Lake Victoria Gold Announces Completion of 10-Year Renewal and Transfer of Imwelo Mining License
Lake Victoria Gold (LVGLF) announces the completion of a 10-year renewal and transfer authorization for the Imwelo Mining License from the Tanzanian Mining Commission. The license will be transferred to LVG through its subsidiary Tembo Gold Tanzania , pending TSX Venture Exchange approval and completion of financing with Taifa Mining. The company is in advanced negotiations for non-dilutive funding to cover CAPEX development costs. Following the license transfer, the next tranche of equity investment from Taifa Group will be triggered, supporting project development. LVG plans to proceed with exploration, site preparation, and development activities at Imwelo.
Lake Victoria Gold (LVGLF) annuncia il completamento di un'autorizzazione di rinnovo e trasferimento di 10 anni per la Licenza Mineraria Imwelo dalla Commissione Mineraria della Tanzania. La licenza sarà trasferita a LVG tramite la sua controllata Tembo Gold Tanzania, in attesa dell'approvazione del TSX Venture Exchange e del completamento del finanziamento con Taifa Mining. L'azienda è in fase avanzata di negoziazioni per un finanziamento non diluitivo per coprire i costi di sviluppo del CAPEX. Dopo il trasferimento della licenza, sarà attivato il prossimo tranche di investimento azionario dal Taifa Group, supportando lo sviluppo del progetto. LVG prevede di procedere con esplorazioni, preparazione del sito e attività di sviluppo a Imwelo.
Lake Victoria Gold (LVGLF) anuncia la finalización de una autorización de renovación y transferencia de 10 años para la Licencia Minera Imwelo por parte de la Comisión Minera de Tanzania. La licencia se transferirá a LVG a través de su subsidiaria Tembo Gold Tanzania, pendiente de la aprobación de la TSX Venture Exchange y la finalización de la financiación con Taifa Mining. La empresa se encuentra en negociaciones avanzadas para obtener financiación no dilutiva que cubra los costos de desarrollo del CAPEX. Tras la transferencia de la licencia, se activará la próxima fase de inversión de capital por parte del Taifa Group, apoyando el desarrollo del proyecto. LVG planea proceder con la exploración, preparación del sitio y actividades de desarrollo en Imwelo.
레이크 빅토리아 골드 (LVGLF)는 탄자니아 광업 위원회로부터 임웰로 광산 라이선스의 10년 갱신 및 이전 승인 완료를 발표했습니다. 라이선스는 TSX 벤처 거래소의 승인과 타이파 광업과의 자금 조달 완료를 대기하며, LVG의 자회사인 템보 골드 탄자니아에 이전될 예정입니다. 이 회사는 CAPEX 개발 비용을 충당하기 위한 비희석 자금 조달에 대해 고급 협상 중입니다. 라이선스 이전 후에는 타이파 그룹의 다음 자본 투자 단계가 촉발되어 프로젝트 개발을 지원할 것입니다. LVG는 임웰로에서 탐사, 사이트 준비 및 개발 활동을 진행할 계획입니다.
Lake Victoria Gold (LVGLF) annonce l'achèvement d'une autorisation de renouvellement et de transfert de 10 ans pour la Licence Minière Imwelo de la Commission Minière de Tanzanie. La licence sera transférée à LVG par l'intermédiaire de sa filiale Tembo Gold Tanzania, sous réserve de l'approbation de la TSX Venture Exchange et de la finalisation du financement avec Taifa Mining. L'entreprise est en négociations avancées pour un financement non dilutif afin de couvrir les coûts de développement du CAPEX. Suite au transfert de la licence, la prochaine tranche d'investissement en actions du Taifa Group sera déclenchée, soutenant le développement du projet. LVG prévoit de procéder à l'exploration, à la préparation du site et aux activités de développement à Imwelo.
