North Mara Gold Mine

North Mara Gold Mine

Vancouver, British Columbia, Feb 02, 2012 – Lake Victoria Mining Company, is pleased to announce resumption of field activities, after the rainy season, which includes advancing existing gold discoveries and initial exploration activities on many of the Company’s gold projects in Tanzania.

Uyowa Gold Project:

At the Company’s 720 square kilometer Uyowa Gold Project, reverse circulation drilling during the latter part of 2011 identified two narrow, but continuous, gold rich zones extending about 1.3 kilometers in strike length at Target 1, in the northern part of the project (see press release 27 October and 28 November, 2011). The Buzwagi Gold Mine owned by African Barrick, which contains a reported gold resource of approximately 2.89 million ounces, is located approximately 110 kilometers northwest of the Uyowa Gold Project. Reconnaissance investigation is currently underway on the Uyowa block of licenses, located 40 kilometers southeast of the Kahama South license. A number of ground magnetic anomalies within the licenses are being targeted with soil and termite sampling programs. During the second quarter of 2012, a second phase drilling program of 3000 meters of Reverse Circulation and 1000 meters of diamond drilling are planned at the Target 1 location. At least seven ground magnetic targets within the northern license are to be prioritized for a Rotary Air Blast (RAB) drilling program during the course of this year.

Kiabakari East Gold Project:

Towards the latter part of 2011, the Company had commenced opening a number of the old collapsed trenches across the BIF hill at the Kiabakari East Prospect located within the central part of the Musoma-Mara Greenstone Belt in the Musoma District in northeastern Tanzania. Sampling of some of the artisanal workings and shafts on the hill returned encouraging results (see press release 08 November, 2011). Mapping and channel sampling were completed before cessation of field activities and samples were submitted to SGS Laboratories, Mwanza for analysis of gold. Additional infill trenches have been planned, pending results of from this initial trench program. Kiabakari East is located about 4 kilometers southeast of the now closed Kiabakari Gold Mine which reportedly produced 284,335 ounces of gold at a grade of 6.1 g/ton and is nearby the Company’s Kinyambwiga, Suguti and Murangi gold licenses.

Kinyambwiga Gold Project:

At the nearby Kinyambwiga property, an auger drill program is currently in progress to test strike extensions of the Kanunga 1 gold rich vein beneath areas of thin clay rich soil cover. Once completed, the auger rig will be utilised to explore coincident ground magnetic and IP gradient targets, overlain by similar soil cover, on nearby Suguti and Murangi licenses.

Kahama South Gold Project:

At Kahama South, the Company has commenced a ground magnetic survey and a geologic mapping program of this 245 square kilometer project. This project is situated about 40 kilometers southwest of African Barrick’s Buzwagi gold mine.

North Mara Gold Project:

During 2012, early stage exploration programs are planned for a number of additional Company licenses within the North Mara Greenstone Belt of northeastern Tanzania.

President and CEO of Lake Victoria, David Kalenuik commented “We finished 2011 with very exciting drill results at the Company’s Uyowa Gold Project, along with very encouraging trench results from our recently acquired Kiabakari East property. Additionally, with the Company’s acquisition of a hydraulic auger-drilling rig, we are now able to test rapidly and economically hidden gold targets, which extend beneath pervasive, thin clay rich soils surrounding Lake Victoria, which will potentially open up new mineralized zones within existing licenses. With our exploration teams geared up and our exploration programs already in full swing, we look forward to reporting on the positive advancement of existing gold discoveries and an exciting year of new discoveries.”

Project exploration results will be published as the information becomes available.

The reader is cautioned that the potential quantity and grade of the regional exploration target is conceptual in nature; it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. The Company’s production objectives are intended to provide an indication of management’s current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.

Clive King, P.Geo, a Qualified Person as such term is defined in Canadian National Instrument 43-101, is responsible for monitoring the supervision and quality control of Lake Victoria’s exploration program and has reviewed and verified the technical information contained in this news release. Clive King, registered as a Professional Geologist with the South African Council of Natural Scientific Professions (Pr.Sci.Nat Reg. No. 400065/09).

About the Company

Lake Victoria Mining Company, Inc. is working to create another gold mine in the world famous Lake Victoria Greenstone Belt, Tanzania, East Africa. Tanzania is Africa’s third largest gold producer, behind South Africa and Ghana, but also has reserves of uranium, nickel and coal. Gold exports alone earned it $1.076 billion in 2009, up from $932.4 million the previous year. Lake Victoria holds nine prospective gold projects and five uranium projects within its Tanzania property portfolio. Additional information regarding the Company is available on the corporate website at: www.lakevictoriaminingcompany.com or by contacting:

Lake Victoria Mining Company, Inc.

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