Lake Victoria Gold Announces Submission of Final Documentation for 10-Year Renewal and Transfer of Imwelo Mining License
Lake Victoria Gold (TSXV: LVGLF) has announced the submission of all required documentation to the Tanzanian Mining Commission for the 10-year renewal and transfer of the Imwelo Mining License. This marks a important step in securing long-term rights to the Imwelo Project in the Lake Victoria Goldfield region. The submission includes updated Mining, Environmental, and Closure Plans, along with commitments to begin development within 90 days and payment of the license renewal fee.
The company has completed due diligence, received shareholder approval, and obtained conditional TSX Venture Exchange approval. With the Tax Clearance Certificate from the Tanzanian Revenue Authority in hand, LVG expects to close the Imwelo acquisition by the end of Q3 2024. This milestone positions LVG to advance its exploration and development activities at Imwelo, contributing to the company's long-term growth strategy in Tanzania.
Lake Victoria Gold (TSXV: LVGLF) ha annunciato di aver presentato tutta la documentazione richiesta alla Commissione Mineraria della Tanzania per il rinnovo e il trasferimento della Licenza Mineraria Imwelo della durata di 10 anni. Questo rappresenta un passo importante per garantire diritti a lungo termine sul Progetto Imwelo nella regione del Goldfield del Lago Vittoria. La presentazione include aggiornamenti sui Piani Minerari, Ambientali e di Chiusura, insieme agli impegni per iniziare lo sviluppo entro 90 giorni e il pagamento della tassa di rinnovo della licenza.
L'azienda ha completato la due diligence, ricevuto l'approvazione degli azionisti e ottenuto l'approvazione condizionale della Borsa TSX Venture. Con il Certificato di Chiarimento Fiscale dell'Autorità Fiscale della Tanzania in mano, LVG prevede di completare l'acquisizione di Imwelo entro la fine del Q3 2024. Questo traguardo posiziona LVG per avanzare nelle sue attività di esplorazione e sviluppo a Imwelo, contribuendo alla strategia di crescita a lungo termine dell'azienda in Tanzania.
Lake Victoria Gold (TSXV: LVGLF) ha anunciado la presentación de toda la documentación requerida a la Comisión Minera de Tanzania para el renovación y transferencia de la Licencia Minera Imwelo por 10 años. Este es un paso importante para asegurar derechos a largo plazo sobre el Proyecto Imwelo en la región del Goldfield del Lago Victoria. La presentación incluye Planes de Minería, Ambientales y de Cierre actualizados, junto con compromisos para iniciar el desarrollo en un plazo de 90 días y el pago de la tarifa de renovación de la licencia.
La empresa ha completado la debida diligencia, recibido la aprobación de los accionistas y obtenido la aprobación condicional de la Bolsa de Valores TSX Venture. Con el Certificado de Clearance Fiscal de la Autoridad Fiscal de Tanzania en mano, LVG espera cerrar la adquisición de Imwelo para finales del tercer trimestre de 2024. Este hito posiciona a LVG para avanzar en sus actividades de exploración y desarrollo en Imwelo, contribuyendo a la estrategia de crecimiento a largo plazo de la empresa en Tanzania.
레이크 빅토리아 골드 (TSXV: LVGLF)는 임웰로 채굴 라이센스의 10년 갱신 및 이전을 위해 탄자니아 광업 위원회에 필요한 모든 문서를 제출했다고 발표했습니다. 이는 레이크 빅토리아 골드필드 지역의 임웰로 프로젝트에 대한 장기 권리를 확보하는 중요한 단계입니다. 제출된 자료에는 업데이트된 채굴 계획, 환경 계획 및 폐쇄 계획이 포함되어 있으며, 90일 이내에 개발을 시작하고 라이센스 갱신 수수료를 지불하겠다는 약속도 포함되어 있습니다.
회사는 실사를 완료하고, 주주 승인을 받으며, 조건부 TSX 벤처 거래소 승인을 얻었습니다. 탄자니아 세무당국으로부터 세금 면세 증명서를 받은 LVG는 2024년 3분기 말까지 임웰로 인수 거래를 마무리할 것으로 기대하고 있습니다. 이 이정표는 LVG가 임웰로에서 탐사 및 개발 활동을 진행할 수 있도록 하여, 탄자니아에서 회사의 장기 성장 전략에 기여합니다.
Lake Victoria Gold (TSXV: LVGLF) a annoncé avoir soumis tous les documents requis à la Commission des Mines de Tanzanie pour le renouvellement de 10 ans et le transfert de la Licence Minérale Imwelo. Cela représente une étape importante dans la sécurisation des droits à long terme sur le projet Imwelo dans la région du Goldfield du lac Victoria. La soumission comprend des Plans de Minage, Environnementaux et de Fermeture mis à jour, ainsi que des engagements à commencer le développement dans les 90 jours et à payer les frais de renouvellement de la licence.
