Lake Victoria Gold Announces 10-Year Renewal of Imwelo Mining License
Lake Victoria Gold (TSXV: LVGLF) has announced the 10-year renewal of the Imwelo Mining License in Tanzania, subject to certain conditions. The company must submit updated Mining, Environmental, and Closure Plans, commit to commence development within 90 days, and pay the license renewal fee within 30 days. This renewal secures LVG's rights to continue developing and operating the Imwelo Project in the Lake Victoria Goldfield region.
CEO Marc Cernovitch highlighted the renewal as a testament to LVG's strong relationship with Tanzanian authorities and commitment to sustainable mining practices. Executive Chairman Simon Benstead emphasized that this achievement provides stability and certainty for the company's ambitious plans, enhancing its ability to deliver sustained value to shareholders.
Lake Victoria Gold (TSXV: LVGLF) ha annunciato il rinnovo di 10 anni della Licenza Mineraria Imwelo in Tanzania, soggetto a determinate condizioni. L'azienda deve presentare Piani Aggiornati di Estrazione, Ambientali e di Chiusura, impegnarsi a iniziare lo sviluppo entro 90 giorni e pagare la tassa di rinnovo della licenza entro 30 giorni. Questo rinnovo garantisce i diritti di LVG di continuare a sviluppare e operare il Progetto Imwelo nella regione del Lago Vittoria.
Il CEO Marc Cernovitch ha sottolineato il rinnovo come testimonianza della forte relazione di LVG con le autorità tanzaniane e del suo impegno per pratiche minerarie sostenibili. Il Presidente Esecutivo Simon Benstead ha evidenziato che questo risultato fornisce stabilità e certezza per i piani ambiziosi dell'azienda, migliorando la sua capacità di garantire un valore costante agli azionisti.
Lake Victoria Gold (TSXV: LVGLF) ha anunciado la renovación de 10 años de la Licencia Minera Imwelo en Tanzania, sujeta a ciertas condiciones. La empresa debe presentar Planes de Minería, Medioambientales y de Cierre actualizados, comprometerse a comenzar el desarrollo dentro de 90 días y pagar la tarifa de renovación de la licencia dentro de 30 días. Esta renovación asegura los derechos de LVG para continuar desarrollando y operando el Proyecto Imwelo en la región del Lago Victoria.
El CEO Marc Cernovitch destacó la renovación como un testimonio de la sólida relación de LVG con las autoridades tanzanas y su compromiso con prácticas mineras sostenibles. El Presidente Ejecutivo Simon Benstead enfatizó que este logro proporciona estabilidad y certeza para los ambiciosos planes de la empresa, mejorando su capacidad para ofrecer un valor sostenido a los accionistas.
레이크 빅토리아 골드 (TSXV: LVGLF)는 10년 갱신을 발표했습니다. 탄자니아의 임웰로 채굴 라이센스는 특정 조건이 부과됩니다. 이 회사는 갱신된 채광, 환경, 폐쇄 계획을 제출하고 90일 이내에 개발을 시작할 것을 약속하며, 30일 이내에 라이센스 갱신 수수료를 지불해야 합니다. 이 갱신은 LVG가 레이크 빅토리아 금광 지역에서 임웰로 프로젝트를 계속 개발하고 운영할 수 있는 권리를 확보합니다.
CEO 마크 세르노비치는 이 갱신이 탄자니아 당국과의 강력한 관계 및 지속 가능한 채굴 관행에 대한 LVG의 헌신을 증명하는 것이라고 강조했습니다. 집행 의장 사이먼 벤스티드는 이 성과가 회사의 야심찬 계획을 위한 안정성과 확실성을 제공하여 주주에게 지속적인 가치를 제공할 수 있는 능력을 향상시킨다고 강조했습니다.
Lake Victoria Gold (TSXV: LVGLF) a annoncé le renouvellement de 10 ans de la Licence Minière Imwelo en Tanzanie, sous réserve de certaines conditions. La société doit soumettre des Plans Minier, Environnemental et de Clôture mis à jour, s'engager à commencer le développement dans un délai de 90 jours et payer les frais de renouvellement de la licence dans un délai de 30 jours. Ce renouvellement garantit à LVG le droit de continuer à développer et à exploiter le Projet Imwelo dans la région du Lac Victoria.
Le PDG Marc Cernovitch a souligné que le renouvellement témoigne de la solide relation de LVG avec les autorités tanzaniennes et de son engagement envers des pratiques minières durables. Le Président Exécutif Simon Benstead a souligné que cette réalisation apporte stabilité et certitude aux ambitions de l'entreprise, renforçant ainsi sa capacité à offrir une valeur soutenue à ses actionnaires.
