Forward Looking Statements

This quarterly report contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for our future operations. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors" and the risks set out below, any of which may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks include, by way of example and not in limitation:

º risks and uncertainties relating to the interpretation of sampling results, the geology, grade and continuity of mineral deposits;

º risks and uncertainties that results of initial sampling and mapping will not be consistent with our expectations;

º mining and development risks, including risks related to accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with or interruptions in production;

º the potential for delays in exploration activities;

º risks related to the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses;

º risks related to commodity price fluctuations;

º the uncertainty of profitability based upon our limited history;

º risks related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned exploration project;

º risks related to environmental regulation and liability;

º risks that the amounts reserved or allocated for environmental compliance, reclamation, post-closure control measures, monitoring and on-going maintenance may not be sufficient to cover such costs;

º risks related to tax assessments;

º political and regulatory risks associated with mining development and exploration; and

º other risks and uncertainties related to our mineral property and business strategy.

This list is not an exhaustive list of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements.

Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and we undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

As used in this quarterly report, the terms "we", "us", "our", the "Company" and "Lake Victoria" mean Lake Victoria Mining Company, Inc., and our wholly owned subsidiaries Kilimanjaro Mining Company, Inc. and Lake Victoria Resources (T) Limited, Chrysos 197 Company Tanzania Ltd. and Jin 179 Company Tanzania Ltd., unless otherwise indicated.

Recent Corporate Developments

Since the commencement of our second quarter ended September 30, 3011, we experienced the following significant corporate developments:

1. On May 10, 2011, the Company entered into four joint venture and option agreements with Otterburn Ventures Inc. ("Otterburn") pursuant to which Otterburn had the right to acquire up to an undivided 70% interest (the "Options") in and to certain Primary Mineral Licenses ("PML's") and Prospecting Licenses ("PL's"). As of September 30, 2011 Otterburn paid cash of US$1,487,423 and completed the issuance of 2,200,000 common shares to Lake Victoria.

2. On May 30, 2011, the Company entered into a prospecting license purchase agreement with Manga Mining Corp, to acquire a 100% interest of one prospecting license located in the Handeni District of Tanzania. On September 20, 2011, the Company terminated this agreement. The Company has paid $13,000 in cash and issued 30,000 common shares with a fair value of $8,100.

3. On July 1, 2011, the Company entered into a prospecting license purchase agreement with I. M. Kwematuku Export Trade Ltd, to acquire up to 100% interest of one prospecting license located in the Handeni District of Tanzania. The toal consideration includes to pay $470,000 to earn up to 90% of interest and pay $1,500,000 on or before September 21, 2015 to earn final 10% interest. The Company has completed payment of $70,000.

4. On July 8, 2011, Otterburn Ventures Inc. ("Otterburn") exercised its right to terminate four option and joint venture agreements. In connection with the termination of the option agreements: (i) Otterburn agreed to pay such applicable Tanzanian government fees to leave the respective licenses in good standing for a period six months from July 8, 2011; and (ii) Otterburn terminated the exploration service agreement dated May 20, 2011, between Otterburn and Lake Victoria Resources (T) Ltd., our wholly-owned subsidiary, and agreed to reimburse Lake Victoria Resources (T) Ltd. for the work expenditures incurred during the months of March through the termination date of July 8, 2011 and certain termination costs.

5. Pursuant to share purchase agreements dated July 22, 2011, the Company sold 2,200,000 of common shares of Otterburn to private purchasers unrelated to the Company for total consideration of $232,511 received on September 22, 2011.

6. On July 19, 2011, Guardian Investment Ltd, a related party, on behalf of the Company, entered into a mineral properties option agreement to acquire four primary mining licenses on Uyowa project. Total consideration includes:

a) paying $20,000 within 7 days after execution date. The payment was made on July 21, 2011;

b) paying $20,000 on or before the earlier of location of a drilling rig on each PML in good working condition or January 16, 2012. The payment was made on September 6, 2011.

c) paying a total amount of $450,000, of which $50,000 due in 2012, $360,000 due in 2013 and $40,000 due in 2014.

d) A royalty of 1% of net profit interest may be purchased at any time after completing $400,000 payment by paying $250,000 per PML.

