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

Lake Victoria Mining Company, Inc.

May 19, 2010 09:15 ET

Lake Victoria to Conduct Pre-Drill Exploration at Singida Gold Project to Determine Undiscovered Sub Surface Gold Vein Sets and Economic Resource

GOLDEN, COLORADO--(Marketwire - May 19, 2010) - Lake Victoria Mining Company, Inc. (OTCBB:LVCA) - The aim of the current exploration program is to determine the potential for undiscovered, subsurface gold vein sets within the sheared package of metavolcanic rocks proximal to the known gold veins, at Singida Gold Project in order to determine an economic resource prior to drill planning.

This Preliminary exploration work is a necessity prior to the Company advancing the project towards a drilling program. The ground work is to be focused on:

  • obtaining a better understanding of the geology, the structural complexity and the distribution of the known gold bearing quartz veins within the shear zone, and
  • to highlight areas of increased gold anomalism through soil sampling.

This approach is aimed at optimising gold targets in order that a cost efficient and systematic drill programme can be planned.

Previously completed and announced ground magnetic and IP surveys undertaken by Lake Victoria Resources have greatly assisted in defining some of the geological and structural features in the area.

Artisanal mining at Singida-Londoni has been focused on a number of narrow gold-rich quartz veins that are located within a major NW-SE trending shear zone. These veins "pinch and swell" along strike within the shear zone for a distance of some 7km. Some of the exposed veins on the Singida-Londoni licenses held by Lake Victoria Mining Company, that cover a strike length of 4.8 km, have been mined by artisanal miners in their upper parts to depths of about 50m. In the northwestern part of the shear structure, approximately 6 km from the Singida-Londoni licenses, Shanta Gold Ltd has announced a resource of 1,031,926 oz of gold at a grade of 1.46 g/t on their Singida License.

The Singida-Londoni Pre- Drill Exploration program will include:

Phase 1:

  • soil sampling on 400m x 50m grid with selected infill sampling, across the shear zone
  • wall rock sampling of existing pits and artisanal workings in order to determine the gold values within the sheared sidewall rocks adjacent to the gold bearing quartz veins
  • trenching across the strike of the quartz veins within undisturbed ground between areas of previous artisanal working to test the extent of the mineralization along strike.
  • detailed geological and structural mapping of surface outcrop, trench and pit exposures

Phase 2

  • Follow-up trenching/pitting on any coherent soil anomalies.
  • Interim results will be reported as they become available.
  • Upon confirmation of the existence of undiscovered, subsurface gold bearing quartz veins, a follow-up drilling program will be planned and initiated.

During Phase 1 and 2, the planning of exploration programs on prioritized targets within the license portfolio of Lake Victoria Mining Company will commence and be on-going.

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. 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: 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