Decisive Milestone reached
The final step has been taken! Lake Victoria Gold (WKN A3E4WC / TSXV LVG) has submitted all documents to the Tanzanian Mining Commission required 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 commence development within 90 days and the payment of the license renewal fee. Lake Victoria Gold has now taken the final steps to secure the long-term rights to the Imwelo Gold Project. Which ensures that the company can continue the development and operation of this project in the highly prospective Lake Victoria region in the future.
To finalize this process, the Company has completed its due diligence, obtained shareholder approval and TSX Venture Exchange approval (subject to conditions). In addition, Lake Victoria has received the Tax Clearance Certificate from the Tanzania Revenue Authority (“TRA”) for the renewal and transfer of the mining license. It is now expected that the Imwelo acquisition will be completed by the end of the third quarter!
No wonder CEO Marc Cernovitch is so enthusiastic. As he explains, Lake Victoria has thus reached a decisive milestone in the strategy for the further development of the Imwelo project and further strengthened the company’s presence in Tanzania. The company is now awaiting final approval so that it can then implement the development plans for the project, which does not have a long road to gold production ahead of it.
Next phase of growth strategy
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 cornerstone for it to intensify its exploration and development work in the region and lead to long-term success.
Simon Benstead, Executive Chairman & CFO of the Company commented: “The completion of these submissions underlines our commitment to responsible and sustainable mining practices. We look forward to moving forward with the Imwelo project and remain committed to delivering value to our shareholders, partners and stakeholders as we work towards completing the final steps of the transfer and renewal process.”
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According to §34b WpHG and §48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, clients or employees of GOLDINVEST Consulting GmbH hold shares in Lake Victoria Gold and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares in the company at any time. In addition, there is a contractual relationship between Lake Victoria Gold and GOLDINVEST Consulting GmbH, which involves GOLDINVEST Consulting GmbH reporting on Lake Victoria Gold. This is another clear conflict of interest.