7. 2010 to directors, officers and consultants, and issued 4,200,000 stock options at an exercise price of $0.15 to the same directors, officers and consultants which expire on November 4, 2014. The Company also granted 100,000 stock options to an officer and 300,000 stock options to a senior geological consultant at an exercise price of $0.15 per share which expire on November 4, 2014.

We are an exploration stage corporation focused on acquiring, exploring and developing gold deposits in the Lake Victoria Greenstone Belt in Tanzania, East Africa. We hold prospective gold projects, consisting of 32 Prospecting Licenses (PLs) and 71 Primary Mining Licenses (PMLs) and five uranium projects consisting of 9 Prospecting and Reconnaissance Licenses plus two licenses currently under application, within its Tanzania property portfolio, covering approximately 3,865 square kilometers (955,062 acres). We carry out our business by acquiring, exploring and evaluating mineral properties through our ongoing exploration program. Following exploration, we intend to either advance them to a commercially feasible mining stage, enter joint ventures to further develop these properties, sell or dispose of them if the properties do not meet our requirements. Our properties are all early stage exploration properties. Within our mineral exploration land in Tanzania our focus is primarily on gold, although our portfolio also contains uranium prospects.

We have no revenues, we have incurred losses since inception and we have relied upon the sale of our securities to fund operations. To date, we have not discovered a commercially viable ore body, mineral deposit or mineral reserve on any of our properties and we will be unable to do so until further exploration is done and a comprehensive evaluation concludes an economic and legal feasibility study.

Our property portfolio is large, therefore we may interest other companies in our properties to either participate by means of option or joint venture agreements in the exploration of them or to finance and establish production if mineralization is found.

Prospective Gold Projects

The following is a brief overview of our portfolio of prospective mineral properties, the exploration developments on them where applicable and some of the details of the historical option agreements for them. During the three months ended September 30, 2011, our exploration work was primarily concentrated on the Singida, Musoma Bunda Murangi, Uyowa, North Mara and Handeni gold projects.

Musoma Bunda Murangi Gold Project

The Musoma Bunda Murangi Gold Project is comprised of three (3) Prospecting Licenses (PLs) that are located on the eastern side of Lake Victoria. All three licenses lie within the Musoma-Mara Greenstone belt and cover a combined area of 155.74 square kilometers in the northeast of the United Republic of Tanzania, East Africa, close to the southeast shore of Lake Victoria.

Musoma, located 30 kilometers north of the Suguti license, is the main commercial centre of Mara Region. The town of Bunda, located on the main Mwanza
- Musoma paved highway, is 18 kilometers to the east of the Kinyambwiga license.

Exploration Strategy

During this reporting period, exploration work within this project has largely been focused on the Kinyambwiga and Suguti licenses.

Kinyambwiga PL4653/2007

Exploration has been focused around Kanunga 1 Prospect. A total of 17 Schlumberger N-S profiles, covering 7.50 line-kilometres have been undertaken to the east and west of Kanunga 1 in an attempt to trace the strike of the mineralized ENE-WSW quartz vein (Table 1). Results of the survey have identified at least 2 distinct chargeability anomalies that appear consistent with the strike of the known structure (Map 1). However, subdued to poor resistivity anomalies are noted across each of the profiles.

