Lake Victoria Gold Evaluates Small-Scale Development Concept at Tembo Project
Lake Victoria Gold (LVGLF) is evaluating a small-scale mining and processing opportunity at its wholly owned Tembo Project in northern Tanzania. The initiative aims to generate early cash flow by extracting and processing near-surface material using existing local infrastructure.
The project features multiple high-potential targets with significant near-surface gold intersections at Ngula 1, Nyakagwe East, and Nyakagwe Village. A privately operated Carbon-in-Pulp (CIP) plant has been commissioned nearby, with a second unit under construction, expected to reach a combined capacity of 620 tonnes per day.
Through its local subsidiary MIPCCL, LVG holds a Joint Venture interest in 20 Primary Mining Licences adjacent to its MLs. The company is preparing a non-binding Letter of Intent for a potential joint venture with the Processing Licence owner to mine and process material from both MLs and PMLs. The company cautions that this initiative is preliminary and not based on a feasibility study, carrying increased uncertainty and higher risk of economic or technical failure.
Lake Victoria Gold (LVGLF) sta valutando un'opportunità di estrazione e lavorazione su piccola scala presso il proprio Progetto Tembo, interamente di sua proprietà, nel nord della Tanzania. L'obiettivo è generare un flusso di cassa iniziale estraendo e trattando materiale vicino alla superficie, sfruttando le infrastrutture locali esistenti.
Il progetto comprende diversi obiettivi ad alto potenziale con significative intersezioni aurifere a bassa profondità in corrispondenza di Ngula 1, Nyakagwe East e Nyakagwe Village. Nelle vicinanze è stata avviata una pianta Carbon-in-Pulp (CIP) gestita privatamente e ne è in costruzione una seconda, che porterà la capacità complessiva a 620 tonnellate al giorno.
Attraverso la sua controllata locale MIPCCL, LVG detiene una partecipazione in Joint Venture in 20 Licenze Minerarie Primarie adiacenti alle sue ML. La società sta preparando una Lettera di Intenti non vincolante per una possibile joint venture con il proprietario della Licenza di Lavorazione, al fine di estrarre e trattare materiale sia dalle ML che dalle PML. Si avverte che questa iniziativa è preliminare, non basata su uno studio di fattibilità, e comporta un livello maggiore di incertezza e rischi economici o tecnici più elevati.
Lake Victoria Gold (LVGLF) está evaluando una oportunidad de minería y procesamiento a pequeña escala en su Proyecto Tembo, propiedad total de la empresa, ubicado en el norte de Tanzania. La iniciativa busca generar flujo de caja temprano mediante la extracción y procesamiento de material cercano a la superficie, utilizando la infraestructura local existente.
El proyecto cuenta con múltiples objetivos de alto potencial con intersecciones significativas de oro cerca de la superficie en Ngula 1, Nyakagwe East y Nyakagwe Village. Cerca se ha puesto en marcha una planta Carbon-in-Pulp (CIP) operada privadamente, y se está construyendo una segunda unidad que se espera alcance una capacidad combinada de 620 toneladas por día.
A través de su filial local MIPCCL, LVG posee una participación en una empresa conjunta en 20 Licencias Mineras Primarias adyacentes a sus ML. La compañía está preparando una Carta de Intención no vinculante para una posible joint venture con el propietario de la Licencia de Procesamiento, con el fin de extraer y procesar material tanto de las ML como de las PML. La empresa advierte que esta iniciativa es preliminar, no se basa en un estudio de factibilidad y conlleva mayor incertidumbre y un mayor riesgo de fracaso económico o técnico.
Lake Victoria Gold (LVGLF)는 탄자니아 북부에 위치한 전액 출자한 Tembo 프로젝트에서 소규모 채굴 및 가공 기회를 평가하고 있습니다. 이 사업은 기존 지역 인프라를 활용하여 표면 근처의 자재를 채굴하고 가공함으로써 초기 현금 흐름을 창출하는 것을 목표로 합니다.
이 프로젝트는 Ngula 1, Nyakagwe East, Nyakagwe Village에서 표면 근처 금 광구가 다수 발견되는 높은 잠재력을 가진 여러 목표 지점을 포함하고 있습니다. 인근에는 민간 운영의 Carbon-in-Pulp(CIP) 공장이 가동 중이며, 두 번째 공장이 건설 중으로 총 처리 능력은 하루 620톤에 이를 것으로 예상됩니다.
현지 자회사 MIPCCL을 통해 LVG는 ML 인접 지역의 20개 주요 광산 허가권에 대한 합작 투자 지분을 보유하고 있습니다. 회사는 처리 허가권 소유자와 ML 및 PML 자재 채굴 및 가공을 위한 잠재적 합작 투자에 관한 구속력 없는 의향서를 준비 중입니다. 이 사업은 예비 단계이며 타당성 조사에 기반하지 않아 경제적 또는 기술적 실패 위험과 불확실성이 높다는 점을 경고합니다.
Lake Victoria Gold (LVGLF) étudie une opportunité d'exploitation minière et de traitement à petite échelle sur son projet Tembo, dont il est propriétaire à 100 %, situé dans le nord de la Tanzanie. L'objectif est de générer des flux de trésorerie précoces en extrayant et en traitant des matériaux proches de la surface en utilisant les infrastructures locales existantes.
Le projet comprend plusieurs cibles à fort potentiel avec des intersections aurifères significatives près de la surface à Ngula 1, Nyakagwe East et Nyakagwe Village. Une usine Carbon-in-Pulp (CIP) exploitée de manière privée a été mise en service à proximité, une seconde unité est en construction, avec une capacité combinée attendue de 620 tonnes par jour.
