Vancouver, British Columbia–(Newsfile Corp. – July 8, 2026) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“Lake Victoria Gold”, “LVG” or the “Company”) is pleased to announce that Charl Coetzee of Sutton Consulting International Limited (“Sutton”) has mobilized to the Company’s fully permitted Imwelo Gold Project (“Imwelo” or the “Project”) in northwestern Tanzania as Project Manager.
Mr. Coetzee is now on site at Imwelo supporting the approved Tanzanian-led Engineering, Procurement and Construction Management (“EPCM”) framework, under which City Engineering Company Ltd. (“CECL”) serves as primary EPCM contractor and commercial lead, with Sutton providing international technical support.
Mr. Coetzee brings approximately 30 years of experience in the construction, commissioning, maintenance and operation of gold and minerals-processing plants across Africa, including in Angola, the Democratic Republic of Congo, Mozambique, Guinea and South Africa. His background includes a track record of delivering processing-plant installations on schedule and on budget, as well as hands-on experience in commissioning support, operating readiness, maintenance systems and local workforce development.
Key Highlights
- Experienced execution leadership now at site: Charl Coetzee has mobilized to Imwelo to coordinate field activity, bringing roughly three decades of African plant construction and commissioning experience.
- Approved EPCM framework activated in the field: with Mr. Coetzee on site, TGTL, CECL and Sutton now operate as an integrated project team advancing Imwelo.
- Momentum carrying from approval to action: the mobilization follows closely on the Mining Commission’s approval of the EPCM structure, turning a key regulatory milestone into visible activity at site.
Advancing Site Readiness at Imwelo
The mobilization of an experienced Project Manager to Imwelo is an important practical step in advancing the Project from planning and engineering toward construction readiness.
Advancing Site Readiness at Imwelo
Mr. Coetzee’s mandate covers field coordination, construction sequencing, contractor and supplier interfaces, and ensuring incoming infrastructure and activity are organized in a disciplined, practical and safety conscious manner.
Near term workstreams at Imwelo include:
- site clearing, access road upgrades and construction utility installation;
- Phase 1 modular camp preparation and infrastructure layout;
- procurement support and contractor interface planning; and
Management Commentary
Marc Cernovitch, President and CEO of Lake Victoria Gold, commented: “Following Mining Commission approval of our EPCM structure, having Charl now on site is another important step in turning planning into execution at Imwelo. Charl has spent his career building, commissioning and operating processing plants across Africa, and that practical experience is exactly what we want on the ground as we advance site readiness, infrastructure planning and contractor coordination. His track record of delivering plant installations on schedule and on budget strengthens our execution capability at an important stage for the Company. We are advancing Imwelo in a disciplined and compliant manner, with Tanzanian leadership through CECL, international technical support through Sutton, and experienced project management now established at site. This is the type of steady, practical progress required as we move Imwelo toward construction readiness.“
Cautionary Note on Production Decision
Although Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, these foreign-code studies are not current under NI 43-101. The Company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM Definition Standards. Any decision to commence production would not be based on a feasibility study of mineral reserves and would therefore involve increased uncertainty and a higher risk of economic and technical failure. There is no certainty that the planned low-capex open-pit operation will be economically viable or that production will occur as anticipated. Risks include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, operational risks, regulatory risks and permitting risks.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of 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.
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 | Marc Cernovitch |
| Executive Chairman & CFO | CEO & Director |
| Phone: +1 604-685-9316 | Phone: +1 604-685-9316 |
| Email: sbenstead@lakevictoriagold.com | 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including, without limitation: the appointment of CECL and Sutton and the anticipated scope, performance and benefits of the EPCM arrangement; the advancement of the Imwelo Gold Project toward a construction decision and a construction-ready mine plan; the planned EPCM work programmes and the expected timing thereof; the anticipated benefits of the Tanzanian local content structure; the previously announced gold loan facility term sheet with Monetary Metals & Co. and the satisfaction of conditions and receipt of regulatory approvals in connection therewith; and the receipt of other required regulatory and governmental approvals. All statements in this news release that address events or developments that the Company expects to occur in the future are forward-looking statements.
Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the ability of CECL and Sutton to perform the EPCM services as anticipated; the negotiation and execution of definitive agreements; delays in engineering, permitting, financing or construction activities; the availability of financing, including completion of the Monetary Metals gold loan facility on the terms described or at all; receipt of all required regulatory approvals; the volatility of metal prices and LVG’s common shares; actual development plans and costs differing materially from the Company’s estimates; and other risks disclosed in the Company’s public filings.
LVG’s forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. LVG does not assume any obligation to update forward-looking statements except as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities LVG will derive therefrom. Undue reliance should not be placed on forward-looking statements.
