Lake Victoria Gold clears key hurdle in transfer of Imwelo mining licence

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Lake Victoria Gold (TSX-V:LVG; FRA: E1K) has cleared a key formal hurdle in its acquisition of the advanced stage Imwelo Gold Project in Tanzania. The Company announces that the Tanzania Revenue Authority (“TRA”) has finally issued the due tax assessment notice for the acquisition of the Imwelo Mining Licence (“ML”). The amount owed is within the expected range and is financially marginal.

Lake Victoria intends to pay the tax liability immediately in order to obtain the tax clearance certificate required for the final transfer of the Imwelo licence. This certificate, together with the positive vote already received from the Fair Competition Commission (“FCC”), is a prerequisite for the Mining Commission to transfer the title of the Imwelo Mining Licence to LVG. This transfer is regarded as a formality, as LVG now fulfils all the requirements. The Imwelo project is ready for production and, together with the neighbouring Dora project, has the potential for significant growth.

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Lake Victoria Gold clears key hurdle in transfer of Imwelo mining licence

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