Document:

Lake Victoria Mining Company, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

(NON-U.S. SUBSCRIBERS ONLY)

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT RELATES TO AN
OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S.
PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”). NONE OF THE SECURITIES TO
WHICH THIS SUBSCRIPTION AGREEMENT RELATES HAVE BEEN REGISTERED UNDER THE 1933
ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE
OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS
(AS DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S
UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE 1933 ACT.

LAKE VICTORIA MINING COMPANY, INC.

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT UNITS

INSTRUCTIONS TO SUBSCRIBER

	1. 	
      This Subscription form is for use by Non-United
      States investors.

	 	 
	2. 	
      COMPLETE the information on page 2 of this
      Subscription Agreement.

	 	 
	3. 	
      COMPLETE: a Canadian Investor Questionnaire (the
      “Investor Questionnaire”) attached as Exhibit A hereto.

	 	 
	4. 	
      Return this Subscription Agreement together with the
      subscription proceeds paid by certified cheque or bank draft
  to:

Lake Victoria Mining Company, Inc.

Attention: President 1781 Larkspur Drive, Golden, CO 80401 
Fax: 1 (866)
910-6114.

The Subscription Amount may be wired
to the Company pursuant to wiring instructions that will be provided to the
Subscriber (as defined herein) upon request.

	5. 	
      All other information must be filled in where
      appropriate.

This is Page 2 of 17 pages of a subscription agreement and
related appendices, schedules and forms. Collectively, these pages together are
referred to as the “Subscription Agreement”.

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

TO: Lake Victoria Mining Company, Inc. (the “Issuer”), of
1781 Larkspur Drive, Golden, CO 80401

Subject and pursuant to the terms set out in the Terms on pages
3 to 5, the General Provisions on pages 5 to 13, the Investor Questionnaire and
the other schedules and appendices attached which are hereby incorporated by
reference, the undersigned subscriber (the “Subscriber”) hereby
irrevocably subscribes for, and on Closing will purchase from the Issuer, the
following securities at the following price:

	_____________ Units 
	US$0.15 per Unit for a total purchase price
      of US$_____________ 
	The Subscriber or the Beneficial Purchaser
      owns, directly or indirectly, the following securities of the Issuer:
  
	 
	  
	[Check if applicable] The Subscriber
      or the Beneficial Purchaser is [ ] an insider of the Issuer.

The Subscriber directs the Issuer to issue, register and
deliver the certificates representing the Units as follows:

	REGISTRATION INSTRUCTIONS 	 	DELIVERY INSTRUCTIONS 
	 	 	 
	Name to appear on certificate 	 	Name and account reference, if applicable 
	 	 	 
	Account reference if applicable 	 	Contact name 
	 	 	 
	Address 	 	Address 
	 	 	 
	  	 	Telephone Number

EXECUTED by the Subscriber this ____ day of ______________,
2011. By executing this Subscription Agreement, the Subscriber certifies that
the Subscriber and any beneficial purchaser for whom the Subscriber is acting
are resident in the jurisdiction shown as the “Address of Subscriber” or
“Address of Beneficial Purchaser”, respectively. 

	EXECUTION BY SUBSCRIBER:    	 	DETAILS OF BENEFICIAL
      PURCHASER 
	X 	 	(IF NOT THE SAME AS SUBSCRIBER) 
	Signature of individual (if Subscriber is an individual)
    	 	 
	X 	 	 
	Authorized signatory (if Subscriber is not an
      individual) 	 	Name of Beneficial Purchaser (please print) 
	  	 	 
	  	 	 
	Name of Subscriber (please print) 	 	E-mail address of Beneficial Purchaser 
	  	 	 
	Name of authorized signatory (please print) 	 	Telephone Number of Beneficial Purchaser 
	  	 	 
	  	 	 
	Address of Subscriber 	 	Address of Beneficial Purchaser (residence) 
	  	 	 
	Telephone Number of Subscriber 	 	Accepted this _____ day of _______________, 2011 
	  	 	LAKE VICTORIA MINING COMPANY, INC. 
	E-mail address of Subscriber 	 	Per: 
	  	 	 
	Social Security/Tax I.D. No. of Subscriber
    	 	Authorized Signatory
  

By signing this acceptance, the Issuer agrees to be bound by
the Terms on pages 3 to 5, the General Provisions on pages 5 to 13, the Investor
Questionnaire and the other schedules and appendices incorporated by reference.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 3 of 17 

TERMS

	Reference date of this Subscription	 
	Agreement 	__________________, 2011 (the
      “Agreement Date”). 
	 	 
	  The Non-US Offering 
	  	 
	  	 
	The Issuer 	Lake Victoria Mining Company, Inc.
      (the “Issuer”). 
	  	
       

	Non-US Offering 	
      The offering outside of the US (the “Non-US
      Offering”) consists of up to 20,000,000 Units (“Units”) of the
      Issuer. Each Unit consists of one share (“Share”) of common stock
      (“Common Stock”) of the Issuer and one share purchase warrant (each
      a “Warrant”) entitling the holder to purchase an additional Share
      (each a “Warrant Share” and when referred to collectively with the
      Shares and Warrants, the “Securities”) at an exercise price of
      $0.30 (the “Exercise Price”) for six (6) months following the
      Closing Date. 

	  	
       

	Issue Price 	
      $0.15 per Unit. 

	  	
       

	US Offering 	
      Issuer is also concurrently offering the 20,000,000 Units
      on similar terms in an offering (the “Concurrent US Offering”) by
      way of private placement to offshore subscribers that are not U.S.
      Persons. 

	  	
       

	Total Amount pursuant to the: 	
      Up to $3,000,000 from the sale of Units. 

	(i) Non-US Offering and the 	
       

	(ii) Concurrent US Offering 	
       

	  	
       

	Selling Jurisdictions 	
      The Units may be sold in jurisdictions outside of the
      United States where they may be lawfully sold (the “Selling
      Jurisdictions”). 

	  	
       

	Exemptions 	
      The offering will be made in accordance with the
      following exemptions: 

	  	
       
	
       

		
      (a) 
	
      Regulation S -- Rules Governing Offers and Sales Made
      Outside the United States Without Registration Under the Securities Act of
      1933; 

	  	
       
	
       

		
      (b) 
	
      one of categories of registration and prospectus
      exemptions provided in National Instrument 45-106 (“NI 45-106”) of
      the Canadian Securities Administrators adopted by the British Columbia
      Securities Commission (the “BCSC”) and other provincial securities
      commissions; and 

	  	
       
	
       

		
      (c) 
	
      such other exemptions as may be available the securities
      laws of the Selling Jurisdictions. 

	  	
       
	
       

	Registration of Securities 	
      The Shares and Warrants will not be registered with the
    United States Securities and Exchange Commission (the “SEC”).    

	  	
       

	Resale restrictions and legends 	
      The Subscriber acknowledges that any resale of any of the
      Securities will be subject to resale restrictions contained in the
      securities legislation applicable to the Subscriber or proposed
      transferee. The Subscriber acknowledges that none of the Securities have
      been registered under the 1933 Act or the securities laws of any state of
      the United States. 

	  	
       

		
      If the Subscriber is resident in any other jurisdiction
      other than British Columbia, the Subscriber understands that any
      certificates representing the Securities will bear legends indicating that
      the resale of such securities is restricted, which legends will be
      substantially in the following form and with the necessary information
      inserted: 

	  	
       

	  	
      UNLESS PERMITTED UNDER CANADIAN SECURITIES
  LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE
      THE SECURITY IN CANADA BEFORE [INSERT THE DATE THAT IS 4 MONTHS AND A DAY
  AFTER THE DISTRIBUTION DATE]. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 4 of 17 

	 	
    THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED    IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S.
        PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED
        STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"). NONE OF THE
        SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR
        ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE
        OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED
        HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
        REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION
        STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
        OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
        1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE
        SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE
        SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.
        "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE
    1933 ACT. 

      
	 	
  

		
      If the Subscriber is resident in British Columbia the
      Subscriber understands that any certificates representing the Securities
      are required to bear legends indicating that the resale of such securities
      is restricted, which legends will be substantially in the following form
      and with the necessary information inserted: 

	 	
  

		
      UNLESS OTHERWISE PERMITTED UNDER SECURITIES LEGISLATION,
      THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN OR FROM BRITISH
      COLUMBIA UNLESS THE CONDITIONS IN SECTION 12 (2) OF BC INSTRUMENT 51-509
      ISSUERS QUOTED IN THE U.S. OVER-THE- COUNTER MARKET ARE MET 

	 	
  

	 	
  

		
      THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
      OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED
      HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF
      1933, AS AMENDED (THE "1933 ACT"). NONE OF THE SECURITIES REPRESENTED
      HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE
      SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD,
      DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO
      U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S
      UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
      THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
      TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT
      AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.
      IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
      CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S.
  PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 5 of 17 

		
      The Subscriber and any Beneficial Purchaser are advised
      to consult with their own legal counsel or advisors to determine the
      resale restrictions that may be applicable to them. 

	  	
   

	Closing Date 	
      The completion of the sale and purchase of the Units will
      take place in one or more closings, on a date or dates as agreed to by the
      Issuer and the Subscriber (the “Closing Date”). 

	  	
   

	Use of Proceeds 	
      The Issuer intends to use the proceeds from the sale of
      the Units for exploration on its Tanzanian mineral projects and working
      capital purposes 

	  	
   

	 The Issuer 
	  	
   

	Jurisdiction of organization 	
      The Issuer is incorporated under the laws of the State of
      Nevada. 

	  	
   

	Market 	
      Certain market makers make market in the Issuer’s shares
      of common stock on the Financial Industry Regulatory Authority’s OTC
      Bulletin Board. 

	  	
   

	Commissions with Jurisdiction Over the Issuer    	
      The “Commissions with Jurisdiction Over the
      Issuer” are the United States Securities and Exchange Commission, any
      applicable state securities regulators, the BCSC and any provincial
      securities commissions in Canada. 

	  	
   

	Securities Legislation Applicable to the
      Issuer 	
      The “Securities Legislation Applicable to the
      Issuer” is the 1933 Act, 1934 Act, any applicable state securities
  laws, the BC Act and any applicable provincial securities laws.  

End of Terms

GENERAL PROVISIONS

1. DEFINITIONS

1.1 In the Subscription Agreement (including the first (cover)
page, the Terms on pages 3 to 5, the General Provisions on pages 5 to 13 and the
other schedules and appendices incorporated by reference), the following words
have the following meanings unless otherwise indicated:

	 	(a) 	
      “1933 Act” means the United States Securities Act
      of 1933, as amended;

	 	 	 
	 	(b) 	
      “1934 Act” means the United States Securities
      Exchange Act of 1934, as amended;

	 	 	 
	 	(c) 	
      “Applicable Legislation” means the Securities
      Legislation Applicable to the Issuer (as defined on page 5) and all
      legislation incorporated in the definition of this term in other parts of
      the Subscription Agreement, together with the regulations and rules made
      and promulgated under that legislation and all administrative policy
      statements, blanket orders and rulings, notices and other administrative
      directions issued by the Commissions (as defined herein);

	 	 	 
	 	(d) 	
      “BC Act” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(e) 	
      “BCI 51-509” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(f) 	
      “BC Legend” has the meaning ascribed to it in
      section 4.3 hereto.

