One junior mining company that is priced right, about to produce gold and yet to catch the attention of penny stock traders is Lake Victoria Mining Company, Inc. (OTC: LVCA). At the start of the year, the Company’s wholly owned subsidiary, Lake Victoria Resources Ltd., hired an experienced surface and underground mining contractor, Camlaren Mine Development, to construct, commission and operate the Company’s Kinyambwiga Gold project. With Wednesday’s announcement of “better transparency for investors,” perhaps now LVCA stock will begin to garnish some much needed attention.
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LVCA Stock Quote
Market Cap: 3.78M
Last: 0.033 ▲ 0.003 (10.00%)
14-Day Rel Strength: 49.93%
14-Day Stochastic: 85.71%
Issued and Outstanding: 114,554,067
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Lake Victoria Mining deserves some attention simply because Camlaren Mine Development is known for their efforts being cautious with shareholder money while minimizing a projects environmental footprint, supporting sustainable community initiatives and for seeking ways to use company’s resources efficiently. With the resume the project manager has had during the past 25 years, news of a gold strike could easily send LVCA stock into a volume frenzy.
In January, the Company updated a previous report stating that 600,000 to 1,000,000 tons of mineralization may be present at grades of 1 to 3 gpt in three vein structures at the Kanunga 1 prospect on their Kinyambwiga property. Being just 150 to 200 meters of the surface, their is a possible 30,000 to 60,000 ounces of gold.
In today’s market, that would equate to roughly between $53.25 million and $106.50 million worth of gold at market value.
With total operating expenses of $2,192,207 for the nine months ended September 30, 2012, $27,276,944 since inception, a gold strike of even the smallest estimate could easily put Lake Victoria Mining on course to be in the black since the Company owns 100% interest of Kinyambwiga project’s one prospecting license and 24 primary mining licenses.
With confidence that gold will be mined, the Company, in August, 2012, announced its intentions to offer up to 120 units of royalty at $25,000 per unit to raise up to $3,000,000 from participants by selling up to 60% of the net proceeds of gold production of the Company’s Kinyambwiga gold project through royalty purchase agreements. Each unit will entitle the holder to receive ½ of 1 percent (1/2%) of the net proceeds of production from small scale mining operations up to 60% of the net proceeds of gold production.
As of December 31, 2012, the Company has received subscription payments of $875,000 for 35 units hence the announcement Wednesday by Lake Victoria Mining to launch its “LVCA Media Room” on the Company’s website.
About LVCA Stock
Lake Victoria Mining Company, Inc., focused on searching for mineral deposits or reserves which are not in either the development or production stage, is primarily conducting exploration activities on gold and uranium properties located in Tanzania.
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Bottom Line: LVCA is a sleeper penny stock which may not even be DTC eligible. From the looks of things, the mining project is in full gear which is more than enough reason to check out LVCA stock and see if it’s a gold strike of a penny stock at .033.
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