Lake Victoria Gold Clears Key Hurdle in Transfer of Imwelo Mining Licence

Lake Victoria Gold (TSX-V:LVG; FRA: E1K) has reached a crucial milestone in acquiring the advanced-stage Imwelo Gold Project in Tanzania. The Tanzania Revenue Authority (TRA) has issued the required tax assessment notice for the acquisition of the Imwelo Mining Licence (ML). The tax amount is within expected limits and considered financially marginal.

Lake Victoria Gold plans to pay this tax obligation immediately to obtain the necessary tax clearance certificate. This certificate, along with a positive vote from the Fair Competition Commission (FCC), is required for the Mining Commission to transfer the Imwelo Mining Licence to LVG. The transfer is expected to be a formality, as LVG now meets all prerequisites.

The Imwelo project is poised for production and, together with the neighboring Dora project, holds potential for significant growth.