	 	 	 
	 	(g) 	
      “BCSC” has the meaning ascribed to it in the
      Terms;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 6 of 17 

	 	(h) 	
      “Beneficial Purchaser” means a person for whom the
      Subscriber is acting in purchasing the Units who will be the beneficial
      owner of the Securities within the meaning attributed to it by Rule 13d-3
      adopted by the SEC under the 1934 Act;

	 	 	 
	 	(i) 	
      “Closing” means the completion of the sale and
      purchase of the Units;

	 	 	 
	 	(j) 	
      “Closing Date” has the meaning ascribed to it in
      the Terms;

	 	 	 
	 	(k) 	
      “Common Stock” has the meaning ascribed to it in
      the Terms;

	 	 	 
	 	(l) 	
      “Commissions” means the Commissions with
      Jurisdiction over the Issuer (as defined on page 5) and the securities
      commissions incorporated in the definition of this term in other parts of
      the Subscription Agreement;

	 	 	 
	 	(m) 	
      “Concurrent Non-US Offering” has the meaning
      ascribed to it in the Terms;

	 	 	 
	 	(n) 	
      “Final Closing Date” means the final closing date
      of the US Offering and Concurrent Non-US Offering, whichever is later. In
      the event that the Concurrent Non-US Offering does not close the Final
      Closing Date shall be the Closing Date;

	 	 	 
	 	(o) 	
      “General Provisions” means those portions of the
      Subscription Agreement headed “General Provisions” and contained on
      pages 5 to 13;

	 	 	 
	 	(p) 	
      “Issuer” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(q) 	
      “NI 45-106” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(r) 	
      “Private Placement” means the offering of the
      Securities on the terms and conditions of this Subscription
    Agreement;

	 	 	 
	 	(s) 	
      “Share” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(t) 	
      “SEC” has the meaning ascribed to in the
    Terms;

	 	 	 
	 	(u) 	
      “Securities” means the Shares, the Warrants and
      the Warrant Shares, as defined in the Terms;

	 	 	 
	 	(v) 	
      “Selling Jurisdictions” has the meaning ascribed
      to it in the Terms;

	 	 	 
	 	(w) 	
      “Subscriber” means a U.S. person;

	 	 	 
	 	(x) 	
      “Subscription Agreement” means the first (cover)
      page, the Terms on pages 3 to 5, the General Provisions on pages 5 to 13,
      the Investor Questionnaire and the other schedules and appendices
      incorporated by reference; and

	 	 	 
	 	(y) 	
      “Terms” means those portions of the Subscription
      Agreement headed “Terms” and contained on pages 3 to 5.

	 	 	 
	 	(z) 	
      “Units” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(aa) 	
      “US Offering” has the meaning ascribed to it in
      the Terms;

	 	 	 
	 	(bb) 	
      “U.S. Person” has the meaning as defined by
      Regulation S under the U.S. Securities Act which definition includes, but
      is not limited to, an individual resident in the United States, an estate
      or trust of which any executor or administrator or trustee, respectively,
      is a U.S. Person and any partnership or corporation organized or
      incorporated under the laws of the United States;

	 	 	 
	 	(cc) 	
      “Warrant” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(dd) 	
      “Warrant Share” has the meaning ascribed to it in
      the Terms;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 7 of 17 

1.2 In the Subscription Agreement, the following terms have the
meanings defined in Regulation S of the 1933 Act (“Regulation S”):
“Directed Selling Efforts”, “Foreign Issuer”, “Substantial U.S.
Market Interest”, “U.S. Person” and “United States”.

1.3 In the Subscription Agreement, unless otherwise specified,
currencies are indicated in US dollars.

1.4 In the Subscription Agreement, other words and phrases that
are capitalized have the meanings assigned to them in the body hereof.

2. ACKNOWLEDGEMENTS, REPRESENTATIONS AND WARRANTIES OF
SUBSCRIBER

2.1 Acknowledgements and Agreements of Subscriber

The Subscriber acknowledges (on its own behalf and, if
applicable, on behalf of each Beneficial Purchaser for whom the Subscriber is
contracting hereunder) that:

	 	(a) 	
      none of the Securities have been or will be registered
      under the 1933 Act, or under any state securities or “blue sky” laws of
      any state of the United States, and, unless so registered, may not be
      offered or sold in the United States or, directly or indirectly, to U.S.
      Persons, except in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act, or
      pursuant to an exemption from, or in a transaction not subject to, the
      registration requirements of the 1933 Act and in each case only in
      accordance with applicable state and provincial securities laws;

	 	 	 
	 	(b) 	
      the Subscriber acknowledges that the Issuer has not
      undertaken, and will have no obligation, to register any of the Securities
      under the 1933 Act or any other securities legislation;

	 	 	 
	 	(c) 	
      by completing the Investor Questionnaire, the Subscriber
      is representing and warranting the Subscriber satisfies one of the
      categories of registration and prospectus exemptions provided in NI
      45-106;

	 	 	 
	 	(d) 	
      the decision to execute this Subscription Agreement and
      acquire the Securities agreed to be purchased hereunder has not been based
      upon any oral or written representation as to fact or otherwise made by or
      on behalf of the Issuer and such decision is based entirely upon a review
      of any public information which has been filed by the Issuer with the SEC
      in compliance, or intended compliance, with applicable securities
      legislation;

	 	 	 
	 	(e) 	
      the Subscriber and the Subscriber’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Issuer in connection with the distribution of the Securities hereunder,
      and to obtain additional information, to the extent possessed or
      obtainable without unreasonable effort or expense, necessary to verify the
      accuracy of the information about the Issuer;

	 	 	 
	 	(f) 	
      the books and records of the Issuer were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Subscriber during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Subscriber, the Subscriber’s lawyer
      and/or advisor(s);

	 	 	 
	 	(g) 	
      all of the information which the Subscriber has provided
      to the Issuer is correct and complete as of the date the Subscription
      Agreement is signed, and if there should be any change in such information
      prior to this Subscription Agreement being executed by the Issuer, the
      Subscriber will immediately provide the Issuer with such
    information;

	 	 	 
	 	(h) 	
      the Issuer is entitled to rely on the representations and
      warranties of the Subscriber contained in this Subscription Agreement and
      the Investor Questionnaire and the Subscriber will hold harmless the
      Issuer from any loss or damage it or they may suffer as a result of the
      Subscriber’s failure to correctly complete this Subscription Agreement or
      the Investor Questionnaire;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 8 of 17 

	 	(i) 	
      the Subscriber will indemnify and hold harmless the
      Issuer and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Subscriber contained in this Subscription Agreement, the Investor
      Questionnaire or in any document furnished by the Subscriber to the Issuer
      in connection herewith being untrue in any material respect or any breach
      or failure by the Subscriber to comply with any covenant or agreement made
      by the Subscriber to the Issuer in connection therewith;

	 	 	 	 
	 	(j) 	
      the Issuer will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with any other applicable securities
      laws;

	 	 	 	 
	 	(k) 	
      the Subscriber has been advised to consult the
      Subscriber’s own legal, tax and other advisors with respect to the merits
      and risks of an investment in the Securities and with respect to
      applicable resale restrictions, and it is solely responsible (and the
      Issuer is not in any way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Subscriber is resident in connection with the distribution of the
      Securities hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(l) 	
      in addition to resale restrictions imposed under U.S.
      securities laws, there are additional restrictions on the Subscriber’s
      ability to resell any of the Securities in Canada under the BC Act and BCI
      51-509;

	 	 	 	 
	 	(m) 	
      the Issuer has advised the Subscriber that the Issuer is
      relying on an exemption from the requirements to provide the Subscriber
      with a prospectus to issue the Securities and, as a consequence of
      acquiring the Securities pursuant to such exemption certain protections,
      rights and remedies provided by the applicable securities legislation of
      British Columbia including statutory rights of rescission or damages, will
      not be available to the Subscriber;

	 	 	 	 
	 	(n) 	
      others will rely upon the truth and accuracy of the
      representations and warranties contained in this Section 2.1 and if such
      representations and warranties are no longer accurate or have been
      breached, the Subscriber shall immediately notify the Issuer;

	 	 	 	 
	 	(o) 	
      neither the SEC nor any other securities commission or
      similar regulatory authority has reviewed or passed on the merits of the
      Securities;

	 	 	 	 
	 	(p) 	
      no documents in connection with the sale of the
      Securities hereunder have been reviewed by the SEC or any state securities
      administrators;

	 	 	 	 
	 	(q) 	
      there is no government or other insurance covering any of
      the Securities; and

	 	 	 	 
	 	(r) 	
      this Subscription Agreement is not enforceable by the
      Subscriber unless it has been accepted by the Issuer, and the Subscriber
      acknowledges and agrees that the Issuer reserves the right to reject any
      Subscription for any reason whatsoever.

2.2 Representations, Warranties and Covenants of the
Subscriber

The Subscriber represents and warrants to and covenants with
the Issuer (on its own behalf and, if applicable, on behalf of the Beneficial
Purchaser from whom the Subscriber is contracting hereunder) that, as at the
date of this Subscription Agreement and at the Closing:

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 9 of 17 

	 	(a) 	
      the Subscriber is resident in the jurisdiction set out
      under the heading “Name and Address of Subscriber” on the signature page
      of this Subscription Agreement;

	 	 	 
	 	(b) 	
      it has the legal capacity and competence to enter into
      and execute this Subscription Agreement and to take all actions required
      pursuant hereto and, if the Subscriber is a corporate entity, it is duly
      incorporated and validly subsisting under the laws of its jurisdiction of
      incorporation and all necessary approvals by its directors, shareholders
      and others have been obtained to authorize execution and performance of
      this Subscription Agreement on behalf of the Subscriber;

	 	 	 
	 	(c) 	
      the entering into of this Subscription Agreement and the
      transactions contemplated hereby do not result in the violation of any of
      the terms and provisions of any law applicable to, or the constating
      documents of, the Subscriber or of any agreement, written or oral, to
      which the Subscriber may be a party or by which the Subscriber is or may
      be bound;

	 	 	 
	 	(d) 	
      the Subscriber has duly executed and delivered this
      Subscription Agreement and it constitutes a valid and binding agreement of
      the Subscriber enforceable against the Subscriber;

	 	 	 
	 	(e) 	
      the Subscriber has received and carefully read this
      Subscription Agreement;

	 	 	 
	 	(f) 	
      the Subscriber is aware that an investment in the Issuer
      is speculative and involves certain risks, including the possible loss of
      the entire investment;

	 	 	 
	 	(g) 	
      the Subscriber has made an independent examination and
      investigation of an investment in the Units and the Issuer and has
      depended on the advice of its legal and financial advisors and agrees that
      the Issuer will not be responsible in any way whatsoever for the
      Subscriber’s decision to invest in the Units and the Issuer;

	 	 	 
	 	(h) 	
      the Subscriber (i) has adequate net worth and means of
      providing for its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the Units for
      an indefinite period of time;

	 	 	 
	 	(i) 	
      the Subscriber (i) is able to fend for him/her/itself in
      the Subscription; (ii) has such knowledge and experience in business
      matters as to be capable of evaluating the merits and risks of its
      prospective investment in the Units; and (iii) has the ability to bear the
      economic risks of its prospective investment and can afford the complete
      loss of such investment;

	 	 	 
	 	(j) 	
      all information contained in the Investor Questionnaire
      is complete and accurate and may be relied upon by the Issuer;

	 	 	 
	 	(k) 	
      the Subscriber understands and agrees that the Issuer and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations and agreements contained in this Subscription Agreement
      and the Investor Questionnaire and agrees that if any of such
      acknowledgements, representations and agreements are no longer accurate or
      have been breached, the Subscriber shall promptly notify the
  Issuer;

	 	 	 
	 	(l) 	
      the Subscriber is purchasing the Units for its own
      account for investment purposes only and not for the account of any other
      person and not for distribution, assignment or resale to others, and no
      other person has a direct or indirect beneficial interest is such Units,
      and the Subscriber has not subdivided his interest in the Units with any
      other person;

