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Lake Victoria Commences Core Drilling at Uyowa Gold Project Tanzania, East Africa

Lake Victoria Mining Company, Inc. ("Lake Victoria" or the "Company") is pleased to announce the beginning of a 1,500 meter core drilling program whereby the company hopes to establish the first fully reportable gold resource at Uyowa in northwestern Tanzania.


Near the end of 2011, a Phase 1, 29 hole, 2,470-meter reverse circulation (RC) drill program was completed at Uyowa; these holes were drilled on north-south fences spaced 80 meters apart (Press Release 27th October 2011). This Phase 1 drilling appears to have delineated a continuous, single, 1,700 meter long gold bearing structural zone. At this time, drilling has only tested the zone to a depth of about 60 meters, and the gold values appear to continue beyond the current 1,700 meter strike length.

Results suggest that at least 4 additional mineralized veins appear to have been delineated within the western to central parts of the structure. For a distance of about 300 meters, these additional veins appear to contain increased widths and increased gold grades. Some of these RC drill grades and widths are: 17.6 g/t over 6 meters, 11.41 g/t over 2 meters, 4.1 g/t over 10 meters, 4.06 g/t over 13 meters, 10.41 g/t over 3 meters, 27.16 g/t over 4 meters* and 3.43 g/t over 6 meters. *

* Indicates results reported from Reverse circulation drilling by Ashanti GoldFields in 2003 prior to Lake Victoria acquiring the property.

The current 1,500-meter core-drilling program is designed to define geologic controls of the four new veins in the western to central parts of the east-west trending shear zone. Core holes are planned on north-south fences spaced 40 meters apart; the holes will test mineral extensions to a vertical depth of about 150 meters. To confidentially compare gold grades and widths, a select number of core holes will carefully "twin" particular RC holes. If the core holes and the RC holes provide similar results, a new gold resource can be calculated with increased confidence.

There are at least seven additional Uyowa geochemical and geophysical targets that have been selected for reconnaissance rotary air blast (RAB) drilling; four of these targets include:

        i.    the width of the shear zone to the south and north of the current
              zone of artisanal workings with particular attention to the central
              zone in which the 4 gold veins occur. The area is covered by sand
              and duricrust cover.
        ii.    the extension of the shear-hosted gold mineralization along 7.5
               kilometers of strike with particular attention to where the shear
               zone is crossed by NW-SE trending fracture zones
        iii.   the sand covered area immediately to the west of the central zone
              and the artisanal mining area.
        iv.    the western extension of the mineralized shear zone some 5
               kilometers further to the west appears to have been right laterally
               displaced for some 1.5 kilometers to the north by a major NE-SW
The Company will release drilling results as they become available.

Analytical work is carried out at the independent SGS Laboratories in Mwanza, Tanzania. The drill samples have been subjected to full sample preparation followed by a 50-gram fire assay with an AA finish. Blanks (5%), commercial standards (5%) and duplicates (5%) have been used in each sample batch of 20 samples to monitor laboratory performance during the analysis. Samples submitted either represent 5 meters composite samples of 1 meter intervals or 1 meter samples where on site logging and panning of the RC chips indicated the presence of visible gold or gold-bearing sulphides

The reader is cautioned that the potential quantity and grade of the regional exploration target is conceptual in nature; it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. The Company's production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.

Clive King, P.Geo, a Qualified Person as such term is defined in Canadian National Instrument 43-101, is responsible for monitoring the supervision and quality control of Lake Victoria's exploration program and has reviewed and verified the technical information contained in this news release. Clive King, registered as a Professional Geologist with the South African Council of Natural Scientific Professions (Pr.Sci.Nat Reg. No. 400065/09).

About the Company
Lake Victoria Mining Company, Inc. is working to create another gold mine in the world famous Lake Victoria Greenstone Belt, Tanzania, East Africa. Tanzania is Africa's third largest gold producer, behind South Africa and Ghana, but also has reserves of uranium, nickel and coal. Gold exports alone earned it $1.076 billion in 2009, up from $932.4 million the previous year. Lake Victoria holds nine prospective gold projects and five uranium projects within its Tanzania property portfolio. Additional information regarding the Company is available on the corporate website at:

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