MaxShimba
JF-Expert Member
- Apr 11, 2008
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Kilimanjaro Mining Company Inc.
Jul 30, 2009 09:10 ET
Kilimanjaro Mining Company to Acquire the Heart of the Singida "Gold Rush" District, Tanzania
CARSON CITY, NEVADA--(Marketwire - July 30, 2009) - Kilimanjaro Mining Company Inc. has entered into a Mineral Properties Sale and Purchase Agreement (MPSP), through one of its directors, to acquire up to 100% of fifty (50) Primary Mining Licenses (PMLs) in the Singida "gold rush" district, Tanzania. On July 8, 2009, Kilimanjaro and Lake Victoria Mining Company, Inc. (OTCBB:LVCA) executed a definitive share exchange agreement between the two companies. Subject to the final closing, contemplated to be by August 11, 2009, Kilimanjaro will become a 100% wholly owned subsidiary company of Lake Victoria. Additional information regarding Lake Victoria Mining Company is available on the corporate website at: www.lakevictoriaminingcompany.com.
Since entering the MPSP agreement, Kilimanjaro has been conducting targeted exploration work to advance to gold mining and production stage on all, or part of the group of PMLs, by means of a Special Mining License.
During a visit in May 2009, Kilimanjaro's president Heidi Kalenuik remarked: "We already have a huge gold footprint in Tanzania, holding nine separate gold projects, but, this new Singida area is by far the richest and most prolific of all the properties that I've visited. There is a modern day "gold rush" happening here and we plan to become a major player and producer within it." In addition, Ms. Kalenuik shared: "After receiving assay results from our initial grab samples we began working closely with one of our directors, and we have successfully secured the heart of the small scale mining activity in this area. On purpose, we have been quietly locking up as much of the small scale producing mines as possible. A work program was immediately contracted to commence a diligent shaft, tailing and dump pile work program and a steady stream of assay results is forthcoming. Tightly spaced ground magnetic surveys have been ongoing since the end of June. We believe that we will be capable of making initial production decisions very shortly. We discovered this area as we began to enter discussions with Lake Victoria and we believe that the timing couldn't be better for all parties involved. We are very optimistic relative to the area's potential."
About the Companies
Kilimanjaro Mining Company Inc. is a private metals exploration company focused in Tanzania, East Africa. The company holds a significant number of highly prospective gold and uranium licenses.
Lake Victoria Mining Company is a publicly traded company (OTCBB:LVCA) working to create another gold mine in the world famous Lake Victoria Greenstone Belt, Tanzania, East Africa. Tanzania produced 1.75 million troy ounces of gold during 2007 and is the 3rd largest gold producer in Africa behind South Africa and Ghana.
Disclaimer
This news release may contain forward looking statements, relating to the Company's operations or the environment in which it operates, which are based on Kilimanjaro Mining Company Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or beyond Kilimanjaro Mining Company, Inc.'s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place undue reliance on such forward-looking statements. Kilimanjaro Mining Company Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Jul 30, 2009 09:10 ET
Kilimanjaro Mining Company to Acquire the Heart of the Singida "Gold Rush" District, Tanzania
CARSON CITY, NEVADA--(Marketwire - July 30, 2009) - Kilimanjaro Mining Company Inc. has entered into a Mineral Properties Sale and Purchase Agreement (MPSP), through one of its directors, to acquire up to 100% of fifty (50) Primary Mining Licenses (PMLs) in the Singida "gold rush" district, Tanzania. On July 8, 2009, Kilimanjaro and Lake Victoria Mining Company, Inc. (OTCBB:LVCA) executed a definitive share exchange agreement between the two companies. Subject to the final closing, contemplated to be by August 11, 2009, Kilimanjaro will become a 100% wholly owned subsidiary company of Lake Victoria. Additional information regarding Lake Victoria Mining Company is available on the corporate website at: www.lakevictoriaminingcompany.com.
Since entering the MPSP agreement, Kilimanjaro has been conducting targeted exploration work to advance to gold mining and production stage on all, or part of the group of PMLs, by means of a Special Mining License.
During a visit in May 2009, Kilimanjaro's president Heidi Kalenuik remarked: "We already have a huge gold footprint in Tanzania, holding nine separate gold projects, but, this new Singida area is by far the richest and most prolific of all the properties that I've visited. There is a modern day "gold rush" happening here and we plan to become a major player and producer within it." In addition, Ms. Kalenuik shared: "After receiving assay results from our initial grab samples we began working closely with one of our directors, and we have successfully secured the heart of the small scale mining activity in this area. On purpose, we have been quietly locking up as much of the small scale producing mines as possible. A work program was immediately contracted to commence a diligent shaft, tailing and dump pile work program and a steady stream of assay results is forthcoming. Tightly spaced ground magnetic surveys have been ongoing since the end of June. We believe that we will be capable of making initial production decisions very shortly. We discovered this area as we began to enter discussions with Lake Victoria and we believe that the timing couldn't be better for all parties involved. We are very optimistic relative to the area's potential."
About the Companies
Kilimanjaro Mining Company Inc. is a private metals exploration company focused in Tanzania, East Africa. The company holds a significant number of highly prospective gold and uranium licenses.
Lake Victoria Mining Company is a publicly traded company (OTCBB:LVCA) working to create another gold mine in the world famous Lake Victoria Greenstone Belt, Tanzania, East Africa. Tanzania produced 1.75 million troy ounces of gold during 2007 and is the 3rd largest gold producer in Africa behind South Africa and Ghana.
Disclaimer
This news release may contain forward looking statements, relating to the Company's operations or the environment in which it operates, which are based on Kilimanjaro Mining Company Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or beyond Kilimanjaro Mining Company, Inc.'s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place undue reliance on such forward-looking statements. Kilimanjaro Mining Company Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
