration Company.

Heidi Kalenuik - Secretary/Treasurer

Heidi Kalenuik has an extensive background in the precious mineral industry. This includes seven years experience in the diamond industry in South Africa. Owning and operating a multi-million dollar diamond company and cutting works, taking diamonds from rough to polished precious stones and finally into the marketplace. Travel through Africa to develop business relations and manage African business interests. Trading of African precious stones and gold with European and Asian entities. Three years administrative experience, working with over 150 private and public companies in British Columbia, Canada. The companies ranged from start up to Fortune 500 including a number of resource companies.

Ahmed Magoma - Director

Mr Magoma is a senior geologist of 15 years. His experience encompasses projects that have been grassroots right through to mining production always focused on gold exploration. His experience has included working with Tanex, a subsidiary of DeBeers and other South African companies as a field geologist. Working with the Ministry of Minerals in Tanzania for a time to study the techniques of small-scale miners to enhance their production. His extensive experience in field geology prepared Mr Magoma to work with the major gold company Barrick and then Randgold, as a project geologist. Prior to joining Lake Victoria Mining Company Mr. Magoma was senior project geologist at Tanzanite Africa. Mr Magoma has a Bsc. in Geology from the University of Dar es Salaam, 1992.
 

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Contact

Lake Victoria Mining Company, Inc.
Dr. Roger A. Newell, President

Phone: (303) 586-1390
Email: info@lvcamining.com
Website: www.lakevictoriaminingcompany.com

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FORWARD LOOKING STATEMENTS

This report includes forward-looking statements that reflect Lake Victoria Mining Company, Inc. current expectations about its future results, performance, prospects and opportunities. Lake Victoria Mining Company, Inc. has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "we are confident" or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause Lake Victoria Mining Company, Inc.'s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company's growth expectations and ongoing funding requirements, and specifically, the Company's growth prospects with scalable customers, and those outlined above. Other risks include the Company's limited operating history, the Company's history of operating losses, consumers' acceptance, the Company's use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company's securities, the possible volatility of the Company's stock price, the concentration of ownership, and the potential fluctuation in the Company's operating results.

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