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

Lake Victoria Mining Company, Inc.

October 25, 2010 22:52 ET

Lake Victoria Completes Initial Drilling Program at the Singida-Londoni Gold Project, Tanzania

GOLDEN, COLORADO--(Marketwire - Oct. 26, 2010) - Lake Victoria Mining Company, Inc. (OTCBB:LVCA) ("Lake Victoria" or the "Company") is pleased to provide a further detailed update on the Reverse Circulation (RC) drilling program that was recently completed at the Singida-Londoni gold project in Tanzania.

An initial program of 79 drill holes totalling 6,416 meters tested depth extensions below five zones of artisanal gold mining contained within a 5 kilometer long, northwest trending shear zone.

Sambaru 1, the last of the 5 drill targets to be tested, is located about 1.2 kilometers southeast of Sambaru 2 target, in the southeastern part of the project area. The artisanal workings at Sambaru 1, unlike the other 4 targets in hilly terrain, lie on the Singida plains, and appear to be offset about 300 meters to the northeast from the main shear zone that hosts Sambaru 2 to 5 targets. Due to this offset, it is possible that Sambaru 1, which is covered by a 10 to 15 meter thick layer of alluvial gravels, may represent a new mineralized zone. Artisanal miners have sunk a number of +20 meter deep shafts through the alluvial gravels to access narrow, gold-bearing quartz veins along a strike length of 160 meters.

Three boreholes, located on 80 meter spaced northeast trending drill fences, were drilled to test the width, grade and strike extent of the Sambaru 1 gold bearing reef. The three holes intersected greenstone hosted gold bearing arsenopyrite in oxidised fracture zones. Occasional flakes of suspected visible gold were present in panned samples. The best suspected visible gold is present in a borehole that penetrated the central most part of the artisanal workings. This hole contains two separate 2 meter wide zones and a 7 meter wide zone; both zones contain visible gold and moderate amounts of arsenopyrite. The second and third Sambaru 1 boreholes, located on either side of the first hole intersected highly oxidised shear zones and minor amounts of arsenopyrite. No artisanal pits occur along strike to the current workings, suggesting that the mineralised zone may be of limited strike length. However, further exploration would be required along strike of workings to explore the structural trends, as seen from the ground magnetic survey, beneath the soil cover of the Singida plain.

After completing three holes at Sambaru 1, the drill returned to Sambaru 3 to complete an additional 2 infill holes. Both of these holes, inclined -50° to the southwest, were spaced 40 meters on either side of section 2500W which had returned mineralized intercepts of 1.78 g/t Au over 7 meters, 1.15 g/t Au over 21 meters and 2.17 g/t Au over 3 meters (See Press Release 13 October 2010). These holes, aimed to test a geological model of a south-westerly plunging ore shoot, were drilled to intersect the suspected ore shoot at different elevations in order to confirm an interpolated 30° plunge angle.

The borehole collared 40 meters west of Section 2500W intersected abundant quartz veinlets and suspected visible gold within the upper oxidised part of the borehole from 0 to 36 meters down-hole. The borehole drilled to the east of Section 2500W was aimed to intersect this mineralized zone at a vertical depth of 60 meters below surface. Mineralization, although sporadic, was intersected from 65 to 85 meters down-hole which corresponds to the targeted 60 meters expected vertical depth. The current drilling defined a southwest plunge of the mineralized zone. Additional drilling will be required to substantiate the geological model and to further follow the down-dip extension of the mineralization.

All samples from this last phase of drilling have been submitted to the SGS laboratory in Mwanza for gold analysis and results will be released as they become available.

With the completion of the initial Singida drill program the drill rig is now being mobilised to the Company's Kinyambwiga gold project near the eastern shore of Lake Victoria. Kinyambwiga is about 750 kilometers by road north of the Londoni-Singida gold project. A 2,000 meter reverse circulation drill program has been planned to test 3 targets at Kinyambwiga prior to the onset of the short Tanzanian rainy season.Further up-dates will be provided once drilling is underway.

The reader is cautioned that the potential quantity and grade of the regional 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.

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 in-house 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 eight prospective gold projects and five uranium projects within its Tanzania property portfolio. Additional information regarding the Company is available on the corporate website at:


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 and with Canadian Securities Administrators at 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" or "mineralized intercepts" 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 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.

Contact Information