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

Lake Victoria Mining Company, Inc.

December 01, 2009 09:15 ET

Lake Victoria Identifies Three New Parallel Gold Veins and Begins Final Property Acquisition at Singida Gold Project, Tanzania

GOLDEN, COLORADO--(Marketwire - Dec. 1, 2009) - Lake Victoria Mining Company, Inc. (OTCBB:LVCA) - Three new parallel gold veins have been identified with positive assay results, and Lake Victoria has begun completion of property acquisition at the Singida Gold Project.

During the week of November 16th, the Company, in agreement with one of its Tanzanian directors, completed acquisition of 21 Primary Mining Licenses, which represent approximately one third of the entire 5 kilometer gold bearing project area. These property acquisitions come on the heels of identifying a number of new parallel gold veins.

A total of 13 trenches have been excavated across vein structures at the Company's Singida gold project. Preliminary information from five trenches indicates that there may be three new gold bearing veins in addition to the main vein structure; the vein closest to the main vein appears to lie about 20 meters to the northeast of the main vein. These new veins, in near surface trenches, appear to be similar in character to the near surface character of the main vein, which we have sampled at depths of up to 50 meters in 36 existing small scale mine shafts. The vein system trends northwest-southeast, and the new veins are located on the northeast side of this main 5 kilometer long vein of which underground samples averaged a gold grade of 7.1 grams per ton, as previously announced (http://lakevictoriaminingcompany.com/investors/news/2009/8-6.htm).

Roger Newell, president of Lake Victoria said: "Based on the fact that all of our exploration to date in the Singida Gold Project has yielded extremely positive results and given that our original target is now expanding, the Company's confidence in the commercial potential of Singida is very high. Accordingly, we have begun completing acquisition of the Primary Mining Licenses that comprise the gold bearing target area. The three new veins that have been identified appear to have a similar character as the nearby main vein system, which we already know carries important gold values at depth throughout the 5 kilometer strike. With the price of gold approaching $1,200 we are on an accelerated pace to prove up gold mineralization and to advance the project towards a production decision."

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 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.

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.

Contact Information