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Friday, 23rd January 2009 (1289 views)

Lake Victoria Mining has announced that it has signed a letter of intent with Geo Can to earn a 50 per cent interest in the Geita gold project in Tanzania.

Located in the Geita mining district of the country, the prospect is owned by Geo Can under prospecting licence PL2806 and totals 43.77 sq km.

Under the terms of the letter of intent, Lake Victoria Mining has additional options to acquire up to a 75 per cent interest in the project.

Dr Roger Newell, Lake Victoria Mining president, stated: "We consider this opportunity to be a milestone in the company's development. The Geita mining district is well known for containing world-class gold deposits."

He added that surveys carried out by Geo Can had confirmed a major fault and shear zone structures extending into the property.

Lake Victoria Mining is based in the Lake Victoria Greenstone Belt in Tanzania, Africa and currently has an ownership and option interest in the Kalemela, Igusule and Bahi-Hombolo projects with Geo Can Resources, a subsidiary of Kilimanjaro Mining of Nevada.

 

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