Lake Victoria Gold (TSXV: LVGLF) hat die 10-jährige Erneuerung der Imwelo-Bergbaulizenz in Tansania, vorbehaltlich bestimmter Bedingungen, angekündigt. Das Unternehmen muss aktualisierte Bergbau-, Umwelt- und Schließungspläne einreichen, sich verpflichten, die Entwicklung innerhalb von 90 Tagen zu beginnen, und die Gebühr für die Lizenzverlängerung innerhalb von 30 Tagen bezahlen. Diese Erneuerung sichert LVGs Rechte, das Imwelo-Projekt in der Region Lake Victoria Goldfeld weiterhin zu entwickeln und zu betreiben.
CEO Marc Cernovitch betonte die Erneuerung als Beweis für die starke Beziehung von LVG zu den tansanischen Behörden und das Engagement für nachhaltige Bergbaupraktiken. Der Executive Chairman Simon Benstead wies darauf hin, dass dieser Erfolg Stabilität und Sicherheit für die ehrgeizigen Pläne des Unternehmens bringt und seine Fähigkeit verbessert, den Aktionären nachhaltigen Wert zu bieten.
- Secured 10-year renewal of Imwelo Mining License
- Strengthened position in the Lake Victoria Goldfield region
- Demonstrated positive relationship with Tanzanian authorities
- Renewal subject to conditions including updated plans and fees
- Required to commence development within 90 days
- License renewal fee must be paid within 30 days
Vancouver, British Columbia--(Newsfile Corp. - August 7, 2024) - Lake Victoria Gold Ltd. (TSXV: LVG) ("LVG", or the "Company") - is pleased to announce that Tanzoz Minerals Ltd.'s ("TML") application to the Tanzanian Mining Commission for a 10-year renewal of the Imwelo Mining License ("ML") has been accepted subject to certain conditions. TML is required to submit updated Mining, Environmental, and Closure Plans, commit to commence development within 90 days, as well as pay the license renewal fee within 30 days for the renewal to become effective. These documents are being finalized, as well as the documentation required for transfer of the ML from TML to LVG, and are expected to be submitted and the fee paid in the coming days. This renewal secures the Company's rights to continue developing and operating the Imwelo Project, reinforcing LVG's commitment to advancing its strategic initiatives within the Lake Victoria Goldfield region.
Securing Long-term Growth and Development
Marc Cernovitch, CEO & Director, commented: "We are thrilled to have received the 10-year renewal for the Imwelo Mining License, a testament to our strong relationship with Tanzanian authorities and our dedication to sustainable mining practices. This renewal allows us to execute our long-term vision for the Imwelo Project, ensuring continued growth and development in the Lake Victoria Goldfield. We are eager to advance our mining operations and realize the full potential of this promising project."
Operational Advancements and Future Plans
Simon Benstead, Executive Chairman & CFO of the Company, stated: "The 10-year renewal of the Imwelo Mining License is a pivotal achievement for LVG, providing the stability and certainty needed to push forward with our ambitious plans. We are grateful for the continued support from our shareholders, partners, and stakeholders, as we work towards maximizing the value of our assets in Tanzania. This renewal not only strengthens our position in the region but also enhances our ability to deliver sustained value to our shareholders."
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
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
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 years 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 largest 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: sbenstead@lakevictoriagold.com
For more information please contact:
Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com
Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com
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 plans with respect to the Imwelo Project, gold production on the Imwelo Project and the timing thereof, the terms of the Acquisition and the Financing, contract work on the Imwelo Project by Taifa Mining, entering into a joint venture agreement and shareholder agreement with the Tanzanian government and the terms and timing thereof, the closing of the Acquisition and the Financing, including the satisfaction of the closing conditions thereunder and the expected timing thereof, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the Acquisition and Financing and the Tanzania Fair Competition Commission for the Acquisition. 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", "intend" 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, the Financing 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 uncertainty 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 necessary 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; 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 mining 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219089
FAQ
What is the duration of the renewed Imwelo Mining License for Lake Victoria Gold (LVGLF)?
What conditions must Lake Victoria Gold (LVGLF) meet for the Imwelo Mining License renewal?
Where is the Imwelo Project of Lake Victoria Gold (LVGLF) located?
What is the stock symbol for Lake Victoria Gold on the TSX Venture Exchange?