	 	 	 
	 	(m) 	
      the Subscriber is not an underwriter of, or dealer in,
      the shares of common stock of the Issuer, nor is the Subscriber
      participating, pursuant to a contractual agreement or otherwise, in the
      distribution of the Units;

	 	 	 
	 	(n) 	
      the Subscriber has previously invested in the Issuer
      and/or has a pre-existing relationship with the Issuer, is not aware of
      any advertisement of any of the Units and is not acquiring the Units as a
      result of any form of general solicitation or general advertising
      including advertisements, articles, notices or other communications
      published in any newspaper, magazine or similar media
or broadcast over radio or television, or any seminar or
      meeting whose attendees have been invited by general solicitation or
  general advertising;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 10 of 17 

	 	(o) 	
      no person has made to the Subscriber any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Units,

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Units,

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Units,
      or

	 	 	 	 
	 		(iv) 	
      that any of the Units will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Units of the Issuer
      on any stock exchange or automated dealer quotation system;
  and

	 	(p) 	
      the Subscriber satisfies one of clauses (i), (ii) or
      (iii) below:

	 	 	 	 	 
	 		(i) 	
      if the Subscriber is resident in Canada and is, or is
      deemed to be, purchasing the Units as principal for its own account or for
      the account of a beneficial purchaser resident in Canada as set forth in
      this Subscription Agreement as the “Disclosed Principal” and not for the
      benefit of any other person and not with a view to the resale and
      distribution of all or any of the Units and such resident Canadian is
      either:

	 	 	 	 	 
	 			A. 	
      purchasing the Units for an Aggregate Subscription Amount
      of not less than CDN$150,000 pursuant to the prospectus exemption under
      section 2.10 of NI 45-106,

	 	 	 	 	 
	 			B. 	
      an “affiliate” of the Issuer as defined in NI 45-106,
      or

	 	 	 	 	 
	 			C. 	
      an “Accredited Investor” as defined in NI
  45-106

and has executed and delivered to
the Investor Quetionnaire in the form attached hereto as Schedule “A” (with
the schedule initialled as indicated) indicating that the Subscriber fits within
one of the categories of investor set forth therein, OR

	 	(ii) 	
      if the Subscriber is resident in a jurisdiction
      outside of North America:

	 	 	 	 	 
	 		A. 	
      the execution of this Subscription Agreement and the
      final decision by the Subscriber to acquire the Units, together with all
      acts of solicitation and negotiation, were made outside of North
      America,

	 	 	 	 	 
	 		B. 	
      the Subscriber is not purchasing the Units for the
      benefit of any citizen or resident of Canada, or a corporation,
      partnership or other entity created in or organized under the laws of
      Canada or any province or territory of Canada, or any U.S.
  Person,

	 	 	 	 	 
	 		C. 	
      the Subscriber is purchasing the Units for investment
      only and not with a view to the resale or distribution of all or any of
      the Units,

	 	 	 	 	 
	 		D. 	
      the purchase and sale of the Units as contemplated in
      this Subscription Agreement does not contravene any of the applicable
      securities laws in the Subscriber’s jurisdiction of residence and does not
      trigger:

	 	 	 	 	 
	 			I. 	
      any obligation on the part of the Issuer or the Agent to
      prepare and file a prospectus, an offering memorandum or similar document,
      or any other ongoing reporting requirements with respect to such purchase
      or otherwise, or

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 11 of 17 

	 	II. 	
      any registration or other obligation on the part of the
      Issuer or the Agent,

and the Subscriber will provide such
evidence of compliance with all such matters as the Issuer or the Agent may
request prior to Closing, and

	 		E. 	
      the Subscriber has executed and delivered to the
      Investor Questionnaire in the form annexed hereto as Schedule “A”
      (with the schedule initialled as indicated) indicating that the
      Subscriber fits within one of the categories of investor as if the
      Subscriber were a resident of a province or territory of Canada,

	 			
      OR

	 	 	 	 
	 	(iii) 	
      if the Subscriber is not purchasing as principal for its
      own account, then:

	 	 	 	 
	 		A. 	
      the Subscriber is duly authorized to execute and deliver
      this Subscription Agreement and all other necessary documentation in
      connection with the purchase of Units on behalf of each beneficial
      purchaser for whom the Subscriber acts,

	 	 	 	 
	 		B. 	
      the Subscriber acknowledges that the Issuer may be
      required by law to disclose, on a confidential basis, to certain
      regulatory authorities, the identity of each beneficial purchaser of Units
      for whom the Subscriber may be acting and the Subscriber has disclosed the
      beneficial purchaser’s identity as the “Disclosed Principal”,

	 	 	 	 
	 		C. 	
      the Subscriber is purchasing the Units for investment
      only and not with a view to the resale or distribution of all or any of
      the Units, and

	 	 	 	 
	 		D. 	
      the Subscriber is resident in, and subject to the
      securities laws of, the jurisdiction indicated on the face page of this
      Subscription Agreement as the “Subscriber’s Address” and if the Subscriber
      is acting as agent for one or more Disclosed Principals, each Disclosed
      Principal is resident in and subject to the securities laws of the
      jurisdiction set forth in this Subscription Agreement as the “Principal’s
      Address” and each Disclosed Principal is purchasing as a principal for its
      own account, not for the benefit of any other person and not with a view
      to the resale or distribution of all or any of the Securities and each
      Disclosed Principal has complied with and satisfies the requirements of
      one of clauses (i) or (ii) above;

	 	(q) 	
      the Subscriber acknowledges and agrees that the Issuer
      shall not consider the Subscriber’s Subscription for acceptance unless the
      undersigned provides to the Issuer, along with an executed copy of this
      Subscription Agreement:

	 	 	 	 
	 		(i) 	
      a fully completed and executed copy of each of the
      Investor Questionnaire in the form attached hereto as Exhibit A,
  and

	 	 	 	 
	 		(ii) 	
      such other supporting documentation that the Issuer or
      its legal counsel may request to establish the Subscriber’s qualification
      as a qualified investor.

	 	 	 	 
	 	(r) 	
      the Subscriber is not a “U.S. Person” and is not
      acquiring the Units for the account or benefit of a U.S. Person or a
      person in the United States;

	 	 	 	 
	 	(s) 	
      the Units have not been offered to the Subscriber in the
      United States or when the Subscriber was a U.S. Person, and the
      individuals making the order to purchase the Units and executing and
      delivering this Subscription Agreement on behalf of the Subscriber were
      not in the United States when the order was placed and this Subscription
      Agreement was executed and delivered;

	 	 	 	 
	 	(t) 	
      the Subscriber is not and will not be purchasing the
      Units, directly or indirectly, for the account or benefit of a U.S. Person
      or any person in the United States and the Subscriber does not have
    any agreement or understanding (either
written or oral) with any U.S. Person or a person in the United States
respecting:

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 12 of 17 

	 		
      (i) the transfer or assignment of any rights or interests
      in any of the Securities

	 	 	 
	 		
      (ii) the division of profit, losses, fees, commissions,
      or any financial stake in connection with this Subscription Agreement,
      or

	 	 	 
	 		
      (iii) the voting of the Shares or the Warrant Shares
      underlying the Units herein;

	 	 	 
	 	(u) 	
      the Subscriber understands and acknowledges that the
      Warrants may not be exercised in the United States or by or on behalf of a
      U.S. Person or a person in the United States unless an exemption is
      available from the registration requirements of the U.S. Securities Act
      and the securities laws of all applicable states and the holder has
      furnished an opinion of counsel of recognized standing in form and
      substance satisfactory to the Issuer to such
effect;

2.3 Reliance, indemnity and notification of changes

The representations and warranties in the Subscription
Agreement (including the first (cover) page, the Terms on pages 3 to 5, the
General Provisions on pages 5 to 13, the Investor Questionnaire and the other
schedules and appendices incorporated by reference) are made by the Subscriber
with the intent that they be relied upon by the Issuer in determining its
suitability as a purchaser of Securities, and the Subscriber hereby agrees to
indemnify the Issuer against all losses, claims, costs, expenses and damages or
liabilities which any of them may suffer or incur as a result of reliance
thereon. The Subscriber undertakes to notify the Issuer immediately of any
change in any representation, warranty or other information relating to the
Subscriber set forth in the Subscription Agreement (including the first (cover)
page, the Terms on pages 3 to 5, the General Provisions on pages 5 to 13, the
Investor Questionnaire and the other schedules and appendices incorporated by
reference) which takes place prior to the Closing.

2.4 Survival of representations and warranties

The representations and warranties contained in this Section
will survive the Closing.

3. ACKNOWLEDGEMENT AND WAIVER

The Subscriber has acknowledged that the decision to acquire
the Securities was solely made on the basis of publicly available information.
The Subscriber hereby waives, to the fullest extent permitted by law, any rights
of withdrawal, rescission or compensation for damages to which the Subscriber
might be entitled in connection with the distribution of any of the
Securities.

4. RESALE RESTRICTIONS

4.1 The Subscriber acknowledges that any resale of any of the
Securities will be subject to resale restrictions contained in the securities
legislation applicable to the Subscriber or proposed transferee. The Subscriber
acknowledges that none of the Securities have been registered under the 1933 Act
or the securities laws of any state of the United States. The Securities may not
be offered or sold in the United States unless registered in accordance with
federal securities laws and all applicable state securities laws or exemptions
from such registration requirements are available.

4.2 The Subscriber acknowledges that the Securities are subject
to resale restrictions in Canada and may not be traded in Canada except as
permitted by the applicable provincial securities laws and the rules made
thereunder.

4.3 If the Subscriber is not a resident of British Columbia or
any other jurisdiction of Canada, the Subscriber represents, warrants and
acknowledges that:

	 	(a) 	
      a subsequent trade in the Securities in or from British
      Columbia or any other jurisdiction of Canada will be a distribution
      subject to the prospectus and registration requirements of Applicable
      Canadian Securities Laws unless certain conditions are met, which
      conditions include, among others, a requirement that any certificate
      representing the Securities (or ownership
statement issued under a direct registration system or other book
      entry system) bear the restrictive legend specified in BCI 51-509 (the
      “BC Legend”) or the restrictive legend specified in NI 45-102 (the
  “CSA Legend”);

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 13 of 17 

	 	(b) 	
      the Subscriber is not a resident of Canada and undertakes
      not to trade or resell any of the Securities in or from Canada unless the
      trade or resale is made in accordance with BCI 51-509 or NI 45-102, as
      applicable. The Subscriber understands and agrees that the Issuer and
      others will rely upon the truth and accuracy of these representations and
      warranties made in this Section 4 and agrees that if such representations
      and warranties are no longer accurate or have been breached, the
      Subscriber shall immediately notify the Issuer;

	 	 	 
	 	(c) 	
      by executing and delivering this Subscription Agreement
      and as a consequence of the representations and warranties made by the
      Subscriber in this Section 4, the Subscriber will have directed the Issuer
      not to include the BC Legend or the CSA Legend on any certificates
      representing the Securities to be issued to the Subscriber. As a
      consequence, the Subscriber will not be able to rely on the resale
      provisions of BCI 51-509 or NI 45-102, and any subsequent trade in any of
      the Securities in or from British Columbia or any other jurisdiction of
      Canada will be a distribution subject to the prospectus and registration
      requirements of Applicable Canadian Securities Laws; and

	 	 	 
	 	(d) 	
      if the Subscriber wishes to trade or resell any of the
      Securities in or from British Columbia or any other jurisdiction of
      Canada, the Subscriber agrees and undertakes to return, prior to any such
      trade or resale, any certificate representing the Securities to the
      Issuer’s transfer agent to have the BC Legend or the CSA Legend, as
      applicable, imprinted on such certificate or to instruct the Issuer’s
      transfer agent to include the BC Legend or the CSA Legend, as applicable
      on any ownership statement issued under a direct registration system or
      other book entry system.

