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

Lake Victoria Mining Company, Inc.

April 06, 2009 11:16 ET

Lake Victoria Mining Company Completes Definitive Agreement and Initiates Project Planning to Establish a Low Cost, High Grade Gold Mine at Kinyambwiga Project, Northern Tanzania

BUNDA, TANZANIA--(Marketwire - April 6, 2009) - Lake Victoria Mining Company (OTCBB:LVCA) is pleased to report that it has completed a definitive agreement with Geo Can Resources Company Limited of Tanzania to establish a producing gold mine at Kinyambwiga Gold Project. The initial project planning is underway at the Company's 30 square kilometer Kinyambwiga property in northern Tanzania. The property is about 110 kilometers northeast of the city of Mwanza.

Geologically, Kinyambwiga consists of northeast trending gold bearing quartz veins lying in Precambrian granite host rocks that are cut by northwest striking mafic dikes. A central portion of the property is the location of limited artisanal mining. During 2007 and 2008, detailed ground magnetic and soil sampling surveys were conducted on the property. Geological mapping and rock sampling was also conducted. In 2008, eighteen trenches and fifty prospect pits were excavated. In mid-2008, twenty-one reverse circulation holes and 377 shallow reconnaissance holes were drilled.

These combined results were encouraging and the Company has now completed a definitive agreement with Geo Can Resources Company, where by, LVCA after completing cash payments, issuing restricted common shares and establishing a low cost, high grade commercial gold mine, will earn an 80% interest in the project. Preliminary indications are that there may be about a million tons of mineralized material. Therefore, production life of an underground mine could be at least five years. The initial processing plant and project footprint drawings are currently being prepared. Based upon completion of financing and equipment availability, initial gold production could begin within nine months afterward. Dr. Roger Newell, President of Lake Victoria, said, "it is extremely pleasing to see a young company moving rapidly towards production, especially since the gold price is at relatively high levels." Additional project details will be provided as they become available.

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 Mining Company, Inc. currently holds an ownership and option interest in the Geita, Kalemela, Igusule and Bahi-Hombolo projects along with Geo Can Resources Company Limited (Tanzania), a subsidiary of Kilimanjaro Mining Company Inc. of Nevada. Kilimanjaro Mining Company's website is www.kilimanjarominingcompany.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.

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