Lake Victoria Mining Co. Inc. has announced that its 100% owned Tanzanian subsidiary, Lake Victoria Resources Ltd., has been licensed by government officials to develop its proposed Kinyambwiga gold project. The license, which covers 5.12 sq km through the year 2024, representatives added, allows Lake Victoria to raise the $3 million required to bring the open-pit asset from development through gold production.

Lake Victoria, meanwhile, also seeks to establish another mine in Tanzania’s Lake Victoria Greenstone Belt. The East African nation, the continent’s No. 4 gold producer, also enjoys prolific uranium, nickel and coal reserves.