5. COLLECTION OF PERSONAL INFORMATION

5.1 The Subscriber acknowledges and consents to the fact that
the Issuer is collecting the Subscriber’s personal information for the purpose
of fulfilling this Subscription Agreement and completing the offering. The
Subscriber’s personal information (and, if applicable, the personal information
of those on whose behalf the Subscriber is contracting hereunder) may be
disclosed by the Issuer to (a) stock exchanges or securities regulatory
authorities, (b) the Issuer’s registrar and transfer agent, (c) Canadian tax
authorities, (d) authorities pursuant to the Proceeds of Crime (Money
Laundering) and Terrorist Financing Act (Canada) and (e) any of the other
parties involved in the US Offering, including legal counsel, and may be
included in record books in connection with the offering. By executing this
Subscription Agreement, the Subscriber is deemed to be consenting to the
foregoing collection, use and disclosure of the Subscriber’s personal
information (and, if applicable, the personal information of those on whose
behalf the Subscriber is contracting hereunder) and to the retention of such
personal information for as long as permitted or required by law or business
practice. Notwithstanding that the Subscriber may be purchasing Securities as
agent on behalf of an undisclosed principal, the Subscriber agrees to provide,
on request, particulars as to the identity of such undisclosed principal as may
be required by the Issuer in order to comply with the foregoing.

5.2 Furthermore, the Subscriber is hereby notified that:

	 	(a) 	
      the Issuer may deliver to a provincial securities
      commission in Canada and/or the SEC certain personal information
      pertaining to the Subscriber, including such Subscriber’s full name,
      residential address and telephone number, the number of shares or other
      securities of the Issuer owned by the Subscriber, the number of Securities
      purchased by the Subscriber and the total purchase price paid for such
      Securities, the prospectus exemption relied on by the Issuer and the date
      of distribution of the Securities,

	 	 	 
	 	(b) 	
      such information is being collected indirectly by a
      provincial securities commission in Canada under the authority granted to
      it in securities legislation, and

	 	 	 
	 	(c) 	
      such information is being collected for the purposes of
      the administration and enforcement of the securities legislation of
      Canada.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 14 of 17 

6. ISSUER’S ACCEPTANCE

The Subscription Agreement, when executed by the Subscriber,
and delivered to the Issuer, will constitute a subscription for the Units which
will not be binding on the Issuer until accepted by the Issuer by executing the
Subscription Agreement in the space provided on the face page(s) of the
Subscription Agreement and, notwithstanding the Agreement Date, if the Issuer
accepts the subscription by the Subscriber, the Subscription Agreement will be
entered into on the date of such execution by the Issuer.

7. CLOSING

7.1 On or before the end of the business day before the Closing
Date, the Subscriber shall deliver to the Issuer or the Issuer’s lawyers the
Subscription Agreement and all applicable schedules and required forms, duly
executed, and wire payment in full for the total price of the Units to be
purchased by the Subscriber to the Issuer pursuant to the wiring instruction
provided by the Issuer. 

7.2 At Closing, the Issuer will deliver to the Subscriber the
certificates representing the Units purchased by the Subscriber registered in
the name of the Subscriber or its nominee, or as directed by the Subscriber.

7.3 Where the funds for the purchase of the Units are delivered
to the Issuer, the Issuer is entitled to treat such funds as an interest free
loan to the Issuer until such time as the subscription for the Units is accepted
and the certificates representing the Units have been issued to the
Subscriber.

8. MISCELLANEOUS

8.1 The Subscriber agrees to sell, assign or transfer the
Securities only in accordance with the requirements of applicable securities
laws and any legends placed on the Securities as contemplated by the
Subscription Agreement.

8.2 The Subscriber hereby authorizes the Issuer to correct any
minor errors in, or complete any minor information missing from any part of the
Subscription Agreement and any other schedules, forms, certificates or documents
executed by the Subscriber and delivered to the Issuer in connection with the
Private Placement.

8.3 The Issuer will be entitled to rely on delivery by
facsimile machine or e-mail of an executed copy of this Subscription Agreement,
and acceptance by the Issuer of such facsimile or e-mail copy shall be equally
effective to create a valid and binding agreement between the Subscriber and the
Issuer in accordance with the terms hereof. If less than a complete copy of this
Subscription Agreement is delivered to the Issuer at Closing, the Issuer and its
counsel are entitled to assume that the Subscriber accepts and agrees to all of
the terms and conditions of the pages not delivered at Closing unaltered. This
Subscription Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original and all of which together shall
constitute one and the same Subscription Agreement.

8.4 Without limitation, this subscription and the transactions
contemplated by this Subscription Agreement are conditional upon and subject to
the Issuer’s having obtained such regulatory approval of this subscription and
the transactions contemplated by this Subscription Agreement as the Issuer
considers necessary.

8.5 This Subscription Agreement is not assignable or
transferable by the parties hereto without the express written consent of the
other party to this Subscription Agreement.

8.6 Time is of the essence of this Subscription Agreement.

8.7 Except as expressly provided in this Subscription Agreement
and in the agreements, instruments and other documents contemplated or provided
for in this Subscription Agreement, this Subscription Agreement contains the
entire agreement between the parties with respect to the Securities and there
are no other terms, conditions, representations or warranties whether expressed,
implied, oral or written, by statute, by common law, by the Issuer, or by anyone
else.

8.8 The parties to this Subscription Agreement may amend this
Subscription Agreement only in writing.

8.9 This Subscription Agreement enures to the benefit of and is
binding upon the parties to this Subscription Agreement and their successors and
permitted assigns.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 15 of 17 

8.10 A party to this Subscription Agreement will give all
notices to or other written communications with the other party to this
Subscription Agreement concerning this Subscription Agreement by hand or by
registered mail addressed to the address given on page 1.

8.11 This Subscription Agreement is to be read with all changes
in gender or number as required by the context.

8.12 This Subscription Agreement will be governed by and
construed in accordance with the internal laws of State of Nevada (without
reference to its rules governing the choice or conflict of laws).

End of General Provisions

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 16 of 17 

EXHIBIT A

INVESTOR QUESTIONNAIRE

All capitalized terms herein, unless otherwise defined, have
the meanings ascribed thereto in the Subscription Agreement between the
undersigned and Lake Victoria Mining Company, Inc. (the “Company”).

The purpose of this Questionnaire is to assure the Company that
the Subscriber will meet certain requirements of National Instrument 45-106
(“NI 45-106”). The Company will rely on the information contained in this
Questionnaire for the purposes of such determination.

The Subscriber covenants, represents and warrants to the
Company that:

	 	 1. 	
      if the Subscriber is not a resident of Ontario, the
      Subscriber is (tick one or more of the following boxes):

	 	 	 	 	 
	 	 	[   ]	(A) 	
      a director, executive officer, founder or control person
      of the Company or an affiliate of the Company

	 	 	 	 	 
	 	 	[   ]	(B) 	
      a spouse, parent, grandparent, brother, sister or child
      of a director, executive officer, founder or control person of the Company
      or an affiliate of the Company

	 	 	 	 	 
	 	 	[   ]	(C) 	
      a parent, grandparent, brother, sister or child of the
      spouse of a director, executive officer, founder or control person of the
      Company or an affiliate of the Company

	 	 	 	 	 
	 	 	[   ]	(D) 	
      a close personal friend of a director, executive officer,
      founder or control person of the Company

	 	 	 	 	 
	 	 	[   ]	(E) 	
      a close business associate of a director, executive
      officer, founder or control person of the Company or an affiliate of the
      Company

	 	 	 	 	 
	 	 	[   ]	(F) 	
      an accredited investor

	 	 	 	 	 
	 	 	[   ]	(G) 	
      a company, partnership or other entity of which a
      majority of the voting securities are beneficially owned by, or a majority
      of the directors are, persons described in paragraphs A to F

	 	 	 	 	 
	 	 	[   ]	(H) 	
      a trust or estate of which all of the beneficiaries or a
      majority of the trustees or executors are persons described in paragraphs
      A to F

	 	2. 	
      if the Subscriber has checked box B, C, D, E, G or H in
      Section 1 above, the director, executive officer, founder or control
      person of the Company with whom the undersigned has the relationship
      is:

	 	 	 
	 	 	 
	 		
      (Instructions to Subscriber: fill in the name of each
      director, executive officer, founder and control person which you have the
      above-mentioned relationship with. If you have checked box G or H, also
      indicate which of A to F describes the securityholders, directors,
      trustees or beneficiaries which qualify you as box G or H and provide the
      names of those individuals. Please attach a separate page if
      necessary).

	 	3. 	
      if the Subscriber is resident in Ontario, the Subscriber
      is (tick one or more of the following boxes):

	 	 	 	 	 
	 	 	[   ] 	(A) 	
      a founder of the Company

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 17 of 17 

	 	 	[   ] 	(B) 	
      an affiliate of a founder of the Company

	 	 	 	 	 
	 	 	[   ] 	(C) 	
      a spouse, parent, brother, sister, grandparent or child
      of an executive officer, director or founder of the Company

	 	 	 	 	 
	 	 	[   ] 	(D) 	
      a control person of the Company

	 	 	 	 	 
	 	 	[   ] 	(E) 	
      an accredited investor

	 	4. 	
      if the Subscriber has checked box C in Section 3 above,
      the executive officer, director or founder of the Company with whom the
      undersigned has the relationship is:

	 	 	 
	 	 	 
	 		
      (Instructions to Subscriber: fill in the name of each
      executive officer, director or founder which you have the above-mentioned
      relationship with.)

	 	 	 
	 	5. 	
      if the Subscriber has ticked box F in Section 1 or box E
      in Section 3 above, the Subscriber satisfies one or more of the categories
      of “accredited investor” (as that term is defined in NI 45-106) indicated
      below (please check the appropriate box):

	 	[   ] 	
      (a) an individual who either alone or with a spouse
      beneficially owns financial assets (as defined in NI 45-106) having an
      aggregate realizable value that before taxes, but net of any related
      liabilities, exceeds CDN$1,000,000;

	 	 	 
	 	[   ] 	
      (b) an individual whose net income before taxes exceeded
      CDN$200,000 in each of the two more recent calendar years or whose net
      income before taxes combined with that of a spouse exceeded CDN$300,000 in
      each of those years and who, in either case, reasonably expects to exceed
      that net income level in the current calendar year;

	 	 	 
	 	[   ] 	
      (c) an individual who, either alone or with a spouse, has
      net assets of at least CDN $5,000,000;

	 	 	 
	 	[   ] 	
      (d) a person, other than an individual or investment
      fund, that had net assets of at least CDN$5,000,000 as reflected on its
      most recently prepared financial statements; or

	 	 	 
	 	[   ] 	
      (e) a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law are persons or companies that are accredited
    investors.

The Subscriber acknowledges and agrees that the Subscriber may
be required by the Company to provide such additional documentation as may be
reasonably required by the Company and its legal counsel in determining the
Subscriber’s eligibility to acquire the Shares under relevant legislation.

     IN WITNESS WHEREOF, the
undersigned has executed this Questionnaire as of the ________day of
______________________, 2011.

	If an Individual: 		If a Corporation, Partnership or Other Entity:    
	 		 
	 	 	 
	Signature 	 	Print or Type Name of Entity 
	 	 	 
	 	 	 
	Print or Type Name 	 	Signature of Authorized Signatory 
	 	 	 
	 	 	 
	  	 	Type of EntityLake Victoria Mining Company, Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

(U.S. ACCREDITED SUBSCRIBERS ONLY)

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS.

