Lake Victoria GOLD Announces the Approval BY the Tanzanian FAIR Competition Commission of the Imwelo Mining Licence Acquisition
LAKE VICTORIA GOLD ANNOUNCES THE APPROVAL BY THE
TANZANIAN FAIR COMPETITION COMMISSION OF THE IMWELO
MINING LICENCE ACQUISITION
MARCH 12, 2024, Vancouver, BC – Lake Victoria Gold Ltd. (TSX-V: LVG) (“LVG”, or the “Company”) – is
pleased to announce a significant step forward in the Company’s subsidiary Tembo Gold (T) Ltd’s (TGTL)
acquisition of the Imwelo mining licence from Tanzoz Minerals Limited announced on August 10, 2023
(https://lakevictoriagold.com/tembo-gold-announces-transformative-acquisition-and-landmark-
investment-from-tanzanian-strategic-investor/) with the Tanzanian Fair Competition Commission
approval granted on February 29, 2024.
Highlights
In Q4 2023, Tembo Gold (T) Ltd (TGTL) submitted an application for approval of the acquisition of
ML538/2015 from Tanzoz Minerals Limited, to the Fair Competition Commission (FCC) of
Tanzania.
After review of the information provided, the FCC unconditionally approved the acquisition on
February 29, 2024.
ML538/2015 is a fully permitted mining licence.
The ML is located in the Geita greenstone belt 12km west of Anglogold-Ashanti’s Geita Gold Mine.
The Imwelo project comprises a 3.85km 2 ML and a 8.5ha PML containing a historical resource
estimate of 42,000oz Au measured resource at 3.15g/t, indicated resource of 95,700oz Au at
1.95g/t and 153,900oz inferred resource at 1.53g/t.
TGTL will acquire the ML for a consideration of C$5,500,000 consisting of approximately 23.6
million common shares at a deemed value of C$0.22 per share.
Detailed design of the major infrastructure and plant facilities is currently being finalized.
Orders have been placed for key plant equipment with the ball mill presently being refurbished
in South Africa.
Next Steps
The acquisition agreement has now been submitted to the Tanzania Revenue Authority for the
assessment of capital gains tax (CGT) payable by TML. The tax assessment is expected to be
completed in the coming weeks.
On payment of the CGT by TML, the TRA will issue a tax clearance certificate.
The following step will be the submission of the licence transfer application to the Mining
Commission of Tanzania, together with the requisite supporting documentation (FCC Certificate
and TRA Tax Clearance Certificate) and application fee.
On approval, the Mining Commission will advise the company that the transfer has been approved
and issue a certificate confirming the new ownership.
Simon Benstead, Executive Chairman & CFO of the Company, stated: “ We are pleased to receive this
approval from the FCC in Tanzania. As we learned from our transaction with Barrick, this is the most time
consuming part of the process and we expect to have the acquisition closed in the coming weeks. The
acquisition and adv ancement of Imwelo and the previously announced acquisition of Dora are firmly in
line with the Company's growth strategy of establishing itself as a rapidly growing gold producer, mine
developer and exploration company in East Africa.”
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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 highly prolific and prospective L ake 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 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
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 plans with respect to the Imwelo Project, gold production on the
Imwelo Project and the timing thereof, the terms of the Acquisition and the Financing, contract work on the Imwelo
Project by Taifa Mining, entering into a joint venture agreement and shareholder agreement with the Tanzanian
government and the terms and timing thereof, the closing of t he Acquisition and the Financing, including the
satisfaction of the closing conditions thereunder and the expected timing thereof, and receipt of all regulatory
approvals, including the approval of the TSX Venture Exchange for the Acquisition and Financing and the Tanzania
Fair Competition Commission for the Acquisition. 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, the 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 ade quate 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.