Today, Lake Victoria Mining Company, Inc. told investors that Kilimanjaro Mining Company Inc. has entered into a Mineral Properties Sale and Purchase Agreement (MPSP) to acquire up to 100% of fifty Primary Mining Licenses (PMLs) in the Singida “gold rush” district, Tanzania. Earlier this month, Lake Victoria Mining Company, Inc. and Kilimanjaro entered into a definitive share exchange agreement. Dependent on the final closing, Kilimanjaro will become a 100% wholly owned subsidiary company of Lake Victoria.
During a visit in May 2009, Kilimanjaro’s president Heidi Kalenuik commented, “We already have a huge gold footprint in Tanzania, holding nine separate gold projects, but, this new Singida area is by far the richest and most prolific of all the properties that I’ve visited. There is a modern day “gold rush” happening here and we plan to become a major player and producer within it.”
Ms. Kalenuik added, “On purpose, we have been quietly locking up as much of the small scale producing mines as possible. We immediately contracted and commenced a diligent shaft, tailing and dump pile work program and a steady stream of assay results is forthcoming. Tightly spaced ground magnetic surveys have been ongoing since the end of June. We believe that we will be capable of making initial production decisions very shortly. We discovered this area as we began to enter discussions with Lake Victoria and we believe that the timing couldn’t be better for all parties involved. We are very optimistic relative to the area’s potential.”
Roger Newell, President of Lake Victoria, stated: “I’ve had the opportunity to visit the Singida project area and it is truly exciting to witness the continuous gold recovery that is being conducted by small scale miners over a more than six kilometer strike length. The gold mineralization is visible to the naked eye. There is a definitely the strong potential of opening near term another commercial gold mine in this area. Subject to the completion of the share exchange with Kilimanjaro, Lake Victoria will become directly involved in advancing the property towards production.”