News Release: 2011-05-24
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.
Closing of Four Option Agreements to Acquire Properties in Tanzania Previously Announced on May 10, 2011 and March 29, 2011
VANCOUVER, BRITISH COLUMBIA, May 24, 2011 - Otterburn Ventures Inc. (CNSX:OTB) ("Otterburn") is pleased to announce that Otterburn and Lake Victoria Mining Company, Inc. (OTCBB:LVCA) ("Lake Victoria") have closed the acquisition of four options (the "Options") from Lake Victoria whereby Otterburn may earn up to an undivided 70% interest in certain primary mineral licenses and prospecting licenses owned by Lake Victoria known as the Singida Gold Project, North Mara Gold Project, Kalemela Gold Project and Geita Gold Project (collectively the "Properties").
Otterburn completed the due diligence investigation of the title and environmental condition of the Properties to its satisfaction on May 20, 2011. Otterburn paid the initial cash payment of US$412,423 and the initial share issuance of 2,200,000 common shares to Lake Victoria on May 20, 2011.
For a full description of the Properties and the Options, please refer to the news releases dated May 10, 2011 and March 29, 2011, and the material change report dated May 10, 2011.
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.
About Otterburn Ventures Inc.
Otterburn is a British Columbia based mineral exploration company in the business of exploring and potentially developing precious metal deposits.
On behalf of the board of directors of Otterburn Ventures Inc.,
CEO and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Peter Hughes, CEO
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
The CNSX does not accept responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Otterburn Ventures Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" andsimilar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.