Lake Victoria Gold (LVGLF) gibt den Abschluss einer 10-jährigen Erneuerung und Übertragungsautorisierung für die Imwelo-Bergbaulizenz durch die tanzanische Bergbaukommission bekannt. Die Lizenz wird nach Genehmigung durch die TSX Venture Exchange und dem Abschluss der Finanzierung mit Taifa Mining an LVG über ihre Tochtergesellschaft Tembo Gold Tanzania übertragen. Das Unternehmen befindet sich in fortgeschrittenen Verhandlungen über eine nicht verwässernde Finanzierung zur Deckung der CAPEX-Entwicklungskosten. Nach der Lizenzübertragung wird die nächste Tranche der Eigenkapitalinvestition von Taifa Group ausgelöst, die das Projektentwicklung unterstützen wird. LVG plant, mit Exploration, Standortvorbereitung und Entwicklungsaktivitäten in Imwelo fortzufahren.
- Secured 10-year mining license renewal for Imwelo Project
- Advanced negotiations for non-dilutive CAPEX funding
- Upcoming equity investment from Taifa Group
- Acquisition completion still subject to TSX Venture Exchange approval
- Project development dependent on completion of financing conditions
Vancouver, British Columbia--(Newsfile Corp. - November 7, 2024) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) ("LVG" or the "Company") is pleased to announce that the Tanzanian Mining Commission has officially completed the 10-year renewal and authorization to transfer the Imwelo Mining License ("ML") to LVG, indirectly through its wholly-owned subsidiary Tembo Gold Tanzania Limited. This significant milestone secures LVG's long-term rights to the Imwelo Project and provides a solid foundation for the Company's growth and development strategy within the Lake Victoria Goldfield region. The completion of the acquisition of the Imwelo project remains subject to certain conditions, including the final approval of the TSX Venture Exchange, the completion of the first tranche of the financing involving Taifa Mining and Civils Limited as described in the Company's press release dated August 10, 2023, and certain other customary conditions precedent, which are expected to be completed in short order.
Securing Long-Term Development Potential
With the renewed and transferred license now in place, subject to completion of the outstanding conditions described above, LVG intends to proceed with its development and operational plans for the Imwelo Project. This achievement marks a pivotal step in LVG's efforts to expand its asset base and strengthen its foothold in Tanzania, reaffirming the Company's commitment to responsible and sustainable mining practices in the region.
Marc Cernovitch, CEO & Director, commented: "This renewal and transfer of the Imwelo Mining License solidifies our foundation for long-term growth within the Lake Victoria Goldfield. This achievement underscores our commitment to building a sustainable, high value mining operation and creating significant value for all stakeholders. We are now set to advance our development plans with confidence and look forward to fully realizing the potential of the Imwelo Project."
Advanced Funding Negotiations
LVG is in advanced negotiations with non-dilutive funding sources to fully fund the CAPEX portion of the development costs for the Imwelo Project. These discussions align with LVG's commitment to creating shareholder value while advancing the project responsibly. Additionally, with the final transfer of the Imwelo Mining License about to be completed, the next tranche of equity investment from Taifa Group will be triggered following the completion of the remaining conditions for the acquisition and final engineering on the Imwelo Project further supporting the development of the project.
Rostam Aziz, Chairman of Taifa Group, commented: "We are pleased to support LVG in securing the Imwelo Project's long-term future. This license renewal represents a critical milestone, perfectly aligning with our aggressive growth strategy in the Lake Victoria Gold Field. Our partnership with LVG is grounded in a shared vision of sustainable development, and we are eager to move forward with the next investment phase to realize the project's full potential. We look forward to supporting LVG as it makes substantial contributions to Tanzania's mining sector."
Advancing the Imwelo Project
With the transfer of the Imwelo Mining License, LVG is well-positioned to intensify its exploration, site preparation, and development activities following the completion of the remaining conditions for the acquisition. The Company intends to execute on its plans for infrastructure development, resource expansion, and production optimization, all while maintaining high environmental and social standards.
Simon Benstead, Executive Chairman & CFO of the Company, added: "The successful transfer of the Imwelo license is pivotal for our strategic objectives. With this in place, we are poised to advance our operational plans and drive growth and consolidation in Tanzania. We are grateful for the support of the Tanzanian authorities and look forward to contributing positively to local communities and delivering value to all stakeholders as we bring the Imwelo Project into production."
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 and development plans with respect to the Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. 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 of the Imwelo project, the concurrent 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/229100
FAQ
What is the duration of Lake Victoria Gold's (LVGLF) renewed Imwelo Mining License?
What are the pending conditions for LVGLF's Imwelo acquisition completion?
How will Lake Victoria Gold (LVGLF) fund the Imwelo Project development?
