LAKE VICTORIA SCHEDULES DRILLING, WITH TRENCHING AND GEOPHYSICAL PROGRAM UNDERWAY, AT KINYAMBWIGA GOLD PROJECT, TANZANIA
Golden, Colorado, July 27, 2010 (LVCA:OTCBB) Concurrent with drill planning at our Singida gold project, Lake Victoria is also planning a second phase drill program at its Kinyambwiga gold project in northern Tanzania. Additional trenching and geophysical programs are already underway at Kinyambwiga, in preparation for the scheduled drilling program.
Roger Newell, the company’s president stated: “Our goal is to have one or more gold resources inside the company this year and[AAU1] Clive King, our new technical leader, and our exploration team are working to make this a reality. Clive has begun an intense exploration schedule of the company’s gold projects, like that at Kinyambwiga, focused on ferreting out the potentials in short order and defining the gold resources.”
Previous trenching at Kinyambwiga outlined the existence of at least five, shear hosted, narrow gold bearing quartz veins. These veins, which trend east-northeast and west-southwest, have been partly exposed by artisanal mining along a strike length of about 300 meters.
The current phase of trenching involves re-opening of a number of the previously in-filled trenches as well as excavating some new trenches to cover the gaps on the planned north-south drill fences, to be spaced 80 meters apart. The objective of the trenching and drilling exercise is to determine the gold grade distribution in both hanging and footwall rocks adjacent to the veins. This information will allow the company to define an initial gold resource estimate at Kinyambwiga. A total of 630 meters of trenching is underway; 250 meters will be new trenches.
A geophysical gradient induced polarization (IP) survey, along 200 meter spaced north-south traverses is also in progress over the entire prospecting licence of approximately 30 square kilometers. To date, the eastern half of the licence, covering an area of 15 square kilometers, has been completed. Results have shown that both the area currently under trenching and an extensive artisanal mine site, approximately one kilometer to the north, lie adjacent to resistivity highs. Follow-up detailed Schlumberger IP profiling across both prospects are planned in the immediate future once the gradient IP survey is complete. Results from the trenching, IP survey and detailed mapping will be used to plan a reverse circulation (RC) drilling program scheduled to begin September.
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 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 both gold and uranium exploration licenses in Tanzania. Additional information regarding the Company is available on the corporate website at: www.lakevictoriaminingcompany.com or by contacting:
Lake Victoria Mining Company, Inc.
Dr. Roger A. Newell
Phone: 303 -586-1390
Email: info@lvcamining.com
Disclaimer
This news release may contain forward looking statements, relating to the Company’s operations or the environment in which it operates, which are based on Lake Victoria Mining Company, Inc.’s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or beyond Lake Victoria Mining Company, Inc.’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place undue reliance on such forward-looking statements. Lake Victoria Mining Company, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
[AAU1] And our exploration team is working to make this a reality. It has begun an ………………..