LAKE VICTORIA MINING COMPANY, INC.

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT UNITS

INSTRUCTIONS TO SUBSCRIBER

	1. 	
      This Subscription form is for use by United States
      accredited investors.

	 	 	 
	2. 	
      COMPLETE the information on page 2 of this
      Subscription Agreement.

	 	 	 
	3. 	
      COMPLETE:

	 	 	 
		(a) 	
      a US Investor Questionnaire (the “US Accredited
      Investor Questionnaire”) attached as Exhibit A to this Subscription
      Agreement; and

	 	 	 
		(b) 	
      a Canadian Investor Questionnaire (the “Canadian
      Investor Questionnaire”, and together with the US Accredited Investor
      Questionnaire, the “Questionnaires”) attached as Exhibit B
      hereto.

	 	 	 
	4. 	
      Return this Subscription Agreement together with the
      subscription proceeds paid by certified cheque or bank draft
  to:

Lake Victoria Mining Company, Inc.

Attention: President 1781 Larkspur Drive, Golden, CO 80401 
Fax: 1 (866)
910-6114.

The Subscription Amount may be wired
to the Company pursuant to wiring instructions that will be provided to the
Subscriber (as defined herein) upon request.

	5. 	
      All other information must be filled in where
      appropriate.

This is Page 2 of 17 pages of a subscription agreement and
related appendices, schedules and forms. Collectively, these pages together are
referred to as the “Subscription Agreement”.

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

TO: Lake Victoria Mining Company, Inc. (the “Issuer”),
of 1781 Larkspur Drive, Golden, CO 80401

Subject and pursuant to the terms set out in the Terms on pages
3 to 5, the General Provisions on pages 5 to 13, the Questionnaires and the
other schedules and appendices attached which are hereby incorporated by
reference, the undersigned subscriber (the “Subscriber”) hereby
irrevocably subscribes for, and on Closing will purchase from the Issuer, the
following securities at the following price:

	_____________ Units 
	US$0.15 per Unit for a total purchase price
      of US$_____________ 
	 
	The Subscriber or the Beneficial Purchaser
      owns, directly or indirectly, the following securities of the Issuer:
  
	  
	[Check if applicable] The Subscriber
      or the Beneficial Purchaser is [ ] an insider of the Issuer.

The Subscriber directs the Issuer to issue, register and
deliver the certificates representing the Units as follows:

	REGISTRATION INSTRUCTIONS 	 	DELIVERY INSTRUCTIONS 
	 	 	 
	Name to appear on certificate 	 	Name and account reference, if applicable 
	 	 	 
	Account reference if applicable 	 	Contact name 
	 	 	 
	Address 	 	Address 
	 	 	 
	  	 	Telephone Number

	
      EXECUTED by the Subscriber this _____ day of
      ______________, 2011. By executing this Subscription Agreement, the
      Subscriber certifies that the Subscriber and any beneficial purchaser
      for whom the Subscriber is acting are resident in the jurisdiction
      shown as the “Address of Subscriber” or “Address of Beneficial Purchaser”,
      respectively. 

	EXECUTION BY SUBSCRIBER:    	 	DETAILS OF BENEFICIAL
      PURCHASER 
	X 	 	(IF NOT THE SAME AS SUBSCRIBER) 
	Signature of individual (if Subscriber is an individual)    	 	 
	 	 	 
	X 	 	 
	Authorized signatory (if Subscriber is not an
      individual) 	 	Name of Beneficial Purchaser (please print) 
	  	 	 
	Name of Subscriber (please print) 	 	E-mail address of Beneficial Purchaser 
	 	 	 
	Name of authorized signatory (please print) 	 	Telephone Number of Beneficial Purchaser 
	  	 	 
	Address of Subscriber 	 	Address of Beneficial Purchaser (residence) 
	 	 	 
	Telephone Number of Subscriber 	 	Accepted this _____day of _______________, 2011 
	  	 	LAKE VICTORIA MINING COMPANY, INC. 
	E-mail address of Subscriber 	 	Per: 
	 	 	 
	Social Security/Tax I.D. No. of Subscriber    	 	Authorized Signatory  

By signing this acceptance, the Issuer agrees to be bound by
the Terms on pages 3 to 5, the General Provisions on pages 5 to 13, the
Questionnaires and the other schedules and appendices incorporated by
reference.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 3 of 17 

TERMS

	Reference date of this Subscription Agreement    	__________________ , 2011 (the
      “Agreement Date”). 
	 	 
	The US Offering 
	  	
       

	  	
       

	The Issuer 	
      Lake Victoria Mining Company, Inc. (the “Issuer”).      

	  	
       

	US Offering 	
      The offering in the US (the “US Offering”)
      consists of up to 20,000,000 Units (“Units”) of the Issuer. Each
      Unit consists of one share (“Share”) of common stock (“Common
      Stock”) of the Issuer and one share purchase warrant (each a
      “Warrant”) entitling the holder to purchase an additional Share
      (each a “Warrant Share” and when referred to collectively with the
      Shares and Warrants, the “Securities”) at an exercise price of
      $0.30 (the “Exercise Price”) for six (6) months following the
      Closing Date. 

	  	
       

	Issue Price 	
      $0.15 per Unit. 

	  	
       

	Concurrent Non-US Offering 	
      Issuer is also concurrently offering the 20,000,000 Units
      on similar terms in an offering (the “Concurrent Non-US Offering”)
      by way of private placement to offshore subscribers that are not U.S.
      Persons. 

	  	
       

	Total Amount pursuant to the: 	
      Up to $3,000,000 from the sale of Units. 

	(i) US Offering and the 	
       

	(ii) Concurrent Non-US Offering 	
       

	  	
       

	Selling Jurisdictions 	
      The Units may be sold in jurisdictions in the US where
      they may be lawfully sold (the “Selling Jurisdictions”). 

	  	
       

	Exemptions 	
      The offering will be made in accordance with the
      following exemptions: 

	  	
      
	
      

		
      (a) 
	
      the Accredited Investor exemption as provided by Rule 506
      of Regulation D promulgated under the 1933 Act; 

	  	
      
	
      

		
      (b) 
	
      one of categories of registration and prospectus
      exemptions provided in National Instrument 45-106 (“NI 45-106”) of
      the Canadian Securities Administrators adopted by the British Columbia
      Securities Commission (the “BCSC”) and other provincial securities
      commissions; and 

	  	
      
	
      

		
      (c) 
	
      such other exemptions as may be available the securities
      laws of the Selling Jurisdictions. 

	  	
      
	
      

	Registration of Securities 	
      The Shares and Warrants will not be registered with the
      United States Securities and Exchange Commission (the “SEC”) and
  will be tradable in compliance with Rule 144 restricted periods.

	  	
       

	Resale restrictions and legends 	
      The Subscriber acknowledges that any resale of any of the
      Securities will be subject to resale restrictions contained in the
      securities legislation applicable to the Subscriber or proposed
      transferee. The Subscriber acknowledges that none of the Securities have
      been registered under the 1933 Act or the securities laws of any state of
      the United States. The Securities may not be offered or sold in the United
      States unless registered in accordance with federal securities laws and
      all applicable state securities laws or exemptions from such registration
      requirements are available. 

	  	
       

		
      The Subscriber acknowledges that in addition to resale
      restrictions imposed under U.S. securities laws, there are additional
      restrictions on the Subscriber’s ability to resell any of the Securities
      in Canada under (i) the Securities Act (British Columbia) (the
      “BC Act”) (ii) the applicable provincial securities laws and
      British Columbia Instrument 51-509 Issuers
      Quoted in the U.S. Over-the-Counter Markets (“BCI 51-509”) as adopted by the BCSC, (iii) National
      Instrument 45-102 – Resale of Securities (“NI 45-102”) as adopted by the Canadian Securities Administrators (the “CSA”).and (iv) the securities laws, regulations, rules and
      policies of the securities commissions or other regulatory bodies having
      jurisdiction in Canada ( the “Canadian Securities Laws” and when
  referred to collectively with the BC Act, BCI 51-509 and NI 45-102, the “Applicable Canadian Securities Laws”). 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 4 of 17 

		
      The Subscriber acknowledges that the certificates
      representing the Shares and the Warrant Shares will bear the following
      legends: 

	  	
   

		
      “THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE
      SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
      STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
      ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
      REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
      APPLICABLE STATE SECURITIES LAWS.” 

	  	
   

		
      The Subscriber acknowledges that the certificate(s)
      representing the Warrants will bear the following legends: 

	  	
   

		
      “THESE WARRANTS AND THE SECURITIES THAT MAY BE ISSUED
      UPON THE EXERCISE OF THESE WARRANTS HAVE NOT BEEN REGISTERED WITH THE
      SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
      STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
      ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
      REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
      APPLICABLE STATE SECURITIES LAWS.” 

	  	
   

		
      The Subscriber and any Beneficial Purchaser are advised
      to consult with their own legal counsel or advisors to determine the
      resale restrictions that may be applicable to them. 

	  	
   

	Closing Date 	
      The completion of the sale and purchase of the Units will
      take place in one or more closings, on a date or dates as agreed to by the
      Issuer and the 

	 	
      Subscriber (the “Closing
  Date”).  

	  	
   

	Use of Proceeds 	
      The Issuer intends to use the proceeds from the sale of
      the Units for exploration on its Tanzanian mineral projects and working
      capital purposes 

	  	
   

	 The Issuer 
	  	
   

	Jurisdiction of organization 	
      The Issuer is incorporated under the laws of the State of
      Nevada. 

	  	
   

	Market 	
      Certain market makers make market in the Issuer’s shares
      of common stock on the Financial Industry Regulatory Authority’s OTC
      Bulletin Board. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 5 of 17 

	Commissions with Jurisdiction Over
      the Issuer 	The “Commissions with Jurisdiction Over the
      Issuer” are the United States Securities and Exchange Commission, any
      applicable state securities regulators, the BCSC and any provincial
      securities commissions in Canada. 
	  	  
	Securities Legislation Applicable to
      the Issuer 	The “Securities Legislation Applicable to
      the Issuer” is the 1933 Act, 1934 Act, any applicable state securities
      laws, the BC Act and any applicable provincial securities laws.  

End of Terms

GENERAL PROVISIONS

1. DEFINITIONS

1.1 In the Subscription Agreement (including the first (cover)
page, the Terms on pages 3 to 5, the General Provisions on pages 5 to 13 and the
other schedules and appendices incorporated by reference), the following words
have the following meanings unless otherwise indicated:

	 	(a) 	
      “1933 Act” means the United States Securities Act
      of 1933, as amended;

	 	 	 
	 	(b) 	
      “1934 Act” means the United States Securities
      Exchange Act of 1934, as amended;

	 	 	 
	 	(c) 	
      “Applicable Legislation” means the Securities
      Legislation Applicable to the Issuer (as defined on page 5) and all
      legislation incorporated in the definition of this term in other parts of
      the Subscription Agreement, together with the regulations and rules made
      and promulgated under that legislation and all administrative policy
      statements, blanket orders and rulings, notices and other administrative
      directions issued by the Commissions (as defined herein);

	 	 	 
	 	(d) 	
      “BC Act” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(e) 	
      “BCI 51-509” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(f) 	
      “BC Legend” has the meaning ascribed to it in
      section 4.3 hereto.

