Lake Victoria GOLD Accelerates Drilling at Imwelo Area C with Second Rig Mobilization
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LAKE VICTORIA GOLD ACCELERATES DRILLING AT IMWELO AREA C
WITH SECOND RIG MOBILIZATION
Vancouver, British Columbia – October 31, 2025 – Lake Victoria Gold Ltd. (TSXV: LVG | OTCQB: LVGLF |
FSE: E1K) (“LVG” or the “ Company”) is pleased to announce the mobilization of a second multipurpose
drill rig to fast -track drilling at the Company’s fully permitted Imwelo Gold Project in northwestern
Tanzania.
Following the successful completion of the first three drill holes of the planned twenty -four-hole, 4,000-
metre program at the Area C zone, the first two holes have been submitted for assay, with results
expected next week. The second multipurpose rig is n ow being mobilized and will commence drilling in
the coming days.
The additional rig will accelerate progress and enable LVG to complete the current program by the second
week of December 2025.
Program Objectives
As outlined in the Company’s previous release, the Area C drill program is designed to:
• Final pit design & geotechnical: Collect oriented core and rock-mass data to refine slope angles,
wall-support requirements, and ramp geometry; complete in -pit geotechnical domains for final
pit shells.
• Resource confidence & conversion: Infill shallow gaps to improve confidence in near- surface
mineralization and, where supported by results, upgrade Inferred to Indicated categories and
increase the Measured inventory in areas of sparse coverage.
• Resource growth: Test down-dip extensions at approximately 100 m and 200 m vertical depths
and step-outs along strike to the west beyond current pit limits.
• Grade-control readiness: Generate data to plan close -spaced, shallow grade -control drilling to
support early mining and ROM stockpile development.
• Metallurgy: Collect representative core for confirmatory test work across oxide -transition-fresh
domains to validate recoveries and inform early mine sequencing.
Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: “Momentum continues to build at
Imwelo. We’ve completed three holes with assays pending on the first two, and with a second rig now on
site, we’re moving quickly to deliver continuous results through November and December as we refine the
final pit design and advance toward production readiness.”
“Drilling at Area C is progressing well, and we’re very encouraged by what we’re seeing in the core to
date,” said Hendrick Mering, Exploration Manager for Lake Victoria Gold. “The first three holes have
intersected multiple zones of quartz veining and alteration consistent with our modeled mineralized
horizons. These early visual observations align well with expectations, and we look forward to confirming
them through assay results next week.”
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Assay results from the first holes are expected to be announced next week. The Company will provide
ongoing updates as drilling progresses.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by David
Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43 -101 – Standards of
Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of the Company.
About Lake Victoria Gold (LVG):
Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX
Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company
is principally focused on growth and consolidation in the h ighly prolific and prospective Lake Victoria
Goldfield in Tanzania.
The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and
is located adjacent to Barrick’s Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo
Project which is a fully permitted gold project west of AngloGold Ashanti’s Geita Gold Mine. With historical
resource estimates and a 2021 pre -feasibility study, the project is fully permitted for mine construction
and production, positioning it as a near-term development opportunity.
LVG has assembled a highly experienced team with a track record of developing, financing, and operating
mining projects in Africa with management, directors and partners owning more than 60% of the shares.
Notably, the Company is grateful for the validatio n that comes with the support and equity investment
from Barrick and recent strategic partnership with Taifa Group.
On Behalf of the Board of Directors of the Company,
Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: [email protected]
For more information please contact:
Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: [email protected]
Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE.
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Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward- looking information” within the meaning of applicable Canadian
securities legislation, including: future exploration and development plans with respect to the Imwelo Project,
contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs
of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing,
including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including
the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this news release
that address events or developments that we expect to occur in the future are forward- looking statements.
Forward-looking statements are statements that are not historical facts and are generally, although not always,
identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”,
“forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations,
or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking
statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are
beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the
Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals
and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the
dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource
estimates; not achieving development or production, cost or other estimates; actual exploration or
development plans and costs differing materially from the Company’s estimates; the ability to obtain and
maintain any necessary permits, consents or authorizations required for mining activities; environmental
regulations or hazards and compliance with complex regulations associated with mining activities; climate
change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing
and debt activities; operations in foreign and developing countries and the compliance with foreign laws,
including those associated with operations in Tanzania and including risks related to changes in foreign laws
and changing policies related to mining and local ownership requirements or resource nationalization generally,
including in response to the COVID -19 outbreak; remote operations and the availability of adequate
infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations;
shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks,
including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties
and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability
to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather
conditions; litigation risk; competition with other mining companies; community support for LVG’s operations,
including risks related to strikes and the halting of such operations from time to time; conflicts with small scale
miners; failures of information systems or information security threats; the ability to maintain adequate internal
controls over financial reporting as required by law; compliance with anti -corruption laws, and sanctions or
other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public
filings.
LVG’s forward-looking statements are based on the opinions and estimates of management and reflect their
current expectations regarding future events and operating performance and speak only as of the date hereof.
LVG does not assume any obligation to update forward-looking statements if circumstances or management’s
beliefs, expectations or opinions should change other than as required by applicable law. There can be no
assurance that forward- looking statements will prove to be accurate, and actual results, performance or
achievements could differ materially from those expressed in, or implied by, these forward-looking statements.
Accordingly, no assurance can be given that any events anticipated by the forward- looking statements will
transpire or occur, or if any of them do, what benefits or liabilities LVG will derive therefrom. For the reasons
set forth above, undue reliance should not be placed on forward-looking statements.