Lake Victoria Reports Positive Gold Recovery Test Results for the Company's Kinyambwiga Project, Tan
Lake Victoria Reports Positive Gold Recovery Test Results
for the Company's Kinyambwiga Project, Tanzania
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.
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.
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
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 atwww.sec.govand with Canadian Securities Administrators atwww.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.
Lake Victoria Mining Company, Inc.
David T. Kalenuik, 303-586-1390
CEO & President
KEYWORDS: North America Canada Africa Tanzania
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