Lake Victoria GOLD Provides Update ON Acquisition of Imwelo Project
- 1 -
LAKE VICTORIA GOLD PROVIDES UPDATE ON ACQUISITION OF
IMWELO PROJECT
June 27th, 2024, Vancouver, BC – Lake Victoria Gold (TSX-V: LVG) (“LVG”, or the “Company”) – is pleased
to report that it has received the tax assessment from the Tanzanian Revenue Authority (“TRA”) on the
taxes to be paid on the acquisition of the Imwelo Mining license ( the “ML”). The taxes owing are within
the expected budgeted range and are nominal in nature. Payment of the taxes will be made shortly, upon
which the TRA will deliver a tax clearance certificate. This certificate, along with the previously received
approval from the Fair Competition Commission (“ FCC”), is what is required for the Tanzania Mining
Commission to transfer the title of the Imwelo Mining License to LVG.
Marc Cernovitch, CEO & Director, commented: "We are thrilled to have reached this important milestone
in our acquisition of the Imwelo Project. This brings us to the final step in completing the acquisition. The
transfer of the ML triggers the second tranche of investment from the TAIFA Group. The Company
continues to advance negotiations with several other debt and equity groups to fully fund the development
of Imwelo and expects to make such an announcement in conjunction with the completion of the
acquisition.”
Simon Benstead, Executive Chairman & CFO of the Company, stated: “The tax assessment from the TRA is
a catalytic moment for the business as it allows us to close the acquisition of Imwelo, proceed with the
transfer of the ML and implement our plans. Although the process has taken longer than anticipated, we
are perfectly positioned to deliver on our aggressive growth and consolidation strategy in Tanzania. We
are grateful for the support and patience of our shareholders, partners and stakeholders as we have
navigated this process.”
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 20Moz Bulyanhulu Mine. The Company recently (PR links) announced the
acquisition of two deposits that support our objective of accretive growth and consolidation. The Imwelo
and Dora Projects 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.
- 2 -
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 Mining has 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 Mining also owns the largest fleet of mining equipment in Tanzania.
As a company, Taifa Mining 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.
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
the 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.
- 3 -
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 e stimates; 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 ot her 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 condi tions; 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.