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

Lake Victoria Mining Company, Inc.

February 09, 2010 16:18 ET

Lake Victoria Completes Agreements to Permit Drilling at Singida Gold Project, Tanzania

GOLDEN, COLORADO--(Marketwire - Feb. 9, 2010) - Lake Victoria Mining Company (OTCBB:LVCA) is pleased to announce that as of February 8th, it has successfully executed Addendum's to the eleven original agreements with 38 property owners for all 37 PMLs (primary mining licenses) in the Singida Gold Project area. This was accomplished through the company's wholly owned subsidiary in Tanzania. These Addendum Agreements allow the Company to proceed with additional exploration in the area, which includes drilling and the establishment of a pilot processing plant. In addition, the remaining payment schedule has been extended to allow additional time for drilling, assaying and metallurgical test work.

As previously announced, both electrical and magnetic surveying is continuing over the Singida gold bearing vein system, and recent field reports indicate that new northwest-southeast trending and depth extensions to the veins may have been identified. If this interpretation is confirmed by more detailed data analysis, then additional drill targets will be selected to test for gold in these geological extensions to the previously defined veins.

On February 8th, 2010 the Company sold 750,000 shares of common stock to Heidi Kalenuik, an officer and director in the Company, in consideration of $150,000 and granted Heidi Kalenuik the right to acquire an additional 750,000 shares of common stock at an exercise price of $1.25 per share.

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.

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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