Tuesday, September 28, 2010

Lake Victoria Mining Company Inc. (LVCA.OB)

Founded in 2007, Lake Victoria Mining Company Inc. focuses on acquiring, exploring, and developing potential gold deposits in the world famous Lake Victoria Greenstone Belt in Tanzania, East Africa. They adhere to their acquisition criteria of only acquiring prospecting licenses that they can develop into proven reserves or productive mines. The Company has their corporate headquarters in Golden, Colorado.

Lake Victoria Mining Company, Inc. completed a share exchange agreement with Kilimanjaro Mining Company, Inc. on August 7, 2009. Kilimanjaro is exploring for and developing gold, uranium, and strategic metal resources in Tanzania, East Africa. Lake Victoria expanded their property portfolio to 11 Gold Projects consisting of 28 Prospecting Licenses and 54 Primary Mining Licenses. All of these licenses are within the United Republic of Tanzania, East Africa.

The country of Tanzania is the third largest gold producer in Africa, after South Africa and Ghana. Gold exports alone earned it $1.076 billion in 2009, up from $932.4 million the previous year. Tanzania also has reserves of uranium, nickel and coal.

The Lake Victoria Goldfield of northern Tanzania has recognition as an excellent gold province, especially over the last several years. Lake Victoria Mining Company sees the potential of this region and is proactively working there to develop productive mines.

The Kinyambwiga Gold Project there consists of 30.89 square kilometers. This is the primary prospecting license of the Musoma Bunda Gold Project. The Geita prospecting license is 43.77 square kilometers and shares an 11-kilometer northern border with AngloGold-Ashanti’s Nyankanga gold deposit, part of the Geita mine. The Kalemela prospecting license, located in the Lake Victoria Greenstone Belt, is over 260 square kilometers in size.

Lake Victoria Mining Company also has 5 Uranium Projects consisting of 12 Prospecting Licenses. These uranium licenses make up five different uranium blocks, based on specific criteria for uranium exploration.

On September 20, 2010, Lake Victoria Mining Company, Inc. announced that drilling commenced at the Singida Gold Project on August 30, 2010. So far, a total of 35 boreholes have been completed at the Sambaru 3, 4 and 5 prospects, amounting to 2,600 meters of the planned 6,000 meter drill program.

The Singida Gold Project combines 54 Primary Mining Licenses totaling approximately 11 square kilometers. The first consignment of samples, consisting of 820 samples and including 120 quality control samples, have been submitted to SGS Laboratories in Mwanza Tanzania for 50 gram fire analysis for gold.

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