News Release: 2011-03-29
Otterburn Ventures Inc. Signs Letter of Intent with Lake Victoria Mining Company, Inc.
VANCOUVER, BRITISH COLUMBIA, March 29, 2011 - Otterburn Ventures Inc. (CNSX:OTB) ("Otterburn") is pleased to announce that it has entered into four Letters of Intent with Lake Victoria Mining Company, Inc. (LVCA:OTCBB) ("Lake Victoria").
The Letters of Intent set out a proposal by Otterburn to acquire up to an undivided 70% interest (the "Options") in and to certain Primary Mineral Licenses (PML's) and Prospecting Licenses (PL's) located in the world famous gold producing Lake Victoria Greenstone Belt in Tanzania, East Africa. The PML's and PL's owned by Lake Victoria are known as the Singida Gold Project, North Mara Gold Project, Kalemela Gold Project and Geita Gold Project, and covers approximately 623 square kilometers. All are situated in highly-prospective geological environments for Archaean-hosted gold mineralization and have been explored to degrees varying from surface prospecting, geochemistry and geophysics to programs of significant drilling. In particular, the Singida gold prospect has undergone significant reverse circulation drilling by Lake Victoria and has resulted in the definition of numerous gold-bearing targets for follow-up drilling.
Tanzania is Africa's third largest gold producer with approximately 45 million ounces in gold reserves including Barrick's producing gold mines, North Mara, Bulyanhulu, Tulawaka and Buzwagi, and Anglo Gold's Geita Mine. Otterburn's objective is to create another gold mine in the Lake Victoria Greenstone Belt.
Singida Gold Project
Lake Victoria has commenced, in 2011, the second round of Reverse Circulation drilling at its Singida Gold Project in Tanzania. This program follows the initial +6000 meter drill program undertaken in October 2010 in which five exploration targets, defined by artisanal gold mines and prospects, were tested by reverse circulation drilling along the NW-SE trending Singida shear zone along a strike length of over 5 kilometers. Notable results from the October 2010, drill program included: 13.91 g/t Au over 4 meters; 16.80g/t Au over 2 meters; 23.6g/t Au over 1 meter. The Singida Gold Project covers approximately 4.71 square kilometers.
North Mara Gold Project
The North Mara Gold Projects lie within the eastern extension of the Lake Victoria Greenstone Belt near the border with Kenya, near Barrick's North Mara Mine. The North Mara Gold Project covers approximately 387.44 square kilometers.
Geita Gold Project
The Geita Gold Project is approximately six kilometers west of the town of Geita, about 90 kilometers west of the city of Mwanza, and about 300 meters south of AngloGold Ashanti's major open pit Geita Gold Mine. The Geita Gold Project covers approximately 42.44 square kilometers.
Kalemela Gold Project
The Kalemela Gold project, located about two hours drive over a paved highway northeast of the city of Mwanza, consists of six contiguous prospecting licenses covering about 189.24 square kilometers of greenstone belt geology.
Additional information in this news release regarding the properties has been obtained from Lake Victoria News Releases dated August 31, 2009, September 21, 2009, October 13, 2010, November 6 & 10, 2010, December 16, 2010, 10K Filing July 14, 2010, Form 10-K/A January 20, 2011, March 14, 2011 and, therefore, the Company has not reviewed the data and we cannot confirm its accuracy. Information has also been obtained from Barrick and Anglo Gold's websites.
The completion of the Options is subject to a number of conditions, including but not limited to the execution of a formal agreement, satisfactory due diligence, the execution of a finder's fee agreement and approval of the formal agreement by the Board of Directors of Otterburn. There can be no assurance that the Options will be completed as proposed, or, at all.
Lake Victoria Mining Company, Inc.
Lake Victoria Mining Company, Inc. is focused on acquiring, exploring and developing gold deposits in Lake Victoria Greenstone Belt in Tanzania, East Africa.
Dr. Roger Newell
Dr. Roger Newell, Lake Victoria's Chairman and Director, holds a Ph.D. in mineral exploration from Stanford University, and has more than forty years of experience in the mining industry. Dr. Newell is renowned internationally for recognizing the potential of the Carlin Trend in Nevada and has served as Exploration Manager/Senior Geologist for the Newmont Mining Company.
"We are thrilled to have the opportunity to work with Dr. Newell on this very exciting gold project," commented Peter Hughes, CEO of Otterburn.
About Otterburn Ventures Inc.
Otterburn is a British Columbia based mineral exploration company in the business of exploring and potentially developing precious metal deposits.
Dr. Lawrence A. Dick, Ph. D., P.Geo., is an independent Qualified Person, as defined by National Instrument 43-101, and has reviewed the technical aspects of this news release.
On behalf of the board of directors of Otterburn Ventures Inc.,
CEO and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Peter Hughes, CEO email@example.com
The CNSX does not accept responsibility for the adequacy or accuracy of this release.