Lake Victoria's Trenching to Begin Defining New Parallel Gold Vein Structures at Singida Gold Project
Monday October 5, 9:15 am ET
ca.us.biz.yahoo.com
GOLDEN, COLORADO--(Marketwire - 10/05/09) - Lake Victoria Mining Company, Inc. (OTC.BB:LVCA - News) - Trenches are planned to cross-cut multiple parallel to sub-parallel, gold bearing quartz veins along the entire 5km gold mineralized strike at the Company's Singida gold project in central Tanzania. The Singida project is the location of a current small scale artisanal gold mining rush.
As previously reported the Company has conducted detailed geologic mapping and ground magnetic surveys and collected detailed rock dump, underground shaft and mine tailing samples. To date, each sequential exploration phase has confirmed the presence of an important, early stage gold mining location. The ground magnetic survey has identified a number of possible parallel new vein structures along the entire previously identified 5km gold strike length, which are not yet exposed at surface. A number of trenches are being planned to cross-cut these possible vein structures. The veins and structures appear to extend over a 5km length, and at this time, at least six trenches are planned to expose possible new veins.
Individual trenches will be oriented in northeast to southwest directions and will allow detailed geologic mapping and sampling. The length of each trench will depend on local conditions, but are planned to be up to 200 meters each. Following the trenching program, the Company may conduct additional geophysical work in the way of an electrical Induced Polarization (IP) Survey. This survey will indicate locations and targets for drilling at depth below the existing shallow (average 50 meter) artisanal shafts and mine workings.
Roger Newell, president of Lake Victoria said, "The Singida project contains the gold grades and strike length that make it very attractive and we are anxious to expose as many new veins as possible prior to testing them at depth by drilling. If confirmed they could double or triple our current expectations of the entire project potential. With the gold price at about $1,000 per ounce, the Singida project appears to have a bright future, and will add to share holder value. We look forward to providing further project details as they become available."
About the Company
Lake Victoria Mining Company, Inc. along with its wholly owned subsidiary, Kilimanjaro Mining Company Inc. (www.kilimanjarominingcompany.com) 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.
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:
Contacts:
Lake Victoria Mining Company, Inc.
Dr. Roger A. Newell
303-586-1390
info@lvcamining.com
www.lakevictoriaminingcompany.com
Source: Lake Victoria Mining Company, Inc. |
