Lake Victoria Gold Announces Results of Annual General Meeting

Rhea-AI Summary

Lake Victoria Gold Limited (LVGLF) held its annual general meeting and reported the election of incumbent and new directors, the re-appointment of the auditor, and the ratification of the existing stock option plan. Marc Cernovitch was appointed as the new CEO, Simon Benstead as the Executive Chairman and CFO, and David Scott as the Managing Director Tanzania.

Vancouver, British Columbia--(Newsfile Corp. - February 8, 2024) - Lake Victoria Gold Limited. (TSXV: LVG) ("LVG", or the "Company") — is pleased to report that at the annual general meeting of shareholders of the Company (the "Meeting") held on February 7, 2024, the shareholders elected incumbent directors Marc Cernovitch, Simon Benstead, David Scott, Frank Högel and Seth Dickinson to the Board. In addition, shareholders elected new director Dean Comand. Mr. Comand is a self-employed consultant providing support to executive teams in a variety of sectors (mining and metals, utilities, energy, construction, infrastructure).

Shareholders also passed resolutions to re-appoint Grant Thornton LLP as auditor of the Company and ratify the existing 10% rolling stock option plan, pursuant to which the Company may grant stock options up to 10% of its issued and outstanding common shares at the time of the grant.

Following the Meeting, the directors appointed Marc Cernovitch as Chief Executive Officer of the Company, Simon Benstead as Executive Chairman and Chief Financial Officer, David Scott as Managing Director Tanzania, Seth Dickinson as Chief Operating Officer and Nick DeMare as Corporate Secretary.

About Lake Victoria Gold (LVG):
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 50 thousand meters of drilling and is located adjacent to Barrick's 20Moz Bulyanhulu Mine. The Company recently announced the acquisition of two deposits that support our objective of accretive growth and consolidation. The Imwelo project and Dora project both have potential for significant growth.

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 Gold and recent 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 carry out 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.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 647-203-7868
Email: mcernovitch@lakevictoriagold.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197196

FAQ

Who were elected as directors at the annual general meeting of Lake Victoria Gold Limited?

Incumbent directors Marc Cernovitch, Simon Benstead, David Scott, Frank Högel, and Seth Dickinson were elected, along with new director Dean Comand.

Who was appointed as the new CEO of Lake Victoria Gold Limited?

Marc Cernovitch was appointed as the new CEO of the company.

Who was appointed as the Executive Chairman and CFO of Lake Victoria Gold Limited?

Simon Benstead was appointed as the Executive Chairman and CFO of the company.

Who was appointed as the Managing Director Tanzania of Lake Victoria Gold Limited?

David Scott was appointed as the Managing Director Tanzania of the company.

Who was re-appointed as the auditor of Lake Victoria Gold Limited?

Grant Thornton LLP was re-appointed as the auditor of the company.

What is the ticker symbol for Lake Victoria Gold Limited?

The ticker symbol for Lake Victoria Gold Limited is LVGLF.