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

Lake Victoria Mining Company, Inc.

November 10, 2010 09:02 ET

Lake Victoria Commences Drilling Program at Kinyambwiga Gold Project, Tanzania

GOLDEN, COLORADO--(Marketwire - Nov. 10, 2010) - Lake Victoria Mining Company, Inc. (OTCBB:LVCA) ("Lake Victoria" or the "Company") commenced a phase two reverse circulation drilling program at the Kinyambwiga gold project (PL4653/2007). Kinyambwiga gold project is located near the eastern side of Lake Victoria in northeastern Tanzania and is approximately 750 kilometers, by road, from the Company's Singida-Londoni gold project.

The initial planned 2,000 meter drill program is expected to test three targets at the Kunanga Prospect area which is situated in the northeastern part of the 30.89 square kilometer Kinyambwiga License.

Kunanga 1 Target

Recent infill trenching has established the existence of at least 2 shear hosted, narrow gold bearing quartz veins that "pinch and swell" along a known strike length of 350 meters. These veins spaced approximately 15 to 20 meters apart and which trend east-northeast and west-southwest, have been partly exposed by small scale mining. Follow-up geophysical surveying, using the Schlumberger Induced Polarization (IP) profiling method, along north-south traverses across the exposed quartz veins was undertaken to secure a geophysical signature of the structure. The survey was then extended out along strike of the quartz veins with the aim of tracing the structure beneath the soil covered plain. Drilling is planned to test the strike extension for a further 200 meters on either side of the quartz veins on 80 meter spaced centres. All boreholes are drilled towards the north at an inclination of -50 degrees.

To date, all three boreholes, collared to the east of the exposed quartz veins, have intersected the southern quartz vein in which varying amounts of pyrite have been noted from on site panning of the reverse circulation drill chips. Previous drilling of the quartz veins has shown that gold is associated with pyrite mineralization and as free metallic gold. One borehole, drilled midway along strike was extended in depth to intersect the northern lens and encountered 4 meters of moderate pyrite at 86 meters down hole.

Drilling out along strike to the west has traced the southern quartz vein together with a number of subsidiary narrow quartz veins for a distance of 200 meters. Two boreholes were drilled along the westernmost fence (Section 580980E) to test the strike continuation of the quartz veins as well as the IP chargeability anomaly situated 50 meters to the south of the southern quartz vein. Both holes intersected narrow and oxidized zones of quartz veining reflecting both the structure and the IP anomaly. Assay results will confirm whether these quartz veins carry gold.

One hole is planned to test an IP chargeability anomaly located 50 meters to the north from the central part of Kunanga 1, as well as the influence of the crosscutting northwest-southeast IP structure. This anomaly lies parallel to the northern quartz vein of the Kunanga 1 prospect.

Kunanga 2 Target

Three holes spaced 80 meters apart are planned to test the area beneath a +20 meter deep artisanal shaft, located some 500 meters to the north of Kunanga 1. Schlumberger IP profiling across this area and out to the east has revealed a number of distinct chargeability anomalies that lie on an east-northeast trend. A further two scissor holes are planned to explore this trend some 400 meters to the east where abundant quartz float has been mapped on surface and evidence of small scale mine workings are noted.

Kunanga 3 Target

This prospect, covering an area of 200 meters x 100 meters of small scale mining pits, is situated 1 kilometer to the north of Kunanga 1. Previous drilling on the northern side of the workings failed to encounter any significant mineralization. However a single rotary air blast (RAB) hole drilled in the central to southern part of the small scale workings returned 2.06 g/t gold over 9 meters. Schlumberger IP profiling suggests that the area lies at the intersection of an east-northeast and northwest trending structure, similar to the IP pattern observed at Kunanga 1. Four 80 meter spaced drill fences have been planned to fully test this artisanal, near surface mining site.

Further updates are expected to be provided as drilling progresses on the three Kunanga prospects within the large Kinyambwiga License.

In the meantime, a ground magnetometer geophysical survey is underway at the Company's nearby 72.95 square kilometer Suguti Licence (PL3966/2006) which is located about 15 kilometers north of the Kinyambwiga gold project.

Clive King, Professional Geologist, 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. This press release has been reviewed by Clive King, Lake Victoria's Qualified Person who is registered 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 third 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 eleven 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.

Disclaimer

The reader is cautioned that the potential quantity and grade of the exploration target is conceptual in nature; it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. The Company's production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.

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 July 14, 2010, 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 in this press release, such as "gold bearing quartz veins" which may not be consistent with the reserve definitions established by the SEC. U.S. Investors are urged to consider closely the disclosures in our annual report on Form 10-K. This press release contains information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

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