Lake Victoria Gold Ltd. Completes Acquisition of Imwelo Gold Project in Tanzania
Vancouver, British Columbia – February 28, 2025 – Lake Victoria Gold Ltd. (TSXV: LVG) (“LVG” or the “Company”), a professionally managed gold exploration and development company, is thrilled to update shareholders on the successful completion of the acquisition of mining licence ML 538/2015, which includes the Imwelo gold project located in Tanzania. This acquisition was initially announced in the Company’s press release on August 10, 2023.
About the Imwelo Gold Project
The Imwelo gold project, held by the Company’s wholly-owned subsidiary Tembo Gold Tanzania Limited (the “Purchaser”), is situated in the prospective Mwanza Goldfields of northwest Tanzania. The project covers an area of approximately 50 square kilometers and is characterized by a well-established artisanal mining community. The project is known for its high-grade gold mineralization and has the potential to become a significant gold producer.
Terms of the Acquisition
Under the terms of the acquisition, the Purchaser paid approximately CAD 1.5 million in cash and issued 15 million common shares of the Company to the vendors. The transaction was subject to customary closing conditions, including the approval of the TSX Venture Exchange.
Impact on Lake Victoria Gold Ltd.
This acquisition marks a significant milestone for Lake Victoria Gold Ltd., as it adds a high-potential gold project to the Company’s portfolio. The Imwelo gold project is expected to provide the Company with increased exploration potential, potential for near-term production, and a stronger foothold in the mining industry in Tanzania. The acquisition also aligns with the Company’s strategy to focus on profit-generating opportunities.
Impact on the World
The gold mining industry is a global industry with significant impacts on economies and communities around the world. The acquisition of the Imwelo gold project by Lake Victoria Gold Ltd. is expected to contribute to the economic growth of Tanzania. The project will create employment opportunities for the local population, contribute to the government’s revenue through taxes and royalties, and potentially lead to the development of local infrastructure.
Conclusion
Lake Victoria Gold Ltd.’s acquisition of the Imwelo gold project in Tanzania is a strategic move that strengthens the Company’s position in the gold mining industry and provides a platform for near-term production and exploration potential. The acquisition is expected to bring positive economic impacts to Tanzania, including job creation and infrastructure development. The Company remains committed to operating in a socially responsible and environmentally sustainable manner, ensuring that the benefits of the project are shared with the local community and the environment.
- Lake Victoria Gold Ltd. completes acquisition of Imwelo gold project in Tanzania
- Project held by wholly-owned subsidiary Tembo Gold Tanzania Limited
- Acquisition marks significant milestone for the Company
- Expected to contribute to economic growth in Tanzania
- Company remains committed to socially responsible and environmentally sustainable mining practices