From To Target Section Easting Northing Length Kanunga East 581940E 582900 9776900 300 Kanunga East 582900 9777200 Kanunga East 582100E 582900 9776900 400 Kanunga East 582900 9777300 Kanunga East 582260E 582900 9776900 400 Kanunga East 582900 9777300 Kanunga East 582420E 582420 9776950 400 Kanunga East 582420 9777350 Kanunga East 582580E 582580 9776950 400 Kanunga East 582580 9777350 Kanunga East 582740E 582740 9777700 400 Kanunga East 582740 9778100 Kanunga East 583220E 583220 9777150 400 Kanunga East 583220 9777550 Kanunga East 583220E 583220 9776650 400 Kanunga East 583220 9777050 Kanunga West 580820E 580820 9776600 400 Kanunga West 580820 9777000 Kanunga West 580660E 580660 9776500 400 Kanunga West 580660 9776900 Kanunga West 580500E 580500 9776450 400 Kanunga West 580500 9776850 Kanunga West 580340E 580340 9776400 400 Kanunga West 580340 9776800 Kanunga West 580180E 580180 9776350 400 Kanunga West 580180 9776750 Kanunga West 579860E 579860 9776200 400 Kanunga West 579860 9776600 Kanunga West 579540E 579540 9776600 400 Kanunga West 579540 9777000 Kanunga West 578900E 578900 9775840 400 Kanunga West 578900 9776240 Kanunga West 578900E 578900 9776600 400 Kanunga West 578900 9777000 Kanunga East 583400E 583400 9776320 400 Kanunga East 583400 9776920 Kanunga West 579170E 579220 9776600 400 Kanunga West 579220 9777000

[[Image Removed]]

Follow-up investigation of the coincident chargeability/resistivity highs west of Kanunga 1, was undertaken by pitting and soil sampling beneath the mbuga cover. Soil sampling was undertaken on 10 meter sample intervals along the NS Schlumberger VES traverse lines across the underlying coincident chargeability/resistivity anomalies (Table 2). All samples were sieved and submitted to SGS Laboratory Mwanza for gold analysis by Aqua Regia. Results are summarized in Table 3.

Table 2: Trench Results

Infill Soil
samples                Easting    Northing
                                                        Total           Sample
Prospect       Target           From     To    Length  samples Anomaly Interval Comments
Kanunga 1 E       1     582050 9777020 9777150   130     14     Soil   10 m
                                                                       spacing
Kanunga 1 E       1     582050 9776936 9776996   60       7     Soil   10 m
                                                                       spacing
Kanunga 1 E       2     582900 9776800 9777000   200      9     Soil   25 m     Unsampled
                                                                       spacing
Kanunga 1 E       2     582800 9776800 9777000   200      9     Soil   25 m
                                                                       spacing
Kanunga 1 E       2     583100 9776875 9777100   225     10     Soil   25 m
                                                                       spacing
Kanunga 1 E       2     583200 9777025 9777175   150      7     Soil   25 m
                                                                       spacing
Kanunga 1 E       2     583300 9776950 9777225   275     12     Soil   25 m
                                                                       spacing
Kanunga 1 E       2     583400 9776975 9777275   300     13     Soil   25 m
                                                                       spacing
Kanunga 1 W       3     579200 9776750 9776975   225     10     Soil   25 m     Unsampled
                                                                       spacing
Kanunga 1 W       3     579100 9776750 9776975   225     10     Soil   25 m
                                                                       spacing
Kanunga 1 W       3     579300 9776800 9777000   200      9     Soil   25 m
                                                                       spacing
Kanunga 1 W       3     583220 9776720 9776740   20       3      IP    10m      Unsampled
                                                                       spacing
Kanunga 1 W       3     583220 9776810 9776840   30       4      IP    10m      Unsampled
                                                                       spacing
Kanunga 1 W       3     583740 9777960 9778000   40       5      IP    10m      Unsampled
                                                                       spacing
Kanunga 1 W       3     583740 9778060 9778100   40       5      IP    10m      Unsampled
                                                                       spacing

