The government of Tanzania has issued mining license to Lake Victoria Resources (T) Ltd, in respect to the Company's proposed Kinyambwiga open-pit gold project in northern Tanzania.
The official license was received on June 2nd, 2014, which follows the earlier project approval notice issued on April 1st, 2014 and the Environmental certificate which was approved on the 9th January 2014.
The mining license covers an area of approximately 5.12 square kilometers and remains in force for the period of ten years.
Under the terms of the mining license the Company can now search for, mine, dig, mill, process, refine, transport, use and or market Gold under the Mining license area and execute such other works as are necessary for that purpose.
Receiving the mining license allows the Company to raise the estimated $ 3,000,000 capital investment needed to proceed with the mine development. This will take the Company from exploration into gold production.
Lake Victoria Mining Company, Inc. is working to create another gold mine in the world famous Lake Victoria Greenstone Belt, Tanzania, East Africa.
Tanzania, which is Africa's fourth largest gold producer behind South Africa, Ghana and Mali, also has reserves of uranium, nickel and coal.
Gold exports alone earned Tanzania $ 1.076 billion in 2009, up from $ 932.4 million the previous year. Lake Victoria holds nine prospective gold projects within its Tanzania property portfolio.
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