Lake Victoria Mining Company, Inc.
OTC Bulletin Board : LVCA

Lake Victoria Mining Company, Inc.

September 21, 2009 09:15 ET

Lake Victoria Advances Both Singida and Kinyambwiga Gold Projects, Tanzania

GOLDEN, COLORADO--(Marketwire - Sept. 21, 2009) - Lake Victoria Mining Company, Inc. (OTCBB:LVCA) - Exploration information has recently been compiled for both the Singida and the Kinyambwiga gold projects. This information is believed to be very positive and Lake Victoria is pleased to report the results as summarized below:

Singida Project

The Company's Singida program is focused on near term production and defining sources of early gold production from mineralized material present in surface tailing piles, surface mine rock dumps and in shallow underground artisanal mine workings.

Underground Mine Samples

A total of 176 underground samples were collected from 36 artisanal underground mine workings along a 5 kilometer northwest-southeast strike length of the veins. The maximum accessible depth available for sampling was about 50 meters, and the veins varied from 0.3 meters to 2 meters thick. Gold values for the 176 samples averaged 7.1 grams per metric ton, and the veins appear to have extensions beyond the current 5 kilometer length. If the veins continue to a depth of 250 meters, about 6 million tons of mineralized material might be present.

Rock Dump Samples

Gold assays have been received for 1,138 samples collected from artisanal mine rock dumps at Singida. These mine dumps consist of rock mined from underground that is now lying in stock piles on the surface. The average grade for these samples is about 2.14 grams per metric ton, and field measurements suggest these dumps contain approximately 20,000 metric tons of rock. Assays are pending for additional rock dumps; total tons for all rock dumps is estimated to be about 70,000 tons.

Tailing Samples

A total of 1,924 samples were collected and assayed from 75 artisanal tailing piles. The samples were collected by augering holes into the tailings; samples of the augered tailings were individually collected at 1 meter intervals. Field surveying indicates that approximately 20,000 tons of material appears to be present, and assays for the 75 piles averaged 3.05 grams per metric ton. Initial laboratory tests suggests that leaching of the tailing material may recover about 86 percent of the gold.

In summary at Singida, if results and sources of funding continue to prove positive, the Company hopes to design a gold recovery process and then construct a plant by early next year to sequentially process tailings, rock dumps and then newly mined underground quartz veins.

Kinyambwiga Gold Project

The Kinyambwiga Gold Project is about 110 kilometers northeast of Mwanza in northern Tanzania and within the Lake Victoria Greenstone Belt.

Trench Sampling

Gold assays for 134 samples collected from 22 trenches average 2.28 grams per metric ton. Bulk samples were also collected from these trenches and leach assay tests were conducted on 24 select bulk samples; these leach assays average 3.48 grams per metric ton, and suggest that once mining begins, leaching may be an optimal method for recovering the gold. Geologic mapping and trenching appears to have identified the veins over a length of about one-kilometer, and geophysics and reconnaissance drilling suggests the veins may extend up to two-kilometers.

In summary at Kinyambwiga, if funding is available, future work will involve underground excavation and sampling, preparation of environmental and feasibility studies that are designed to achieve an early production date.

Roger Newell, president of Lake Victoria said, "These two near production projects are exciting, especially with a gold price of about $1,000 per ounce. As with most projects at this stage, much work remains to be done, but we have only been in Tanzania since 2007 and already have two projects out of our large portfolio that we hope to make into producing mines with strong economic results. We believe that these projects will add significantly to share holder value, will help fund future accretive acquisitions, and provide a solid platform for corporate growth."

About the Company

Lake Victoria Mining Company, Inc. along with its wholly owned subsidiary, Kilimanjaro Mining Company Inc. (www.kilimanjarominingcompany.com) is working to create gold mines 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.

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.

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