Victoria Gold Purchases Construction Camp and Reduces Upfront Construction Capital
TORONTO, ON--(Marketwired - July 05, 2016) - Victoria Gold Corp. (TSX VENTURE: VIT) "Victoria" or the "Company" is pleased to announce that the Company has agreed to purchase a used all-season camp complete with 110 dorm rooms, industrial kitchen, recreational & mud room, and arctic corridors for the price of $275,000. The camp is in excellent condition and only minor refurbishment is required for full occupancy. Importantly, the camp is currently located less than 100km from Victoria's Eagle Gold Project ensuring the cost and logistics of moving the camp to site is relatively modest.
Victoria will add the newly acquired camp to the already existing 100-person all-season camp at the Eagle project site. With over 200 dorm rooms, full kitchen, recreation and mud room now acquired, the Company expects to realize nearly $6 million in upfront capital camp savings for the Feasibility Study Update currently underway (see News Release dated April 7, 2016).
John McConnell, President and CEO, said "The camp looks great and we are pleased that our strong balance sheet and treasury place us in a position to take advantage of exceptional opportunities such as this one. In addition to realizing significant upfront capital savings, the camp enables a more aggressive execution schedule once construction begins as we can immediately mobilize over 200 construction personnel directly to site."
A PowerPoint Presentation showing a series of photos of the newly purchased camp will be made available on the Company's website www.vitgoldcorp.com.
Qualified Person
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the Qualified Person.
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 feasibility study.
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.
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Contact
For Further Information Contact:
John McConnell
President & CEO
Victoria Gold Corp.
Tel: 416-866-8800
Fax: 416-866-8801
www.vitgoldcorp.com