Commodity Online
MUMBAI: It seems gold is the only sector where some activities are happening despite the looming global recession.

All gold mines across the world are now girding up their loins to increase mining activities in a bid to cash in on the new gold boom.

Recently, Lake Victoria Mining has announced that it has signed a letter of intent with Geo Can to earn a 50 per cent interest in the Geita gold project in Tanzania.

Located in the Geita mining district of the country, the prospect is owned by Geo Can and totals 43.77 sq km.

According to the deal, Lake Victoria Mining has additional options to acquire up to a 75 per cent interest in the project.

Lake Victoria Mining stated that it considered this opportunity to be a milestone in the company’s development. The Geita mining district is well known for containing world-class gold deposits.

Surveys carried out by Geo Can had confirmed a major fault and shear zone structures extending into the property.

Lake Victoria Mining is based in Lake Victoria Greenstone Belt in Tanzania, Africa, and currently has an ownership and option interest in the Kalemela, Igusule and Bahi-Hombolo projects with Geo Can Resources, a subsidiary of Kilimanjaro Mining of Nevada.