Toronto, ON / March 27, 2017 / Victoria Gold Corp. (TSX.V-VIT) “Victoria” or the “Company” is pleased to announce the award of engineering to JDS Energy & Mining in partnership with Hatch (“JDS/Hatch”).
Victoria has been undertaking engineering activities on certain critical project elements, such as the heap leach pad, since delivery of the Feasibility Study in late 2016. JDS/Hatch has been engaged to continue and complete basic engineering and move into detailed design under an Engineering, Procurement and Construction Management contract. The JDS/Hatch team have extensive experience working together on northern projects, including the Minto Mine, Yukon, Hope Bay Project, NU, and the recently completed Gahcho Kué Mine, NWT which was built and brought into operations ahead of schedule and under budget.
“This is an important commitment for Victoria and we are eager to work with JDS/Hatch in the ongoing development of the Eagle Gold Project.” stated John McConnell, President & CEO. “The work over the coming weeks will, by advancing the engineering, enable commencement of site construction activities and the placing of orders for long lead equipment as we continue our drive to become Yukon’s next and largest ever gold producer.”
This press release has been reviewed and approved by Anthony George, P. Eng., a mining engineer and the Company’s Vice-President Project Execution, who is a QPs under NI 43-101.
About the Dublin Gulch Project
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 100 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 Deposit is expected to be Yukon’s next operating gold mine and includes Probable Reserves of 2.3 million ozs of gold from 92 million tonnes of ore with a grade of 0.78 grams of gold per tonne, as outlined in a National Instrument 43-101 definitive feasibility study. The NI 43-101 Mineral Resource has been estimated to host 222 million tonnes averaging 0.68 grams of gold per tonne, containing 4.9 million ounces of gold in the “Indicated” category, inclusive of Probable Reserves, and a further 78 million tonnes averaging 0.60 grams of gold per tonne, containing 1.5 million ounces of gold in the “Inferred” category.
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