VANCOUVER, British Columbia--(BUSINESS WIRE)--(LVCA:OTCBB) Lake Victoria Mining Company Inc. is pleased to announce that on January 7th, 2014 Mr. Ahmed Magoma, on behalf of the Company, officially received the Environmental Impact Assessment (EIA) Certificate of approval from the National Environment Management Council (NEMC) of Tanzania, for Lake Victoria’s planned Kunanga Medium Scale Gold Mine that is within the Company’s Kinyambwiga Gold project, in northern Tanzania.
The Environmental and Social Impact Assessment Final Report, prepared for the Company by a Tanzanian environmental consulting firm, was submitted to NEMC on the 2nd of August 2013 (Refer Press Release: 5 August 2013). The EIA certificate of approval, registration number 2247 EC/EIS/1106 is issued under the Environmental Management Act No.20 of 2004, and was signed by the Tanzanian Minister of Environment on the 23rd December 2013. The EIA Certificate is valid during the entire life cycle of the project based on the Company’s compliance with the General and Specific Conditions of its issuance.
The Company is currently completing the Mining Application that is expected to be submitted to the Tanzania Ministry of Energy and Minerals very shortly. The Mining application will not only cover the Kunanga site, but will also encompass 39 Primary Mining Licenses (PMLs) currently held by the Company’s Tanzanian subsidiary. The area, totaling 3.44 square kilometers also includes two other known gold occurrences at Kunanga 2 and 3.
David Kalenuik, President and CEO of Lake Victory says “We are extremely excited with receiving approval from NEMC allowing us to proceed to the next step of applying for our Mining License. This will be the final step of Government approval that, once granted, will allow us to move the Kinyambwiga Gold Project forward into an active open pit mining project. We have assembled key personnel for a team to construct and operate the mine, and have identified our needs for equipment and supplies. A test dig in February of 2013 confirmed our initial equipment needs. We would expect to move quickly once the Mining License is issued. I thank everyone who has worked throughout the years on Kinyambwiga, and especially our technical team and talent in North America and Africa that worked to complete this detailed and rigorous Environmental and Social Impact Statement, along with the necessary follow up. We look forward to breaking ground on mine construction soon after the final license is received and to the potential of pouring our first gold during 2014.”
Interested parties are encouraged to visit the “LVCA Media Room” on the Company’s corporate website for informational audios and videos on the ongoing developments at our Kinyambwiga gold project including comments from some of the Company’s directors on the significance of receiving the EIA Certificate.
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 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 28, 2013, 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.