Kanunga 1 W           3      579540     9776610 9776640 30  4  IP 10m spacing
Kanunga 1 W           3      579540     9776740 9776780 40  5  IP 10m spacing
Kanunga 1 W           3      579540     9776840 9776880 40  5  IP 10m spacing Unsampled
Kanunga 1 W           3      582100     9777030 9777120 90 10  IP 10m spacing
Kanunga 1 W           3      581940     9777130 9777170 40  5  IP 10m spacing
Kanunga 1 W           3      580820     9776940 9776980 40  5  IP 10m spacing
Kanunga 1 W           3      580500     9776540 9776580 40  5  IP 10m spacing
Kanunga 1 W           3      580500     9776660 9776700 40  5  IP 10m spacing
Kanunga 1 W           3       580340    9776460 9776520 60  7  IP 10m spacing
Kanunga 1 W           3      580340     9776560 9776570 10  2  IP 10m spacing
Kanunga 1 W           3      580340     9776620 9776660 40  5  IP 10m spacing

Note: Although 144 samples were planned, a total of 135 samples were collected.

Table 3: Summary of soil sample results across Schlumberger VES anomalies

Schlumberger Profile Range (ppb Au) No of samples

                      579540E             2-4             4
                      580340E             1-10           14
                      580500E             2-14            7
                      580820E             3-5             5

Follow-up investigation into a number of soil anomalies ranging from 80 ppb to 1,260 ppb gold that occur in the eastern part of the license, east of Kanunga 1 was undertaken. These anomalies were found to lie within the boundary of Kanunga School and unfortunately permission to re-sample these positions was denied by the school authorities. However, soil sampling on 25 meters centers along 100 meter spaced N-S traverses on either side of the school did reveal a slight increase in anomalous soil values from 30 to 200 ppb Au (Map 1).

Similarly, follow-up investigations of the soil anomalies to the west of Kanunga 1 were also completed at Target 3. These soil anomalies lie approximately 300 meters east from a circular magnetic structure, interpolated to represent an intrusive body. No outcrop is present but the topography is noted to be slightly raised above the surrounding plains. Sampling was undertaken along 100 meter spaced N-S traverses with a sample spacing of 25 metres. Results returned low gold-in-soil anomalies ranging between 18 to 30 ppb Au across all three traverse lines. Repeat sampling taken at the sample position that returned 400 ppb Au
(2009) returned 25 ppb Au.

The results of the 135 soil samples from all target areas are shown in Map 1 and summarized in Table 4.

Table 4: Summary of assay results from soil sampling undertaken in the second quarter

                          Range (ppm Au) Quantity   %
                          0-10              64    47.41
                          10-25             55    40.74
                          25-50             12     8.89
                          50-100            3      2.22
                          >100              1      0.74
                          Totalsamples     135    100.00

Table 5: Trench program to the east of Kanunga 1.

TRID   Target  Phase 1               Phase 2   Inter  Sample    Sample No.      Mbuga Depth    Reference Intersections   Comments
KANUNGA 1 EAST           From          To       (m)                           Expected Actual
                Orientation pit      Trench                    From     To      (m)      (m)
               Easting Northings    Northings
KNT52     1    581980   9776994      9777000     6       3    A28532  A28534     5        1    KNRAB-051 6m@0.36g/t Au
KNT53     1    582047   9776996      9777010    14       7    A28525  A28531     2        1    KNRAB-052 1m@1.76g/t Au
KNT54     1    582094   9776998      9777006     8       4    A28521  A28524     5       0.5   KNRAB-053 3m@1.44g/t Au
KNT55     2    583136   9777036      9777046    10                               4             KNRAB-067 2m@3.48g/t Au  Not
                                                                                                                        dug-School
KNT56     2    583240   9777006      9777014     8                               4             KNRAB-069 3m@0.64g/t Au  Not
                                                                                                                        dug-School
KNT57     2    583344   9776996      9777002     6       3    A28507  A28510     3       0.5   KNRAB-071 6m@0.84g/t Au
KNT58     2    583388   9776994      9777006    12       7    A28501  A28506     5       1.2   KNRAB-072 11m@1.32g/t Au Stone
                                                                                                                        layer
                                                                                                                        #28538
KNT59     2    583294   9777200      9777210    10       6    A28511  A28515     3       0.4   KNRAB-075 3m@1.80g/t Au  Laterite
                                                                                                                        #28539
KNT60     2    582546   9776596      9776606    10       5    A28516  A28520     4       1.4   KNRAB-020 2m@0.71g/t Au
KNT61     2    581784   9776594      9776604     6       3    A28535  A28537     1        1    KNRAB-005 27m@0.27g/t Au
Total
Trench
metres                                          94
Total                                                   38

