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

Lake Victoria Mining Company, Inc.

December 08, 2010 09:05 ET

Lake Victoria Reports Kinyambwiga Gold Drill Results, Northern Tanzania

GOLDEN, COLORADO--(Marketwire - Dec. 8, 2010) - Lake Victoria Mining Company, Inc. ("Lake Victoria" or the "Company") (OTCBB:LVCA) is pleased to provide drill results from a recently completed reverse circulation drilling program at the three Kunanga Prospects in the northeastern part of the company's 30.89 square kilometer Kinyambwiga gold project, northern Tanzania (Refer to News Release 10th November 2010). 

Drill intercepts include 9.74 g/t Au over 4 meters, 10.38 g/t Au over 2 meters, 9.38 g/t Au over 2 meters, 5.41 g/t Au over 3 meters and 2.06 g/t Au over 5 meters. Additional mineralized intercepts are listed in Table 1.

Table 1. Kanunga 1 Reverse Circulation Drill Summary

Hole No. Total Depth Section *North *East Azimuth Declin. From To Interval Grade
  (m)   Co-ord Co-ord (deg) (deg) (m) (m) (m) Au g/t
KNRC0022 90 581460E 9776919 581460 0 -60 86 88 2 3.34
KNRC0023 78 581540E 9776954 581543 0 -50 53 57 4 9.74
         (including 2 meters @ 17.50g/t Au)
KNRC0026 70 581376E 9776920 581376 0 -60 39 41 2 10.38
KNRC0027 90 581140E 9776826 581140 0 -60 50 52 2 9.38
            and 77 80 3 1.06
KNRC0028 75 581100E 9776828 581102 0 -50 46 48 2 1.17
            and 60 63 3 2.65
KNRC0029 80 581060E 9776788 581057 0 -50 58 61 3 5.41
            and 65 66 1 2.59
KNRC0032 75 581300E 9777000 581300 0 -50 28 29 1 1.79
KNRC0039 60 581180E 9778008 581159 0 -50 39 40 1 1.03
KNRC0040 60 581260E 9778020 581260 0 -50 40 41 1 1.01
KNRC0054 50 581060E 9776840 581065 0 -50 22 27 5 2.06
            and 32 38 6 1.28
* Datum Arc 1960
Notes: 34.286 grams of gold/metric tonne = 1 Troy ounce of gold/short ton; g/t = grams/metric ton; Au is the chemical symbol for gold.
The mineralized interval represents the drill hole intercept and is not the true horizontal width of the mineralized structure.

A total of 35 drill holes amounting to 2,472 meters were drilled to test three extensive, near surface quartz vein exploration targets in the Kanunga part of the Kinyambwiga Project.

Kanunga 1

At Kanunga 1, previous Lake Victoria trenching and reverse circulation drilling identified a number of shear hosted, narrow, east-northeast trending, gold-rich quartz veins extending a distance of about 350 meters within granitic rocks. Recent drilling on 80 meter spaced north-south sections has not only traced the down-dip extensions of the known mineralized structure, but has also followed the veins outward along strike.

Drilling successfully intersected both the Northern and Southern quartz veins that together comprise the Kanunga 1 Prospect; the veins tend to "pinch and swell" along strike, and are spaced about 15 meters to 20 meters apart. The drilling has increased the known strike length of the veins by 200 meters to a new length of about 550 meters.

Near the northeastern and southwestern ends of the known veins, the gold grade of both veins appears to decrease and the veins also appear to "pinch-out". These changes occur near Section 581,700E and 580,980E over a strike length of about 720 meters. However, drilling further to the west and about 50 meters south of the Southern vein did intersect a 15 meter wide anomalous zone of 0.200 g/t Au. This intercept corresponds to the near surface part of a deeper seated (+100 meter) electrical induced polarization (IP) anomaly that was identified by a detailed Schlumberger profile across this area.

A number of narrow, 1 meter wide, gold bearing quartz veins of limited strike length have also been encountered near the main quartz veins. Visible gold together with increased pyrite mineralization was noted in on-site, panned drill chips; this increased mineralization is also reflected by elevated assay results reported in Table 1.