	 	 	 
	 	(g) 	
      “BCSC” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(h) 	
      “Beneficial Purchaser” means a person for whom the
      Subscriber is acting in purchasing the Units who will be the beneficial
      owner of the Securities within the meaning attributed to it by Rule 13d-3
      adopted by the SEC under the 1934 Act;

	 	 	 
	 	(i) 	
      “Closing” means the completion of the sale and
      purchase of the Units;

	 	 	 
	 	(j) 	
      “Closing Date” has the meaning ascribed to it in
      the Terms;

	 	 	 
	 	(k) 	
      “Common Stock” has the meaning ascribed to it in
      the Terms;

	 	 	 
	 	(l) 	
      “Commissions” means the Commissions with
      Jurisdiction over the Issuer (as defined on page 5) and the securities
      commissions incorporated in the definition of this term in other parts of
      the Subscription Agreement;

	 	 	 
	 	(m) 	
      “Concurrent Non-US Offering” has the meaning
      ascribed to it in the Terms;

	 	 	 
	 	(n) 	
      “Final Closing Date” means the final closing date
      of the US Offering and Concurrent Non-US Offering, whichever is later. In
      the event that the Concurrent Non-US Offering does not close the Final
      Closing Date shall be the Closing Date;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 6 of 17 

	 	(o) 	
      “General Provisions” means those portions of the
      Subscription Agreement headed “General Provisions” and contained on
      pages 5 to 13;

	 	 	 
	 	(p) 	
      “Issuer” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(q) 	
      “NI 45-106” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(r) 	
      “Private Placement” means the offering of the
      Securities on the terms and conditions of this Subscription
    Agreement;

	 	 	 
	 	(s) 	
      “Share” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(t) 	
      “SEC” has the meaning ascribed to in the
    Terms;

	 	 	 
	 	(u) 	
      “Securities” means the Shares, the Warrants and
      the Warrant Shares, as defined in the Terms;

	 	 	 
	 	(v) 	
      “Selling Jurisdictions” has the meaning ascribed
      to it in the Terms;

	 	 	 
	 	(w) 	
      “Subscriber” means a U.S. person;

	 	 	 
	 	(x) 	
      “Subscription Agreement” means the first (cover)
      page, the Terms on pages 3 to 5, the General Provisions on pages 5 to 13,
      the Questionnaires and the other schedules and appendices incorporated by
      reference; and

	 	 	 
	 	(y) 	
      “Terms” means those portions of the Subscription
      Agreement headed “Terms” and contained on pages 3 to 5.

	 	 	 
	 	(z) 	
      “Units” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(aa) 	
      “US Offering” has the meaning ascribed to it in
      the Terms;

	 	 	 
	 	(bb) 	
      “U.S. Person” has the meaning as defined by
      Regulation S under the U.S. Securities Act which definition includes, but
      is not limited to, an individual resident in the United States, an estate
      or trust of which any executor or administrator or trustee, respectively,
      is a U.S. Person and any partnership or corporation organized or
      incorporated under the laws of the United States;

	 	 	 
	 	(cc) 	
      “Warrant” has the meaning ascribed to it in the
      Terms;

	 	 	 
	 	(dd) 	
      “Warrant Share” has the meaning ascribed to it in
      the Terms;

1.2 In the Subscription Agreement, the following terms have the
meanings defined in Regulation S of the 1933 Act (“Regulation S”):
“Directed Selling Efforts”, “Foreign Issuer”, “Substantial U.S.
Market Interest”, “U.S. Person” and “United States”.

1.3 In the Subscription Agreement, unless otherwise specified,
currencies are indicated in US dollars.

1.4 In the Subscription Agreement, other words and phrases that
are capitalized have the meanings assigned to them in the body hereof.

2. ACKNOWLEDGEMENTS, REPRESENTATIONS AND WARRANTIES OF
SUBSCRIBER

2.1 Acknowledgements and Agreements of Subscriber

The Subscriber acknowledges (on its own behalf and, if
applicable, on behalf of each Beneficial Purchaser for whom the Subscriber is
contracting hereunder) that:

	 	(a) 	none of the Securities have been or will be registered
      under the 1933 Act, or under any state securities or “blue sky” laws of
      any state of the United States, and, unless so registered, may
  not be offered or sold in the United States or, directly or
      indirectly, to U.S. Persons, except in accordance with the provisions of
      Regulation S, pursuant to an effective registration statement under the
      1933 Act, or pursuant to an exemption from, or in a transaction not
      subject to, the registration requirements of the 1933 Act and in each case
      only in accordance with applicable state and provincial securities
    laws;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 7 of 17 

	 	(b) 	
      the Subscriber acknowledges that the Issuer has not
      undertaken, and will have no obligation, to register any of the Securities
      under the 1933 Act or any other securities legislation;

	 	 	 
	 	(c) 	
      by completing the Questionnaires, if applicable, the
      Subscriber is representing and warranting the Subscriber is an
      “Accredited Investor”, as the term is defined in Regulation D of
      the 1933 Act and that the Subscriber satisfies one of the categories of
      registration and prospectus exemptions provided in NI 45-106;

	 	 	 
	 	(d) 	
      the decision to execute this Subscription Agreement and
      acquire the Securities agreed to be purchased hereunder has not been based
      upon any oral or written representation as to fact or otherwise made by or
      on behalf of the Issuer and such decision is based entirely upon a review
      of any public information which has been filed by the Issuer with the SEC
      in compliance, or intended compliance, with applicable securities
      legislation;

	 	 	 
	 	(e) 	
      the Subscriber and the Subscriber’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Issuer in connection with the distribution of the Securities hereunder,
      and to obtain additional information, to the extent possessed or
      obtainable without unreasonable effort or expense, necessary to verify the
      accuracy of the information about the Issuer;

	 	 	 
	 	(f) 	
      the books and records of the Issuer were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Subscriber during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Subscriber, the Subscriber’s lawyer
      and/or advisor(s);

	 	 	 
	 	(g) 	
      all of the information which the Subscriber has provided
      to the Issuer is correct and complete as of the date the Subscription
      Agreement is signed, and if there should be any change in such information
      prior to this Subscription Agreement being executed by the Issuer, the
      Subscriber will immediately provide the Issuer with such
    information;

	 	 	 
	 	(h) 	
      the Issuer is entitled to rely on the representations and
      warranties of the Subscriber contained in this Subscription Agreement and
      the Questionnaires and the Subscriber will hold harmless the Issuer from
      any loss or damage it or they may suffer as a result of the Subscriber’s
      failure to correctly complete this Subscription Agreement or the
      Questionnaires;

	 	 	 
	 	(i) 	
      the Subscriber will indemnify and hold harmless the
      Issuer and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Subscriber contained in this Subscription Agreement, the
      Questionnaires or in any document furnished by the Subscriber to the
      Issuer in connection herewith being untrue in any material respect or any
      breach or failure by the Subscriber to comply with any covenant or
      agreement made by the Subscriber to the Issuer in connection
    therewith;

	 	 	 
	 	(j) 	
      the Issuer will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with any other applicable securities
      laws;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 8 of 17 

	 	(k) 	
      the Subscriber has been advised to consult the
      Subscriber’s own legal, tax and other advisors with respect to the merits
      and risks of an investment in the Securities and with respect to
      applicable resale restrictions, and it is solely responsible (and the
      Issuer is not in any way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Subscriber is resident in connection with the distribution of the
      Securities hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(l) 	
      in addition to resale restrictions imposed under U.S.
      securities laws, there are additional restrictions on the Subscriber’s
      ability to resell any of the Securities in Canada under the BC Act and BCI
      51-509;

	 	 	 	 
	 	(m) 	
      the Issuer has advised the Subscriber that the Issuer is
      relying on an exemption from the requirements to provide the Subscriber
      with a prospectus to issue the Securities and, as a consequence of
      acquiring the Securities pursuant to such exemption certain protections,
      rights and remedies provided by the applicable securities legislation of
      British Columbia including statutory rights of rescission or damages, will
      not be available to the Subscriber;

	 	 	 	 
	 	(n) 	
      others will rely upon the truth and accuracy of the
      representations and warranties contained in this Section 2.1 and if such
      representations and warranties are no longer accurate or have been
      breached, the Subscriber shall immediately notify the Issuer;

	 	 	 	 
	 	(o) 	
      neither the SEC nor any other securities commission or
      similar regulatory authority has reviewed or passed on the merits of the
      Securities;

	 	 	 	 
	 	(p) 	
      no documents in connection with the sale of the
      Securities hereunder have been reviewed by the SEC or any state securities
      administrators;

	 	 	 	 
	 	(q) 	
      there is no government or other insurance covering any of
      the Securities; and

	 	 	 	 
	 	(r) 	
      this Subscription Agreement is not enforceable by the
      Subscriber unless it has been accepted by the Issuer, and the Subscriber
      acknowledges and agrees that the Issuer reserves the right to reject any
      Subscription for any reason whatsoever.

2.2 Representations, Warranties and Covenants of the
Subscriber

The Subscriber represents and warrants to and covenants with
the Issuer (on its own behalf and, if applicable, on behalf of the Beneficial
Purchaser from whom the Subscriber is contracting hereunder) that, as at the
date of this Subscription Agreement and at the Closing:

	 	(a) 	
      the Subscriber is a U.S. Person;

	 	 	 
	 	(b) 	
      the Subscriber is resident in the jurisdiction set out
      under the heading “Name and Address of Subscriber” on the signature page
      of this Subscription Agreement;

	 	 	 
	 	(c) 	
      it has the legal capacity and competence to enter into
      and execute this Subscription Agreement and to take all actions required
      pursuant hereto and, if the Subscriber is a corporate entity, it is duly
      incorporated and validly subsisting under the laws of its jurisdiction of
      incorporation and all necessary approvals by its directors, shareholders
      and others have been obtained to authorize execution and performance of
      this Subscription Agreement on behalf of the Subscriber;

	 	 	 
	 	(d) 	
      the entering into of this Subscription Agreement and the
      transactions contemplated hereby do not result in the violation of any of
      the terms and provisions of any law applicable to, or the constating
      documents of, the Subscriber or of any agreement, written or oral, to
      which the Subscriber may be a party or by which the Subscriber is or may
      be bound;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 9 of 17 

	 	(e) 	
      the Subscriber has duly executed and delivered this
      Subscription Agreement and it constitutes a valid and binding agreement of
      the Subscriber enforceable against the Subscriber;

	 	 	 
	 	(f) 	
      the Subscriber has received and carefully read this
      Subscription Agreement;

	 	 	 
	 	(g) 	
      the Subscriber is aware that an investment in the Issuer
      is speculative and involves certain risks, including the possible loss of
      the entire investment;

	 	 	 
	 	(h) 	
      the Subscriber has made an independent examination and
      investigation of an investment in the Units and the Issuer and has
      depended on the advice of its legal and financial advisors and agrees that
      the Issuer will not be responsible in any way whatsoever for the
      Subscriber’s decision to invest in the Units and the Issuer;

	 	 	 
	 	(i) 	
      the Subscriber (i) has adequate net worth and means of
      providing for its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the Units for
      an indefinite period of time;

	 	 	 
	 	(j) 	
      the Subscriber (i) is able to fend for him/her/itself in
      the Subscription; (ii) has such knowledge and experience in business
      matters as to be capable of evaluating the merits and risks of its
      prospective investment in the Units; and (iii) has the ability to bear the
      economic risks of its prospective investment and can afford the complete
      loss of such investment;

	 	 	 
	 	(k) 	
      all information contained in the Questionnaires is
      complete and accurate and may be relied upon by the Issuer;

	 	 	 
	 	(l) 	
      the Subscriber understands and agrees that the Issuer and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations and agreements contained in this Subscription Agreement
      and the Questionnaires and agrees that if any of such acknowledgements,
      representations and agreements are no longer accurate or have been
      breached, the Subscriber shall promptly notify the Issuer;