Orientation pits were first dug to establish the depth of the "mbuga" cover over the position of the mineralized intersection. In all cases the "mbuga" cover was found to be less than 3 meters thick allowing for a number of short NS trenches to be excavated across the anomaly. A total of 94 meters of trenches and 47 channel samples were planned. However, due to the presence of the school only 76 meters of trench was excavated and 30 channel samples collected.

Granite was encountered in all trenches underlying a narrow stone layer and +1 meter thick "mbuga" clay top soil . One trench did intersect a non-magnetic diabase dyke. Channel samples collected on 2 meter intervals, were analysed by 50 gm Fire Assay at SGS Laboratory Mwanza, but returned no anomalous values. However, a sample of the transported quartz "stone layer" lying above the basement granite did return a value of 2.28g/t Au. It appears that the anomalous RAB intercepts may be the result of contamination from the stone layer and therefore does not represent an in situ anomaly.

[[Image Removed]]

Suguti (PL3966/2006)

Exploration work has commenced on the Suguti PL. Gradient IP surveys have been partly completed across the PL. Mapping and soil sampling programs have been completed over "non-mbuga" covered area in the northern and southern parts of the Suguti License. Soil sampling has been conducted on a 400 meter x 50 meter grid in which a total of 544 samples, including 26 blank samples, have been collected and analyzed by SGS Laboratory, Mwanza using Aqua Regia (Table 4).

A total of 544 samples have been collected from the Suguti project of which includes 26 blank samples.

Table 4: Statistical summary of soil sample results collected at Suguti PL

Range (ppb Au) Samples Blanks Outstanding assays

                      <10         354     21
                     10-20        83      4
                     20-30        53      1
                     30-40         5
                     40-50         2
                      >50          1
                     Total        498     26           20

Regolith mapping has been completed across the entire Suguti license. The license is transected by the major NW-SE trending Suguti Fault which has formed a topographic depression that has subsequently been infilled by a thick deposit of "mbuga" that covers an area of some 25 square kilometers and constitutes 34% of the license. The area becomes totally waterlogged during the wet season and is used for growing rice. Exposure is limited to minor rock out crops on the northern side of the Suguti Fault. Granite, containing magnetite, occurs as a hill in the northern part of the license. The granite/greenstone contact is masked by coarse textured laterite consisting of laterised basaltic and quartz fragments. The underlying greenstone rocks have been intensely sheared and iron stained along to the NW-SE trending granite contact. Brick-red soils make up the NE part of the license before being masked by the overlying "mbuga" further south. A number of low order threshold soil anomalies, attaining a maximum of 50 ppb gold, appear to form at least three NE trending parallel zones of up to 2.5 kilometers strike length (Target 1). A coincident IP anomaly underlies the soil anomaly (Map 3).

Map 3: Residual Gradient IP map of the Suguti North Prospect showing main lithologic contacts, soil anomalies, termitaria and Schlumberger VES surveys across Targets 1 and 2.

[[Image Removed]]

A reconnaissance examination has been made on the north-western side of the license at Target 2. A single artisanal pit is present on a NW-SE trending narrow quartz vein within felsite rocks. A number of low order threshold soil anomalies occur in the vicinity and these anomalies may reflected an intersection of two NE and NW trending lineaments.

Exploration work has been limited to infill soil sampling, pitting and termite sampling over targets 1 and 2 as well as a single Schlumberger VES N-S profile across Target 1 during the quarter.

1. Infill Soil Sampling

Table 5: Infill soil sampling program across Target 1 and 2

SUGUTI N  Target Section  From     To    Interval Planned Collect Reference  Comments
                                           (m)    Sample  Sample
. . .