A step out hole, KNRC0032, was located to test an IP Chargeability anomaly about 50 meters to the north of the central part of Kanunga 1. This hole returned encouraging results in which a number of anomalous intercepts (>0.10 g/t Au) were encountered including 1 meter of 1.79 g/t Au and 25 meters of 0.192 g/t Au; additional drilling will be required to more fully evaluate this new area.

Kanunga 2

The Kanunga 2 target, located 500 meters north of Kanunga 1, extends for 400 meters in an east-northeast direction and was tested with 4 reverse circulation boreholes. Two holes tested the southwestern end of the trend where an artisanal shaft is present. Drill results returned one anomalous intercept of 0.110 g/t Au over 5 meters along the interpolated mineralized trend.

Two scissor holes were drilled to test this area of extensive quartz float and minor artisanal workings in the northeastern part of the trend. One of the boreholes, proximal to the artisanal workings encountered two anomalous gold zones averaging at 0.315 g/t Au over 2 meters and 0.224 g/t Au over 5 meters in the upper and lower parts the borehole respectively. An Induced Polarization (IP) Chargeability anomaly is present in this area.

Kanunga 3

At Kanunga 3, located approximately 1 kilometer north of Kanunga 1, extensive artisanal workings are present and cover an area of 200 meters x 100 meters. Drilling was planned to test the intersecting east-northeast and northwest trending geophysical (IP) structures as well as the previous shallow Reconnaissance Air Blast (RAB) drill results. A number of recent scissor holes were drilled on north-south fences spaced 80 meters apart across the artisanal workings. Gold grades were low and included a number of anomalous intersections of less than 0.250 g/t Au in the southern part of the artisanal area. A borehole drilled immediately west of the site, intersected a wide anomalous zone of 0.355 g/t Au over 16 meters and suggests that the mineralized zone may be improving towards the west.

In summary, results from the recent Kanunga drilling indicate a possible economic potential for the Kanunga Prospects and also suggests that the Kanunga 1 area consists of a number of en echelon vein sets that lie along a major northeast-southwest structural corridor. This structural corridor is reflected by both ground magnetic and gradient array (IP) surveys. Further geophysical exploration over the 3 Kanunga prospects along the east-northeast trend beneath the surrounding clay rich soil cover will trace the veins along strike and suggest additional drill targets.

Other Current Exploration

Exploration continues within the neighbouring Suguti and Murangi licenses within the Musoma District area. These licenses, covering an area of 72.9 and 51.9 square kilometers respectively, are in the process of being covered by ground magnetometer surveys and geologic mapping. Follow-up soil sampling in non-clay soil covered areas is planned for early 2011.

Concurrent with geophysical surveys currently underway in the Musoma District, soil sampling programs are in progress at the Kiserya gold project (52.98 square kilometers) in the North Mara District, northeastern Tanzania. Soil sampling is also underway over selected ground magnetic anomalies, outside the known drilled targets, at the Londoni-Singida gold project in eastern-central Tanzania. At Lake Victoria's Geita Gold project, two detailed soil sampling grids are planned adjacent to Anglo-Ashanti's Geita Gold license; this license, on which the renowned Geita Gold Mine is located, shares an 11 kilometer long border with Lake Victoria's property. All surveys are expected to be completed before year-end.

Analytical work was carried out at the independent SGS Laboratories in Mwanza, Tanzania. The drill samples were subject to full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks (5%), commercial standards (5%) and duplicates (5%) were used in each sample batch of 20 samples to monitor laboratory performance during the analysis. Samples submitted represent either 5 meter composite samples of 1 meter intervals or 1 meter samples, where on site logging and panning of the RC chips indicate the presence of visible gold or gold-bearing sulfides. This press release has been reviewed by an in-house qualified person, Clive King, 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 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: www.lakevictoriaminingcompany.com.

Disclaimer

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

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 www.sec.gov and with Canadian Securities Administrators at www.sedar.com. 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 in this press release, such as "gold rich quartz veins" which may not be consistent with the reserve definitions established by 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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