Par l’intermédiaire de sa filiale locale MIPCCL, LVG détient une participation en coentreprise dans 20 licences minières primaires adjacentes à ses ML. La société prépare une lettre d’intention non contraignante pour une éventuelle coentreprise avec le propriétaire de la licence de traitement afin d’exploiter et de traiter le matériel provenant à la fois des ML et des PML. La société précise que cette initiative est préliminaire, n’est pas basée sur une étude de faisabilité et comporte une incertitude accrue ainsi qu’un risque plus élevé d’échec économique ou technique.
Lake Victoria Gold (LVGLF) prüft eine Kleinbergbau- und Verarbeitungsmöglichkeit bei seinem vollständig im Eigentum stehenden Tembo-Projekt im Norden Tansanias. Die Initiative zielt darauf ab, frühzeitig Cashflow zu generieren, indem nahe der Oberfläche liegendes Material mit vorhandener lokaler Infrastruktur abgebaut und verarbeitet wird.
Das Projekt umfasst mehrere vielversprechende Ziele mit bedeutenden Goldaufschlüssen nahe der Oberfläche bei Ngula 1, Nyakagwe East und Nyakagwe Village. In der Nähe wurde eine privat betriebene Carbon-in-Pulp (CIP)-Anlage in Betrieb genommen, eine zweite wird gebaut und soll eine kombinierte Kapazität von 620 Tonnen pro Tag erreichen.
Über seine lokale Tochtergesellschaft MIPCCL hält LVG eine Joint-Venture-Beteiligung an 20 primären Bergbaulizenzen, die an seine ML angrenzen. Das Unternehmen bereitet ein unverbindliches Absichtsschreiben für ein mögliches Joint Venture mit dem Eigentümer der Verarbeitungslizenz vor, um Material sowohl aus den ML als auch den PML abzubauen und zu verarbeiten. Das Unternehmen weist darauf hin, dass diese Initiative vorläufig ist, nicht auf einer Machbarkeitsstudie basiert und mit erhöhter Unsicherheit sowie einem höheren Risiko eines wirtschaftlichen oder technischen Scheiterns verbunden ist.
- Potential early cash flow generation through small-scale mining operation
- Access to nearby operational CIP processing plant with 620 tonnes per day capacity
- Multiple high-potential gold targets with confirmed near-surface intersections
- Strategic joint venture opportunity for mining and processing with minimal capital investment
- No feasibility study or mineral reserve estimates completed
- High uncertainty and risk of economic/technical failure
- Project still at preliminary evaluation stage
- No confirmed economic viability
Vancouver, British Columbia--(Newsfile Corp. - April 24, 2025) - Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) ("LVG", or the "Company") is pleased to provide an update on its wholly owned Tembo Project in northern Tanzania, where the Company is evaluating a small-scale mining and processing opportunity aimed at generating early cash flow to support its broader exploration strategy. The initiative involves assessing the potential to extract and process near-surface material using existing local infrastructure. The Company cautions that this initiative is at a preliminary stage and is not based on a feasibility study of mineral reserves demonstrating economic and technical viability. As such, there is increased uncertainty and a higher risk of economic or technical failure associated with this process.
Project Overview and Opportunity:
The Tembo Project hosts multiple high-potential targets, with significant near-surface gold intersections already confirmed at Ngula 1, Nyakagwe East, and Nyakagwe Village.
Extensive artisanal mining historically occurred across the property, including shallow open-pit and underground workings, as well as surface eluvial gold extraction. The Company cautions that such historical work is not NI 43-101 compliant and has not been verified by a Qualified Person.
A privately operated Carbon-in-Pulp (CIP) plant has recently been commissioned in the area, with a second unit under construction. Once operational, combined capacity is expected to reach up to 620 tonnes per day (~30 tph). This facility is situated on a Processing Licence (PCL) located within one of Tembo's MLs.
LVG, through its local subsidiary, MIPCCL, holds a Joint Venture interest in 20 Primary Mining Licences (PMLs) adjacent to its MLs, offering multiple potential ore sources.
The owner of the PCL has expressed an interest in forming a joint venture with MIPCCL to mine and process material from both the MLs and PMLs. A non-binding Letter of Intent is currently being prepared to guide ongoing discussions.
Management Commentary
"This potential partnership could represent a unique opportunity to establish early, low-capital-cost production from Tembo while continuing to unlock the district's exploration upside," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "We remain committed to advancing Tembo through both strategic exploration and disciplined project development."
Simon Benstead, Executive Chairman and CFO, commented: "Tembo has always stood out as a project with the potential to deliver both near-term value and long-term discovery upside. Evaluating this small-scale production opportunity allows us to test the system, generate operational insights, and potentially self-fund ongoing exploration. We believe this approach aligns well with our disciplined strategy and our commitment to responsible, phased development in Tanzania."
Cautionary Statement Regarding Preliminary Development Concepts
The Company cautions that the assessment of potential development opportunities at the Tembo Project is at a preliminary stage and is not based on a mineral resource estimate or any economic analysis such as a Feasibility Study. As such, there are significant technical and economic uncertainties that remain unresolved, including but not limited to metallurgical recoveries, grade continuity, mineability, permitting, processing capacity, capital and operating costs, and the availability of financing. Any reference to potential development scenarios is conceptual in nature and should not be construed as an indication that an economic or technical case has been established for mining at the Tembo Project.
The scientific and technical content of this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a Director and Officer of the Company.
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/249608
FAQ
What is the processing capacity of the CIP plant near Lake Victoria Gold's (LVGLF) Tembo Project?
How many Primary Mining Licences (PMLs) does Lake Victoria Gold hold at the Tembo Project?
What are the main gold target areas identified at LVGLF's Tembo Project?
What is the current development stage of LVGLF's small-scale mining initiative at Tembo?
