Jun. 7, 2011 (Marketwire Canada) --
TORONTO, ONTARIO -- Victoria Gold Corporation (TSX VENTURE:VIT) ("Victoria" or "the Company") is pleased to announce a one year extension of an Exploration Agreement between the First Nation of Nacho Nyak Dun and Victoria.
Victoria and the First Nation of Nacho Nyak Dun have been actively engaged in negotiating a Comprehensive Cooperation Benefits Agreement ("CBA") on the Eagle Gold Deposit and are making significant progress. In the interim both parties have agreed to extend the existing Exploration Agreement for an additional one year. Upon completion the CBA will supersede the Exploration Agreement.
"The extension of the Exploration Agreement with the First Nation of Nacho Nyak Dun is the next step in negotiating a Comprehensive Cooperation Agreement as the Eagle Gold Deposit advances to an operating mine" noted John McConnell, President & CEO, "Victoria continues to work with the First Nation of Nacho Nyak Dun to advance our projects within their Traditional Territory and we enjoy a strong relationship that has been developed over several years."
About Dublin Gulch
The Dublin Gulch gold project covers a large area, approximately 28 kilometres by 15 kilometres and contains the Eagle Gold Deposit which hosts a National Instrument 43‐101 compliant Resource of 4,827,000 Indicated ounces of gold contained in 222,194,000 tonnes grading 0.68 g/t and 1,485,000 Inferred ounces of gold contained in 77,931,000 tonnes grading 0.59 g/t which includes Probable Reserve of 1,751,000 ounces of gold contained in 66,141,000 tonnes of ore grading 0.823 g/t calculated at a gold price of $900 per ounce. The Dublin Gulch property is situated in a highly prospective region of the central Yukon Territory is accessible by road year‐round and is situated in the Mayo Mining District of Yukon Territory, Canada. Dublin Gulch is 100% owned by Victoria.
About Victoria Gold Corp
Victoria's strategy is to maximize shareholder value by advancing the Eagle Gold deposit to production, and exploring our pipeline of projects in Yukon and Nevada.
Cautionary Language and Forward‐Looking Statements
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, anticipated dates for the completion of work performed by external consultants, 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.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Victoria Gold Corp.
Investor Relations Coordinator
416-866-8800 Ext. 226