Lake Victoria Retains Experienced Contractor and Operator to Commission the Kinyambwiga Small Scale Gold Mining Project, Tanzania, East Africa
VANCOUVER, British Columbia--(BUSINESS WIRE)-- Lake Victoria Mining Company, Inc. is pleased to announce that its wholly owned subsidiary, Lake Victoria Resources (T) Limited, has entered into an agreement with an experienced surface and underground mining contractor, Camlaren Mine Development, to construct, commission and operate the Company's Kinyambwiga Gold project in northern Tanzania.
Camlaren's experience lies in commissioning and operating small to medium size gold mines in frontier locations. The combination of Camlaren's gold mining and recovery processing experience with Lake Victoria's Tanzanian gold assets could expedite us to profitable gold production at one or more of the Company's prospects.
With 35 years of mining experience, Mr Gerry Hess, Camlaren's principal, stated "I am happy to have this opportunity to work with Lake Victoria and to bring one or more of the Company's projects into production."
David Kalenuik, Lake Victoria's CEO said, "I am very pleased with this combination, and Gerry Hess provides an immediate, hands-on ability to successfully move us forward with turnkey mining and gold recovery operations not only at Kinyambwiga, but potentially at three of our other small scale gold mining prospects. Mr Hess has already begun to locate possible sources of equipment, and his record indicates that he has strong technical skills and personnel team building skills necessary to successfully work in international locations."
The following is a brief list of some of the open pit and underground mines where Mr Hess has personally worked during the past 25 years as either Supervisor, Superintendent, Mine Manager, or as a Contracting Developer for complete project production through construction, mining, processing and commissioning.
Snap Lake Diamond Mine, NWT
Cusac Gold Mines Table Mountain Property, Cassiar, B.C.
Tyhee Resources Ormsby Project, NWT (former Discovery Mine)
Fireside Minerals Ltd., Watson Lake, Yukon
Con Mine, Yellowknife, NWT
Giant Yellowknife Mines, Yellowknife, NWT
Camlaren Mine Development is known for their efforts in minimizing a projects environmental footprint; supporting sustainable community initiatives; being cautious with shareholder money and for seeking ways to use company's resources efficiently.
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:
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, CEO & President
KEYWORDS: North America Canada Africa Tanzania
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