Tanzanian Mining Commission Approves License Transfer to Lake Victoria Gold

The Tanzanian Mining Commission has approved the transfer of the Imwelo Mining License to Tembo Gold Tanzania Limited, a subsidiary of Lake Victoria Gold Ltd. This change, effective from October 30, 2024, includes a 10-year extension of the license until 2035. This move positions Lake Victoria Gold (LVG) to advance its exploration and development of the Imwelo Project.

LVG is engaged in negotiations for non-dilutive financing to support the capital expenditure for the project. The acquisition is pending TSX Venture Exchange approval and completion of the final engineering design. Following these steps, Taifa Group will increase its equity in LVG, providing additional support through mining services.

The transaction involves a significant equity participation from Taifa, set to provide LVG with gross proceeds of C$3,840,000. The investment will include common shares and warrants, ensuring continued development of the Imwelo Project.