Starting Signal for Major Growth Plans Approaches
The final step has been taken! Lake Victoria Gold (TSXV LVG / WKN A3E4WC) has submitted all documents to the Tanzanian Mining Commission that were necessary for both the 10-year renewal of the Imwelo mining license and the transfer of the license to Lake Victoria.
This included updated mining, environmental, and closure plans as well as the necessary commitments to begin development within 90 days and payment of the license renewal fee. With this, Lake Victoria Gold has now taken the final steps to secure long-term rights to the Imwelo gold project. This ensures that Lake Victoria can continue the development and operation of this project in the highly promising Lake Victoria region in the future.
Completion of Acquisition Expected by End of Month
To complete this process, the company has finished its due diligence, obtained shareholder and TSX Venture Exchange approval (subject to conditions). Furthermore, Lake Victoria received the Tax Clearance Certificate from the Tanzanian Revenue Authority (TRA) for both the renewal and transfer of the mining license. Now, it is expected that the Imwelo acquisition will be completed by the end of the third quarter!
It’s no wonder that CEO Marc Cernovitch is excited. As he explains, Lake Victoria has reached a crucial milestone in its strategy to advance the Imwelo project and further strengthened the company’s presence in Tanzania. Now they are waiting for the final approval to be able to implement the development plans for the project, which is not far from gold production.
This also means that Lake Victoria Gold is on the verge of implementing the next phase of its growth strategy in the Lake Victoria Goldfield. The company sees the transfer and extension of the license as the foundation for Lake Victoria Gold to intensify its exploration and development work in the region and lead to long-term success.
Simon Benstead, Executive Chairman CFO of the company, explains: “The completion of these submissions underscores our commitment to responsible and sustainable mining practices. We look forward to advancing the Imwelo project and will continue to strive to provide added value to our shareholders, partners, and stakeholders as we work towards completing the final steps of the transfer and renewal process.”
