Toronto, ON / April 25, 2017 / Victoria Gold Corp. (TSX.V-VIT) “Victoria” or the “Company” is pleased to announce the appointment of Paul D. Gray, P. Geo. as Vice President Exploration and that the 110-person, all-season, used camp that was recently purchased has been moved and erected at the Eagle Gold project site.
Victoria has appointed Paul D. Gray as Vice President Exploration. Paul has worked with Victoria over the past 5 years. Mr. Gray holds a Bachelor of Science (Honours) degree from Dalhousie University and is a member in good standing with the Association of Professional Engineers and Geoscientists of British Columbia. Mr. Gray has worked extensively as an exploration geologist in the mineral exploration industry in Canada, the United States, Asia and Central and South America for the past 21 years, concentrating on precious metals, base metals and uranium exploration and development. Mr. Gray has been working in the Yukon and North West Territories with advanced gold exploration projects since 2001.
Victoria has moved the recently purchased camp (see News Release dated July 5, 2016) to the Eagle Gold Project site which now provides the Company with 210 dorm rooms and associated dining facilities that will be available for construction and operation of the Eagle Gold Mine.
Victoria Gold has also mobilized a fourth diamond drill to site in support of the on-going 2017 exploration program currently underway.
“Paul was instrumental in the recent successful exploration campaign at Olive-Shamrock and we are delighted to have his exploration leadership as we head into a significant regional exploration program this year,” stated John McConnell, President & CEO. “On the project development side, having over 200 beds on site will allow for a smooth and rapid start once mine construction activities begin.”
The Company invites readers to Victoria Gold’s website to view a presentation showing the current state of the Eagle Gold Project site, including the newly installed camp.www.vitgoldcorp.com.
The Board of Directors of Victoria has granted 1,190,000 options to new employees and consultants of the Company. The option grant is made under the stock option plan of the Company. This plan was approved by shareholders on August 8, 2016 and allows the Company to issue a number of options up to 10% of its rolling issued and outstanding common shares. Including this issuance, outstanding options represent approximately 5.9% of issued common shares. The options have an exercise price of $0.72 and are exercisable for a period of 3 years from the date of the grant thereof with a vesting period of 12 months.
About the Dublin Gulch Property
Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy’s electrical grid. The Company has constructed and maintains a 210 person all-season camp at the project site.
The Property covers an area of approximately 555 square kilometers, and is the site of the Company’s Eagle Gold Deposit. The Eagle Gold Mine is expected to be Yukon’s next operating gold mine and, between the Eagle and Olive deposits, include Proven and Probable Reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated to host 191 million tonnes averaging 0.65 grams of gold per tonne, containing 4.0 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 24 million tonnes averaging 0.61 grams of gold per tonne, containing 0.5 million ounces of gold in the “Inferred” category.
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the Qualified Person.
Cautionary Language and Forward-Looking Statements
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
For Further Information Contact:
President & CEO
Victoria Gold Corp