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Wednesday, 12th November 2008 (1055 views)

Lake Victoria Mining Company has announced that it is set to acquire two new exploration licenses for its project in Tanzania.

The company is carrying out work at the Kalemela Gold Project, located around 125km north-east of the country's second biggest city - Mwanza.

And president and chief executive officer of Lake Victoria Mining Roger Newell explained that the two licenses will allow expansion in the "productive and highly prospective gold belt".

"Our recent assay and magnetic survey results on the existing license suggests important geological structures trend into these two new licenses," he added.

Cash, shares and a three-year exploration commitment have been provided to Geo Can Resources in exchange for 60 per cent ownership, while Lake Victoria Mining Company has an option to acquire the remaining 40 per cent later.

The acquisition is set to take the Kalemela Gold Project to over 260 km sq.

Gold was first discovered in the Lake Victoria region in 1894 and Tanzania is now the third-largest producer of the precious metal in Africa, behind South Africa and Ghana.

 

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