Lake Victoria GOLD Announces Completion of 10-YEAR Renewal and Transfer of Imwelo Mining License
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LAKE VICTORIA GOLD ANNOUNCES COMPLETION OF 10-YEAR RENEWAL AND
TRANSFER OF IMWELO MINING LICENSE
November 7, 2024, Vancouver, BC – Lake Victoria Gold Ltd. (TSX-V: LVG) (OTCQB: LVGLF) (“LVG” or the
“Company”) is pleased to announce that the Tanzanian Mining Commission has officially completed the
10-year renewal and authorization to transfer the Imwelo Mining License (“ML”) to LVG , indirectly
through its wholly -owned subsidiary Tembo Gold Tanzania Limited . This significant milestone secures
LVG’s long-term rights to the Imwelo Project and provides a solid foundation for the Company’s growth
and development strategy within the Lake Victoria Goldfield region. The completion of the acquisition of
the Imwelo project remains subject to certain conditions, including the final approval of the TSX Venture
Exchange, the completion of the first tranche of the financing involving Taifa Mining and Civils Limited as
described in the Company’s press release dated August 10, 2023, and certain other customary conditions
precedent, which are expected to be completed in short order.
Securing Long-Term Development Potential
With the renewed and transferred license now in place, subject to completion of the outstanding
conditions described above, LVG intends to proceed with its development and operational plans for the
Imwelo Project. This achievement marks a pivotal step in LVG’s efforts to expand its asset base and
strengthen its foothold in Tanzania, reaffirming the Company’s commitment to responsible and
sustainable mining practices in the region.
Marc Cernovitch, CEO & Director, commented: “ This renewal and transfer of the Imwelo Mining License
solidifies our foundation for long- term growth within the Lake Victoria Goldfield. This achievement
underscores our commitment to building a sustainable, high value mining operation and creating
significant value for all stakeholders. We are now set to advance our development plans with confidence
and look forward to fully realizing the potential of the Imwelo Project.”
Advanced Funding Negotiations
LVG is in advanced negotiations with non-dilutive funding sources to fully fund the CAPEX portion of the
development costs for the Imwelo Project. These discussions align with LVG’s commitment to creating
shareholder value while advancing the project responsibly. Additionally, with the final transfer of the
Imwelo Mining License about to be completed, the next tranche of equity investment from Taifa Group
will be triggered following the completion of the remaining conditions for the acquisition and final
engineering on the Imwelo Project further supporting the development of the project.
Rostam Aziz, Chairman of Taifa Group, commented: “ We are pleased to support LVG in securing the
Imwelo Project’s long-term future. This license renewal represents a critical milestone, perfectly aligning
with our aggressive growth strategy in the Lake Victoria Gold Field. Our partnership with LVG is grounded
in a shared vision of sustainable development, and we are eager to move forward with the next
investment phase to realize the project’s full potential. We look forward to supporting LVG as it makes
substantial contributions to Tanzania’s mining sector.”
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Advancing the Imwelo Project
With the transfer of the Imwelo Mining License, LVG is well- positioned to intensify its exploration, site
preparation, and development activities following the completion of the remaining conditions for the
acquisition. The Company intends to execute on its plans for infrastructure development, resource
expansion, and production optimization, all while maintaining high environmental and social standards.
Simon Benstead, Executive Chairman & CFO of the Company, added: “ The successful transfer of the
Imwelo license is pivotal for our strategic objectives . With this in place, we are poised to advance our
operational plans and drive growth and consolidation in Tanzania. We are grateful for the support of the
Tanzanian authorities and look forward to contributing positively to local communities and delivering
value to all stakeholders as we bring the Imwelo Project into production.”
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 20Moz Bulyanhulu Mine. The Company recently ( August 10,
2023 and August 29, 2023 ) announced the acquisition of two deposits that support our objective of
accretive growth and consolidation. The Imwelo project and Dora project both have potential for
significant growth.
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 Gold and recent strategic partnership with Taifa Group.
Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas,
Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain
an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian
owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil
works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years
mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have
maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and
AngloGold Ashanti. In addition, Taifa also owns the l argest fleet of mining equipment in Tanzania. As a
company, Taifa is committed to adopting and adhering to the latest internationally recognized standards
throughout all aspects of its business.
On Behalf of the Board of Directors of the Company,
Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: [email protected]
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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.
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 a cquisition of the Imwelo Project and the
concurrent financing, including the satisfaction of the closing conditions thereunder , and receipt o f all
regulatory approvals, including the approval of the TSX Venture Exchange for the a cquisition 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”, “int end” 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 f inancing 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 unce rtainty 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 necessa ry 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
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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.