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Thursday, 20th November 2008 (977 views)

Lake Victoria Mining has unveiled plans to expand its operation at Tanzania's Kalemela Gold Project.

It has finalised an option deal with Geo Can Resources to purchase a 60 per cent interest in two licenses at the site.

Dr Roger Newell, Lake Victoria Mining's president, said there is evidence the areas covered by the licenses contain a "significant gold occurrence".

"With these new acquisitions we are anxious to expand our current exploration contract in order to confirm the extension of these geological structures," added Dr Newell.

Should Lake Victoria Mining choose to take up its option on the licenses, it would extend its interest at the Kalemela Gold Project to an area covering around 260 sq km.

The company said last week that magnetic survey results suggested discoveries on its existing licence at the Tanzanian project would "trend into these two new licenses".

 

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