	 	 	 
	 	(m) 	
      the Subscriber is purchasing the Units for its own
      account for investment purposes only and not for the account of any other
      person and not for distribution, assignment or resale to others, and no
      other person has a direct or indirect beneficial interest is such Units,
      and the Subscriber has not subdivided his interest in the Units with any
      other person;

	 	 	 
	 	(n) 	
      the Subscriber is not an underwriter of, or dealer in,
      the shares of common stock of the Issuer, nor is the Subscriber
      participating, pursuant to a contractual agreement or otherwise, in the
      distribution of the Units;

	 	 	 
	 	(o) 	
      the Subscriber has previously invested in the Company
      and/or has a pre-existing relationship with the Company, is not aware of
      any advertisement of any of the Units and is not acquiring the Units as a
      result of any form of general solicitation or general advertising
      including advertisements, articles, notices or other communications
      published in any newspaper, magazine or similar media or broadcast over
      radio or television, or any seminar or meeting whose attendees have been
      invited by general solicitation or general advertising;

	 	 	 
	 	(p) 	
      no person has made to the Subscriber any written or oral
      representations:

	 	(i) 	
      that any person will resell or repurchase any of the
      Units,

	 	 	 
	 	(ii) 	
      that any person will refund the purchase price of any of
      the Units,

	 	 	 
	 	(iii) 	
      as to the future price or value of any of the Units,
      or

	 	 	 
	 	(iv) 	
      that any of the Units will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Units of the Issuer
      on any stock exchange or automated dealer quotation system;
  and

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 10 of 17 

	 	(q) 	
      the Subscriber acknowledges and agrees that the Issuer
      shall not consider the Subscriber’s Subscription for acceptance unless the
      undersigned provides to the Issuer, along with an executed copy of this
      Subscription Agreement:

	 	 	 	 
	 		(i) 	
      a fully completed and executed copy of each of the
      Questionnaires in the forms attached hereto as Exhibit A and Exhibit B,
      and

	 	 	 	 
	 		(ii) 	
      such other supporting documentation that the Issuer or
      its legal counsel may request to establish the Subscriber’s qualification
      as a qualified investor.

2.3 Reliance, indemnity and notification of changes

The representations and warranties in the Subscription
Agreement (including the first (cover) page, the Terms on pages 3 to 5, the
General Provisions on pages 5 to 13, the Questionnaires and the other schedules
and appendices incorporated by reference) are made by the Subscriber with the
intent that they be relied upon by the Issuer in determining its suitability as
a purchaser of Securities, and the Subscriber hereby agrees to indemnify the
Issuer against all losses, claims, costs, expenses and damages or liabilities
which any of them may suffer or incur as a result of reliance thereon. The
Subscriber undertakes to notify the Issuer immediately of any change in any
representation, warranty or other information relating to the Subscriber set
forth in the Subscription Agreement (including the first (cover) page, the Terms
on pages 3 to 5, the General Provisions on pages 5 to 13, the Questionnaires and
the other schedules and appendices incorporated by reference) which takes place
prior to the Closing.

2.4 Survival of representations and warranties

The representations and warranties contained in this Section
will survive the Closing.

3. ACKNOWLEDGEMENT AND WAIVER

The Subscriber has acknowledged that the decision to acquire
the Securities was solely made on the basis of publicly available information.
The Subscriber hereby waives, to the fullest extent permitted by law, any rights
of withdrawal, rescission or compensation for damages to which the Subscriber
might be entitled in connection with the distribution of any of the
Securities.

4. RESALE RESTRICTIONS

4.1 The Subscriber acknowledges that any resale of any of the
Securities will be subject to resale restrictions contained in the securities
legislation applicable to the Subscriber or proposed transferee. The Subscriber
acknowledges that none of the Securities have been registered under the 1933 Act
or the securities laws of any state of the United States. The Securities may not
be offered or sold in the United States unless registered in accordance with
federal securities laws and all applicable state securities laws or exemptions
from such registration requirements are available.

4.2 The Subscriber acknowledges that the Securities are subject
to resale restrictions in Canada and may not be traded in Canada except as
permitted by the applicable provincial securities laws and the rules made
thereunder.

4.3 If the Subscriber is not a resident of British Columbia or
any other jurisdiction of Canada, the Subscriber represents, warrants and
acknowledges that:

	 	(a) 	
      a subsequent trade in the Securities in or from British
      Columbia or any other jurisdiction of Canada will be a distribution
      subject to the prospectus and registration requirements of Applicable
      Canadian Securities Laws unless certain conditions are met, which
      conditions include, among others, a requirement that any certificate
      representing the Securities (or ownership statement issued under a direct
      registration system or other book entry system) bear the restrictive
      legend specified in BCI 51-509 (the “BC Legend”) or the restrictive
      legend specified in NI 45-102 (the “CSA Legend”);

	 	 	 
	 	(b) 	
      the Subscriber is not a resident of Canada and undertakes
      not to trade or resell any of the Securities in or from Canada unless the
      trade or resale is made in accordance with BCI 51-509
or NI 45-102, as applicable. The Subscriber understands and
      agrees that the Issuer and others will rely upon the truth and accuracy of
      these representations and warranties made in this Section 4 and agrees
      that if such representations and warranties are no longer accurate or have
      been breached, the Subscriber shall immediately notify the
  Issuer;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 11 of 17 

	 	(c) 	
      by executing and delivering this Subscription Agreement
      and as a consequence of the representations and warranties made by the
      Subscriber in this Section 4, the Subscriber will have directed the Issuer
      not to include the BC Legend or the CSA Legend on any certificates
      representing the Securities to be issued to the Subscriber. As a
      consequence, the Subscriber will not be able to rely on the resale
      provisions of BCI 51-509 or NI 45-102, and any subsequent trade in any of
      the Securities in or from British Columbia or any other jurisdiction of
      Canada will be a distribution subject to the prospectus and registration
      requirements of Applicable Canadian Securities Laws; and

	 	 	 
	 	(d) 	
      if the Subscriber wishes to trade or resell any of the
      Securities in or from British Columbia or any other jurisdiction of
      Canada, the Subscriber agrees and undertakes to return, prior to any such
      trade or resale, any certificate representing the Securities to the
      Issuer’s transfer agent to have the BC Legend or the CSA Legend, as
      applicable, imprinted on such certificate or to instruct the Issuer’s
      transfer agent to include the BC Legend or the CSA Legend, as applicable
      on any ownership statement issued under a direct registration system or
      other book entry system.

5. COLLECTION OF PERSONAL INFORMATION

5.1 The Subscriber acknowledges and consents to the fact that
the Issuer is collecting the Subscriber’s personal information for the purpose
of fulfilling this Subscription Agreement and completing the offering. The
Subscriber’s personal information (and, if applicable, the personal information
of those on whose behalf the Subscriber is contracting hereunder) may be
disclosed by the Issuer to (a) stock exchanges or securities regulatory
authorities, (b) the Issuer’s registrar and transfer agent, (c) Canadian tax
authorities, (d) authorities pursuant to the Proceeds of Crime (Money
Laundering) and Terrorist Financing Act (Canada) and (e) any of the other
parties involved in the US Offering, including legal counsel, and may be
included in record books in connection with the offering. By executing this
Subscription Agreement, the Subscriber is deemed to be consenting to the
foregoing collection, use and disclosure of the Subscriber’s personal
information (and, if applicable, the personal information of those on whose
behalf the Subscriber is contracting hereunder) and to the retention of such
personal information for as long as permitted or required by law or business
practice. Notwithstanding that the Subscriber may be purchasing Securities as
agent on behalf of an undisclosed principal, the Subscriber agrees to provide,
on request, particulars as to the identity of such undisclosed principal as may
be required by the Issuer in order to comply with the foregoing.

5.2 Furthermore, the Subscriber is hereby notified that:

	 	(a) 	
      the Issuer may deliver to a provincial securities
      commission in Canada and/or the SEC certain personal information
      pertaining to the Subscriber, including such Subscriber’s full name,
      residential address and telephone number, the number of shares or other
      securities of the Issuer owned by the Subscriber, the number of Securities
      purchased by the Subscriber and the total purchase price paid for such
      Securities, the prospectus exemption relied on by the Issuer and the date
      of distribution of the Securities,

	 	 	 
	 	(b) 	
      such information is being collected indirectly by a
      provincial securities commission in Canada under the authority granted to
      it in securities legislation, and

	 	 	 
	 	(c) 	
      such information is being collected for the purposes of
      the administration and enforcement of the securities legislation of
      Canada.

6. ISSUER’S ACCEPTANCE

The Subscription Agreement, when executed by the Subscriber,
and delivered to the Issuer, will constitute a subscription for the Units which
will not be binding on the Issuer until accepted by the Issuer by executing the
Subscription Agreement in the space provided on the face page(s) of the
Subscription Agreement and, notwithstanding the Agreement Date, if the Issuer
accepts the subscription by the Subscriber, the Subscription Agreement will be
entered into on the date of such execution by the Issuer.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 12 of 17 

7. CLOSING

7.1 On or before the end of the business day before the Closing
Date, the Subscriber shall deliver to the Issuer or the Issuer’s lawyers the
Subscription Agreement and all applicable schedules and required forms, duly
executed, and wire payment in full for the total price of the Units to be
purchased by the Subscriber to the Issuer pursuant to the wiring instruction
provided by the Issuer. 

7.2 At Closing, the Issuer will deliver to the Subscriber the
certificates representing the Units purchased by the Subscriber registered in
the name of the Subscriber or its nominee, or as directed by the Subscriber.

7.3 Where the funds for the purchase of the Units are delivered
to the Issuer, the Issuer is entitled to treat such funds as an interest free
loan to the Issuer until such time as the subscription for the Units is accepted
and the certificates representing the Units have been issued to the
Subscriber.

8. MISCELLANEOUS

8.1 The Subscriber agrees to sell, assign or transfer the
Securities only in accordance with the requirements of applicable securities
laws and any legends placed on the Securities as contemplated by the
Subscription Agreement.

8.2 The Subscriber hereby authorizes the Issuer to correct any
minor errors in, or complete any minor information missing from any part of the
Subscription Agreement and any other schedules, forms, certificates or documents
executed by the Subscriber and delivered to the Issuer in connection with the
Private Placement.

8.3 The Issuer will be entitled to rely on delivery by
facsimile machine or e-mail of an executed copy of this Subscription Agreement,
and acceptance by the Issuer of such facsimile or e-mail copy shall be equally
effective to create a valid and binding agreement between the Subscriber and the
Issuer in accordance with the terms hereof. If less than a complete copy of this
Subscription Agreement is delivered to the Issuer at Closing, the Issuer and its
counsel are entitled to assume that the Subscriber accepts and agrees to all of
the terms and conditions of the pages not delivered at Closing unaltered. This
Subscription Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original and all of which together shall
constitute one and the same Subscription Agreement.

8.4 Without limitation, this subscription and the transactions
contemplated by this Subscription Agreement are conditional upon and subject to
the Issuer’s having obtained such regulatory approval of this subscription and
the transactions contemplated by this Subscription Agreement as the Issuer
considers necessary.

8.5 This Subscription Agreement is not assignable or
transferable by the parties hereto without the express written consent of the
other party to this Subscription Agreement.

8.6 Time is of the essence of this Subscription Agreement.

8.7 Except as expressly provided in this Subscription Agreement
and in the agreements, instruments and other documents contemplated or provided
for in this Subscription Agreement, this Subscription Agreement contains the
entire agreement between the parties with respect to the Securities and there
are no other terms, conditions, representations or warranties whether expressed,
implied, oral or written, by statute, by common law, by the Issuer, or by anyone
else.