L'entreprise a effectué sa diligence raisonnable, a reçu l'approbation des actionnaires et obtenu une approbation conditionnelle de la Bourse TSX Venture. Avec le Certificat de Déclaration Fiscale de l'Administration Fiscale Tanzanienne en main, LVG s'attend à finaliser l'acquisition d'Imwelo d'ici la fin du troisième trimestre 2024. Ce jalon positionne LVG pour faire progresser ses activités d'exploration et de développement à Imwelo, contribuant ainsi à la stratégie de croissance à long terme de l'entreprise en Tanzanie.
Lake Victoria Gold (TSXV: LVGLF) hat die Einreichung aller erforderlichen Dokumente bei der Bergbaubehörde von Tansania für die 10-jährige Verlängerung und Übertragung der Imwelo-Minerallizenz angekündigt. Dies ist ein wichtiger Schritt zur Sicherung langfristiger Rechte am Imwelo-Projekt in der Region des Goldfelds am Viktoriasee. Die Einreichung umfasst aktualisierte Bergbau-, Umwelt- und Schließungspläne sowie Verpflichtungen, innerhalb von 90 Tagen mit der Entwicklung zu beginnen und die Gebühr für die Lizenzverlängerung zu zahlen.
Das Unternehmen hat die Due Diligence abgeschlossen, die Zustimmung der Aktionäre erhalten und die bedingte Genehmigung der TSX-Venture-Börse erhalten. Mit dem Steuerfreistellungszertifikat der tansanischen Steuerbehörde in der Hand, erwartet LVG, die Imwelo-Akquisition bis Ende des 3. Quartals 2024 abzuschließen. Dieses Meilensteinposition ermöglicht es LVG, seine Explorations- und Entwicklungsaktivitäten in Imwelo voranzutreiben und trägt zur langfristigen Wachstumsstrategie des Unternehmens in Tansania bei.
- Submission of all required documentation for 10-year renewal and transfer of Imwelo Mining License
- Completion of due diligence, shareholder approval, and conditional TSX Venture Exchange approval
- Acquisition of Tax Clearance Certificate from Tanzanian Revenue Authority
- Expected closing of Imwelo acquisition by end of Q3 2024
- None.
Vancouver, British Columbia--(Newsfile Corp. - September 4, 2024) - Lake Victoria Gold (TSXV: LVG) ("LVG", or the "Company") is pleased to announce that all required documentation has been successfully submitted to the Tanzanian Mining Commission for both the 10-year renewal of the Imwelo Mining License ("ML") and the transfer of the mining license to LVG.
This submission includes updated Mining, Environmental, and Closure Plans, along with the necessary commitments to commence development within 90 days and the payment of the license renewal fee. These submissions represent the final steps in securing the long-term rights to the Imwelo Project, ensuring LVG's ability to continue its development and operations within the highly prospective Lake Victoria Goldfield region.
Update on Closing Process
The Company has completed due diligence, received shareholder approval and obtained conditional TSX Venture Exchange approval. Additionally, LVG has received the Tax Clearance Certificate from the Tanzanian Revenue Authority ("TRA") for the acquisition of the ML. With all required documentation now submitted to the Tanzanian Mining Commission for both the 10-year renewal and transfer of the ML, the closing of the Imwelo acquisition is expected to be completed by the end of Q3 2024
Key Milestone for Imwelo Project
Marc Cernovitch, CEO & Director, commented: "We are very pleased to have completed the submission of all required documentation for both the renewal and transfer of the Imwelo Mining License. This represents a critical milestone in our strategy to advance the Imwelo Project and further strengthen our presence in Tanzania. We are now focused on the next steps as we await the final approvals, which will allow us to move forward with our development plans."
Positioning for Growth
With these submissions, LVG is poised to begin the next phase of its growth strategy in the Lake Victoria Goldfield. The renewed and transferred license will provide the foundation necessary for LVG to intensify its exploration and development activities at Imwelo, contributing to the Company's long-term success in the region.
Simon Benstead, Executive Chairman & CFO of the Company, added: "The completion of these submissions underscores our commitment to responsible and sustainable mining practices. We are excited to move forward with the Imwelo Project and remain dedicated to delivering value to our shareholders, partners, and stakeholders as we work towards completing the final steps of the transfer and renewal process."
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/222062
FAQ
What is the status of Lake Victoria Gold's Imwelo Mining License renewal?
When does Lake Victoria Gold (LVGLF) expect to close the Imwelo acquisition?
What approvals has Lake Victoria Gold (LVGLF) received for the Imwelo Project?
How does the Imwelo Mining License renewal impact Lake Victoria Gold's future plans?
