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
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
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
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
Lake Victoria Mining Company, Inc.
David T. Kalenuik, 303-586-1390
Source: Lake Victoria Mining Company
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