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

Lake Victoria Mining Company, Inc.

October 05, 2010 09:00 ET

Lake Victoria Drilling Continues to Intersect Mineralized Zones at Singida-Londoni Gold Project, Tanzania

GOLDEN, COLORADO--(Marketwire - Oct. 5, 2010) - Lake Victoria Mining Company, Inc. ("Lake Victoria" or the "Company") (OTCBB:LVCA) is pleased to provide a further detailed update on the Reverse Circulation (RC) drilling program at the Company's Singida-Londoni gold project in Tanzania. To date, 47 Reverse Circulation drill holes, totaling 3,600 meters have been drilled on 3 of the 5 exploration targets at the Singida-Londoni gold project and the drill continues to intersect mineralized zones.

Drilling, to test the eastern end of the Sambaru 4 target (News Release 28th September, 2010) has been completed along two northeast-southwest traverse lines spaced 120 meters apart. This area lies immediately to the east of active underground artisanal mining.

At least two mineralized zones situated some 25 meters apart, as noted from the distribution of artisanal workings, occur in the eastern end of the target area. These zones appear to diverge to the west where they are found to be some 50 meters apart on the western drill fence.

Two crossing or "scissor" holes, collared 90 meters apart on the easternmost drill fence and designed to cross the mineralized zones, have intersected a 9 meter wide oxidized shear zone some 40 meters down hole. This intersection corresponds to the surface position of the artisanal mines. Similarly, a deeper intercept of 8 meters, containing significant amounts of arsenopyrite and pyrite, was encountered a further 30 meters down hole and represents a vertical depth from surface of 70 meters.

Results of the western fence indicate that although the trend of these oxidized shear zones continues along strike, their width may narrow toward the northwest before increasing again in the central part of Sambaru 4.

The drilling rig is now located at the eastern end of the Sambaru 2 target, about 250 meters southeast of the initially drilled Sambaru 3 target (News Release 7th September 2010). Drilling is to test the grade and extent of a number of mineralized zones along a strike length of about 560 meters. The drill fences will be spaced 80 meters apart. At least three narrow oxidized shear zones with minor amounts of the metallic minerals pyrite and arsenopyrite are present in the most eastern fence. Intense artisanal mining activity is present in the central and western parts of this Sambaru 2 target area; further up-dates will be provided as drilling progresses.

Roger Newell, president of Lake Victoria said, "The drilling program is making good progress and finding the veins and shear zones present in the artisanal mines; to date, Clive King and his geological team, have completed about 60% of our planned Singida-Londoni drilling program and we look forward to being able to publish the results shortly."

Assay results from the first consignment of samples submitted to the SGS Laboratory in Mwanza are currently being tabulated and are expected to be announced shortly.

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:


This news release may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. 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 program 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 SEC filings available 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" 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.

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