Lake Victoria GOLD Evaluates Small-Scale Development Concept at Tembo Project
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LAKE VICTORIA GOLD EVALUATES SMALL-SCALE DEVELOPMENT CONCEPT
AT TEMBO PROJECT
Vancouver, British Columbia — April 24, 2025 – Lake Victoria Gold (TSXV: LVG)
(OTCQB: LVGLF) (“LVG”, or the “Company”) is pleased to provide an update on its wholly owned
Tembo Project in northern Tanzania, where the Company is evaluating a small-scale mining and processing
opportunity aimed at generating early cash flow to support its broader exploration strategy. The initiative
involves assessing the potential to extract and process near -surface material using existing local
infrastructure. The Company cautions that this initiative is at a preliminary stage and is not based on a
feasibility study of mineral reserves demonstrating economic and technical via bility. As such, there is
increased uncertainty and a higher risk of economic or technical failure associated with this process.
Project Overview and Opportunity:
• The Tembo Project hosts multiple high -potential targets, with significant near -surface gold
intersections already confirmed at Ngula 1, Nyakagwe East, and Nyakagwe Village.
• Extensive artisanal mining historically occurred across the property, including shallow open- pit
and underground workings, as well as surface eluvial gold extraction. The Company cautions that
such historical work is not NI 43-101 compliant and has not been verified by a Qualified Person.
• A privately operated Carbon-in-Pulp (CIP) plant has recently been commissioned in the area, with
a second unit under construction. Once operational, combined capacity is expected to reach up to
620 tonnes per day (~30 tph). This facility is situated on a Processing Licence (PCL) located within
one of Tembo’s MLs.
• LVG, through its local subsidiary, MIPCCL, holds a Joint Venture interest in 20 Primary Mining
Licences (PMLs) adjacent to its MLs, offering multiple potential ore sources.
• The owner of the PCL has expressed an interest in forming a joint venture with MIPCCL to mine
and process material from both the MLs and PMLs. A non -binding Letter of Intent is currently
being prepared to guide ongoing discussions.
Management Commentary
“This potential partnership could represent a unique opportunity to establish early, low -capital-cost
production from Tembo while continuing to unlock the district’s exploration upside,” said Marc Cernovitch,
President and CEO of Lake Victoria Gold. “We remain committed to advancing Tembo through both
strategic exploration and disciplined project development.”
Simon Benstead, Executive Chairman and CFO, commented: “Tembo has always stood out as a project
with the potential to deliver both near -term value and long-term discovery upside. Evaluating this small -
scale production opportunity allows us to test the system, generate operational insights, and potentially
self-fund ongoing exploration. We believe this approach aligns well with our disciplined strategy and our
commitment to responsible, phased development in Tanzania.”
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Cautionary Statement Regarding Preliminary Development Concepts
The Company cautions that the assessment of potential development opportunities at the Tembo Project is
at a preliminary stage and is not based on a mineral resource estimate or any economic analysis such as a
Feasibility Study. As such, there are signific ant technical and economic uncertainties that remain
unresolved, including but not limited to metallurgical recoveries, grade continuity, mineability, permitting,
processing capacity, capital and operating costs, and the availability of financing. Any reference to potential
development scenarios is conceptual in nature and should not be construed as an indication that an economic
or technical case has been established for mining at the Tembo Project.
The scientific and technical content of this news release has been reviewed and approved by David Scott,
Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43- 101. 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 highly 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 validation 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 year s
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 of 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”,
“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 acquisitio n 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 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 climat e 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 i nstability 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.
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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.