Lake Victoria Gold Commences Phase 3 Land Programme to Advance Imwelo Toward Construction
TSXV: LVG | OTCQB: LVGLF | FSE: E1K
Overview
Lake Victoria Gold Limited (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) announced that its wholly owned Tanzanian subsidiary, Tembo Gold (T) Limited ("TGTL"), will commence the Phase 3 land valuation and compensation programme at the fully permitted Imwelo Gold Project in Chato District, Geita Region, on August 1, 2026.
According to the company, Phase 3 covers approximately 73 acres required for the continued expansion of the Imwelo site footprint and the development of supporting mine infrastructure, including accommodation camps and workshop facilities. The programme is expected to involve approximately 60 Project Affected Persons ("PAPs") within Imwelo A Hamlet, Imwelo Village. Upon completion of Phase 3, the three land programmes will have covered a combined 526 acres, following Phase 1 (268 acres, completed 2019) and Phase 2 (185 acres, completed 2023).
Key Highlights
- Phase 3 commences August 1, 2026, covering approximately 73 acres within Imwelo A Hamlet.
- The programme supports construction readiness by providing the additional land required for accommodation, workshop and related mine infrastructure.
- Approximately 60 PAPs are expected to participate in a transparent and legally prescribed valuation and compensation process.
- Programme commencement has been approved by the relevant Chato District authorities and will be conducted by qualified government valuers at the district and regional levels.
- Upon completion, Phases 1, 2 and 3 will have covered a combined approximately 526 acres.
Strategic and Operational Context
The company states that the Phase 3 programme forms part of LVG's broader preparation of the Imwelo site for construction and future mining operations. The additional land is intended to accommodate infrastructure required to support the project's workforce, maintenance activities and day-to-day site operations. By advancing the land programme alongside its engineering, procurement and site-development activities, LVG states it is continuing to address the practical requirements for construction and project execution.
Marc Cernovitch, President and Chief Executive Officer of Lake Victoria Gold, commented: "Phase 3 reflects the steady, disciplined execution required to move Imwelo from a fully permitted project into construction and production. Our previous land programmes have established a strong foundation of trust with the community and local authorities, and we intend to maintain that standard as development advances. Responsible engagement is not separate from successful mine development, it is fundamental to building a durable operation in Tanzania."
Compensation Process
According to the company, the valuation and compensation programme will be conducted transparently, fairly and in accordance with Tanzanian law, in close collaboration with government authorities, local leadership and the affected community. The exercise has been approved by the Office of the District Executive Director and the District Commissioner of Chato District Council, and will be undertaken with representatives from Chato District Council, the District Commissioner's Office, Imwelo Village, Buselesele Ward and other relevant government authorities.
The company states that qualified government valuers at the district and regional levels will conduct the valuation process in accordance with applicable Tanzanian land and valuation legislation. Community sensitization meetings will explain the process, rights and obligations to affected persons, and valuation results will be disclosed to each affected person before compensation is completed.
What to Watch Next
- Completion of the Phase 3 land valuation and compensation programme covering approximately 73 acres within Imwelo A Hamlet.
- Continued advancement of engineering, procurement and site-development activities at Imwelo as LVG moves the project toward construction and development, according to the company.
About Lake Victoria Gold
Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.
The Company has a 100% interest in the Tembo project which has over fifty thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti's Geita Gold Mine. With historical resource estimates and a JORC Compliant 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.
LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick and strategic partnership with Taifa Group.
Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also conduct all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania's largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.
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