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LAKE VICTORIA MINING CO INC
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Lake Victoria Receives Positive Metallurgical Gold Recovery Test Results and Initiates Environmental Permitting Study at the Kinyambwiga Gold Project Tanzania, East Africa

2012-12-19 13:51 ET - News Release


VANCOUVER, British Columbia -- (Business Wire)

Lake Victoria Mining Company (LVCA:OTCBB) is pleased to report initial metallurgical gold recovery test results from the Company’s Kinyambwiga gold project, in Tanzania. A bulk rock sample of 50 kilograms, assaying 7.24 grams per tonne, was collected from a number of artisanal shafts on the prospect and then submitted to Simpson & Peacock Minerals Processing Engineers in Harare, Zimbabwe for metallurgical test work.

Gold Recovery Test Results Summary

To simulate gravity only recovery methods, rock material was crushed to 100 percent passing minus 1.0-millimeter size and then transferred to a Knelson concentrator; this early stage liberation test yielded a 24.2 percent gold recovery.

Fine grinding of the rock material to a size of 80 percent minus 0.075 millimeters and then transferring the material to a Knelson concentrator yielded a 54.5 percent gold recovery.

Agitated leaching of the gravity tails for a 24-hour period resulted in a gold recovery of 84.1 percent.

The overall gold recovery from Fine Grinding with Knelson Concentration and Agitated Leaching totalled 92.7 percent.

From these initial test results, it appears the Kinyambwiga gold bearing rock can be processed by standard metallurgical methods. Further testing is underway to determine electric power requirements and recovery estimates by flotation methods. Results will be used to define the configuration and ideal equipment for an optimal gold recovery plant.

Environmental Permitting Study

After interviewing several environmental companies, a local Tanzanian consulting firm specialising in Environmental Management, has been awarded the contract to undertake the Environmental Impact Assessment (EIA) study on the Kinyambwiga Gold Project.

The final report is to be submitted to the National Environmental Management Council (NEMC) of Tanzania, a Government body responsible for the issuance of the EIA certificate by the Minister responsible for Environment.

The EIA firm was chosen based on its confidence and proven track record in being able to complete and deliver the EIA certificate within three months. This EIA study is a basic requirement before the Minister of Mines can award a Special Mining Licence. Field studies have already commenced at site with the various Government and local representatives being involved in the initial baseline studies.

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).

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

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.

To view this press release as a webpage, please click on the following link: http://www.usetdas.com/pr/lakevictoriadec192012.htm

Contacts:

Lake Victoria Mining Company, Inc.
David T. Kalenuik, 303-586-1390
CEO & President
info@lvcamining.com

Source: Lake Victoria Mining Company

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