8.8 The parties to this Subscription Agreement may amend this
Subscription Agreement only in writing.

8.9 This Subscription Agreement enures to the benefit of and is
binding upon the parties to this Subscription Agreement and their successors and
permitted assigns.

8.10 A party to this Subscription Agreement will give all
notices to or other written communications with the other party to this
Subscription Agreement concerning this Subscription Agreement by hand or by
registered mail addressed to the address given on page 1.

8.11 This Subscription Agreement is to be read with all changes
in gender or number as required by the context.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 13 of 17 

8.12 This Subscription Agreement will be governed by and
construed in accordance with the internal laws of State of Nevada (without
reference to its rules governing the choice or conflict of laws).

End of General Provisions

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 14 of 17 

EXHIBIT A

US ACCREDITED INVESTOR QUESTIONNAIRE

All capitalized terms herein, unless otherwise defined, have
the meanings ascribed thereto in the Agreement.

This Questionnaire is for use by each Subscriber who is a US
person (as that term is defined Regulation S of the United States Securities Act
of 1933 (the “1933 Act”)) and has indicated an interest in purchasing
Shares of Lake Victoria Mining Company, Inc. (the “Company”). The purpose
of this Questionnaire is to assure the Company that each Subscriber will meet
the standards imposed by the 1933 Act and the appropriate exemptions of
applicable state securities laws. The Company will rely on the information
contained in this Questionnaire for the purposes of such determination. The
Shares will not be registered under the 1933 Act in reliance upon the exemption
from registration afforded by Section 3(b) and/or Section 4(2) and Regulation D
of the 1933 Act. This Questionnaire is not an offer of the Shares or any other
securities of the Company in any state other than those specifically authorized
by the Company.

All information contained in this Questionnaire will be treated
as confidential. However, by signing and returning this Questionnaire, each
Subscriber agrees that, if necessary, this Questionnaire may be presented to
such parties as the Company deems appropriate to establish the availability,
under the 1933 Act or applicable state securities law, of exemption from
registration in connection with the sale of the Shares hereunder.

The Subscriber covenants, represents and warrants to the
Company that it satisfies one or more of the categories of “Accredited
Investors”, as defined by Regulation D promulgated under the 1933 Act, as
indicated below: (Please initial in the space provide those categories, if any,
of an “Accredited Investor” which the Subscriber satisfies.)

	____________Category 1 	
      An organization described in Section 501(c)(3) of the
      United States Internal Revenue Code, a corporation, a Massachusetts or
      similar business trust or partnership, not formed for the specific purpose
    of acquiring the Shares, with total assets in excess of US $5,000,000.    

	  	
       

	____________Category 2 	
      A natural person whose individual net worth, or joint net
      worth with that person’s spouse, on the date of purchase exceeds US
      $1,000,000 excluding the value of the primary residence of such natural
      person, calculated by subtracting from the estimated fair market value of
      the property the amount of debt secured by the property, up to the
      estimated fair market value of the property. 

	  	
       

	____________Category 3 	
      A natural person who had an individual income in excess
      of US $200,000 in each of the two most recent years or joint income with
      that person’s spouse in excess of US $300,000 in each of those years and
      has a reasonable expectation of reaching the same income level in the
      current year. 

	  	
       

	____________Category 4 	
      A “bank” as defined under Section (3)(a)(2) of the 1933
      Act or savings and loan association or other institution as defined in
      Section 3(a)(5)(A) of the 1933 Act acting in its individual or fiduciary
      capacity; a broker dealer registered pursuant to Section 15 of the
      Securities Exchange Act of 1934 (United States); an insurance
      company as defined in Section 2(13) of the 1933 Act; an investment company
      registered under the Investment Company Act of 1940 (United States)
      or a business development company as defined in Section 2(a)(48) of such
      Act; a Small Business Investment Company licensed by the U.S. Small
      Business Administration under Section 301(c) or (d) of the Small
      Business Investment Act of 1958 (United States); a plan with total
      assets in excess of $5,000,000 established and maintained by a state, a
      political subdivision thereof, or an agency or instrumentality of a state
      or a political subdivision thereof, for the benefit of its employees; an
      employee benefit plan within the meaning of the Employee Retirement
      Income Security Act of 1974 (United States) whose investment
      decisions are made by a plan fiduciary, as defined in Section 3(21) of
      such Act, which is either a bank, savings and loan association, insurance
      company or registered investment adviser, or if the
employee benefit plan has total assets in
      excess of $5,000,000, or, if a self-directed plan, whose investment
  decisions are made solely by persons that are accredited investors. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 15 of 17 

	____________Category 5 	A private business development company as
      defined in Section 202(a)(22) of the Investment Advisers Act of 1940
      (United States). 
	  	  
	____________Category 6 	A director or executive officer of the Company.    
	  	  
	____________Category 7 	A trust with total assets in excess of
      $5,000,000, not formed for the specific purpose of acquiring the Shares,
      whose purchase is directed by a sophisticated person as described in Rule
      506(b)(2)(ii) under the 1933 Act. 
	  	  
	____________Category 8 	An entity in which all of the equity owners
  satisfy the requirements of one or more of the foregoing categories.  

Note that prospective Subscribers claiming to satisfy one of
the above categories of Accredited Investor may be required to supply the
Company with a balance sheet, prior years’ federal income tax returns or other
appropriate documentation to verify and substantiate the Subscriber’s status as
an Accredited Investor.

	If the Subscriber is an entity which initialled Category 8
      in reliance upon the Accredited Investor categories above, state the name,
      address, total personal income from all sources for the previous calendar
      year, and the net worth (exclusive of home, home furnishings and personal
      automobiles) for each equity owner of the said entity: 
	 

The Subscriber hereby certifies that the information contained
in this Questionnaire is complete and accurate and the Subscriber will notify
the Company promptly of any change in any such information. If this
Questionnaire is being completed on behalf of a corporation, partnership, trust
or estate, the person executing on behalf of the Subscriber represents that it
has the authority to execute and deliver this Questionnaire on behalf of such
entity.

IN WITNESS WHEREOF, the undersigned has executed this
Questionnaire as of the _______day of __________________, 2011.

	If a Corporation, Partnership or Other Entity: 	 	If an Individual: 
	 	 	 
	Print of Type Name of Entity 	 	Signature 
	 	 	 
	Signature of Authorized Signatory 	 	Print or Type Name 
	 	 	 
	Type of Entity 	 	Social Security/Tax I.D. No.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 16 of 17 

EXHIBIT B

CANADIAN INVESTOR QUESTIONNAIRE

All capitalized terms herein, unless otherwise defined, have
the meanings ascribed thereto in the Subscription Agreement between the
undersigned and Lake Victoria Mining Company, Inc. (the “Company”).

The purpose of this Questionnaire is to assure the Company that
the Subscriber will meet certain requirements of National Instrument 45-106
(“NI 45-106”). The Company will rely on the information contained in this
Questionnaire for the purposes of such determination.

The Subscriber covenants, represents and warrants to the
Company that:

	 	1. 	if the Subscriber is not a resident
      of Ontario, the Subscriber is (tick one or more of the following
      boxes): 
	 	 	  	 	  
	 		[   ]	(A) 	a director, executive officer, founder or
      control person of the Company or an affiliate of the Company 
	 	 	  	 	  
	 		[   ]	(B) 	a spouse, parent, grandparent, brother, sister
      or child of a director, executive officer, founder or control person of
      the Company or an affiliate of the Company 
	 	 	  	 	  
	 		[   ]	(C) 	a parent, grandparent, brother, sister or child
      of the spouse of a director, executive officer, founder or control person
      of the Company or an affiliate of the Company 
	 	 	  	 	  
	 		[   ]	(D) 	a close personal friend of a director,
      executive officer, founder or control person of the Company 
	 	 	  	 	  
	 		[   ]	(E) 	a close business associate of a director,
      executive officer, founder or control person of the Company or an
      affiliate of the Company 
	 	 	  	 	  
	 	 	[   ]	(F) 	an accredited investor 
	 	 	  	 	  
	 		[   ]	(G) 	a company, partnership or other entity of which
      a majority of the voting securities are beneficially owned by, or a
      majority of the directors are, persons described in paragraphs A to F  
	 	 	  	 	  
	 		[   ]	(H) 	a trust or estate of which all of the
      beneficiaries or a majority of the trustees or executors are persons
      described in paragraphs A to F 

	 	2. 	
      if the Subscriber has checked box B, C, D, E, G or H in
      Section 1 above, the director, executive officer, founder or control
      person of the Company with whom the undersigned has the relationship
      is:

	 	 	 
	 	 	 
	 		
      (Instructions to Subscriber: fill in the name of each
      director, executive officer, founder and control person which you have the
      above-mentioned relationship with. If you have checked box G or H, also
      indicate which of A to F describes the securityholders, directors,
      trustees or beneficiaries which qualify you as box G or H and provide the
      names of those individuals. Please attach a separate page if
      necessary).

	 	 	 
	 	3. 	
      if the Subscriber is resident in Ontario, the Subscriber
      is (tick one or more of the following
boxes):

	 	[   ]	 (A) 	a founder of the Company

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 17 of 17 

	 	 	[   ]	(B) 	an affiliate of a founder of the Company 
	 	 	 	 	 
			[   ]	(C) 	a spouse, parent, brother, sister, grandparent
      or child of an executive officer, director or founder of the Company
	 	 	 	 	 
	 	 	[   ]	(D) 	a control person of the Company 
	 	 	 	 	 
	 	 	[   ]	(E) 	an accredited investor 

	 	4. 	
      if the Subscriber has checked box C in Section 3 above,
      the executive officer, director or founder of the Company with whom the
      undersigned has the relationship is:

	 	 	 
	 	 	 
	 		
      (Instructions to Subscriber: fill in the name of each
      executive officer, director or founder which you have the above-mentioned
      relationship with.)

	 	 	 
	 	5. 	
      if the Subscriber has ticked box F in Section 1 or box E
      in Section 3 above, the Subscriber satisfies one or more of the categories
      of “accredited investor” (as that term is defined in NI 45-106) indicated
      below (please check the appropriate box):

		[   ] 	(a) an individual who either alone or with a
      spouse beneficially owns financial assets (as defined in NI 45-106) having
      an aggregate realizable value that before taxes, but net of any related
      liabilities, exceeds CDN$1,000,000; 
	 	  	  
		[   ] 	(b) an individual whose net income before taxes
      exceeded CDN$200,000 in each of the two more recent calendar years or
      whose net income before taxes combined with that of a spouse exceeded
      CDN$300,000 in each of those years and who, in either case, reasonably
      expects to exceed that net income level in the current calendar year;
  
	 	  	  
		[   ] 	(c) an individual who, either alone or with a
      spouse, has net assets of at least CDN $5,000,000; 
	 	  	  
		[   ] 	(d) a person, other than an individual or
      investment fund, that had net assets of at least CDN$5,000,000 as
      reflected on its most recently prepared financial statements; or 
	 	  	  
		[   ] 	(e) a person in respect of which all of the
      owners of interests, direct, indirect or beneficial, except the voting
      securities required by law are persons or companies that are accredited
      investors. 

The Subscriber acknowledges and agrees that the Subscriber may
be required by the Company to provide such additional documentation as may be
reasonably required by the Company and its legal counsel in determining the
Subscriber’s eligibility to acquire the Shares under relevant legislation.

     IN WITNESS WHEREOF, the
undersigned has executed this Questionnaire as of the ________day of
______________________, 2011.

	If an Individual: 		If a Corporation, Partnership or Other Entity:
    
	 	 	 
	Signature 	 	Print or Type Name of Entity 
	 	 	 
	Print or Type Name 	 	Signature of Authorized Signatory 
	 	 	 
	  	 	Type of Entity

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