Lake Victoria GOLD Welcomes Richard Reynolds to Its Board of Directors in Connection with Taifa Group Strategic Partnership
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LAKE VICTORIA GOLD WELCOMES RICHARD REYNOLDS TO ITS
BOARD OF DIRECTORS IN CONNECTION WITH TAIFA GROUP
STRATEGIC PARTNERSHIP
Vancouver, British Columbia – April 3, 2025 – Lake Victoria Gold (TSXV: LVG)
(OTCQB: LVGLF) (“LVG”, or the “Company”) is pleased to announce the appointment of
Richard Reynolds to its Board of Directors. Mr. Reynolds brings over three decades of experience
in mining, infrastructure, logistics, and commercial development, with a strong track record of
success across East Africa and the UAE.
Mr. Reynolds’ appointment marks an important step in strengthening LVG’s strategic partnership
with Taifa Group and Taifa Mining & Civils Ltd., Tanzania’s leading mining and civil works
contractor. In his current role, he reports directly to the Chairman of Taifa Group, providing
strategic oversight and support in the evaluation and development of new business opportunities.
While not involved in day-to-day operations, he plays a central role in guiding growth initiatives,
fostering partnerships, and supporting market expansion across the Group.
Previously, as Chief Executive Officer of Taifa Mining & Civils Ltd., Mr. Reynolds was
instrumental in shaping the company’s mining operations and delivering large -scale projects
throughout the region. His leadership in the mining sector and deep operational expertise will be
critical in advancing LVG’s Imwelo Gold Project toward production.
The LVG-Taifa Group partnership marks a significant milestone in the development of the Imwelo
Gold Mine, bringing together technical expertise, financial strength, and operational capabilities
to accelerate project execution. Taifa Group’s extensive exper ience in contract mining,
infrastructure development, and equipment management will be crucial in optimizing Imwelo’s
mining operations, reducing costs, and maximizing efficiency.
Marc Cernovitch, President & CEO of LVG, commented: "We are excited to welcome Richard to
the LVG Board. His appointment underscores the importance of our partnership with Taifa Group
and reinforces our commitment to unlocking the full potential of our Tanzanian Gold Project s.
Richard’s leadership in the African business sector, coupled with his expertise in infrastructure
and project finance, makes him a key asset as we transition LVG from exploration company into
a development one."
Beyond his role at Taifa Group, Mr. Reynolds holds several other non- executive directorships
across the transport, logistics, and agricultural sectors. His previous leadership experience includes
serving as a director of major companies in the telecommunic ations, rail, and construction
industries.
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Mr. Reynolds holds a Bachelor of Technology in Quantity Surveying, along with National and
Higher National Diplomas in Building and Quantity Surveying. He has also completed executive
training in infrastructure financing and project finance, positioning him as a leading expert in large-
scale project execution.
With this appointment, LVG is poised to leverage Taifa Group’s resources, operational expertise,
and mining capabilities to fast-track the development of Imwelo and establish LVG as a key player
in Tanzania’s gold sector.
Pursuant to an agreement dated April 1 , 2025 , the Company has engaged Baystreet.ca Media to
provide certain digital advertising and marketing services focused on introducing the Company to
a broader audience. In exchange for providing these services, Baystreet will receive an upfront
payment of USD$40,000 . The agreement with Baystreet is for a two month term commencing on
approximately April 2 , 2025. The Company will not issue any securities to Baystreet as
compensation for its marketing services.
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 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 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;
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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 mi ning 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.