NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES.

July 29, 2010 – Toronto, ON – Victoria Gold Corp. (TSX-V: VIT) (“Victoria” or “the Company”) is
pleased to announce that it has entered into an agreement with a syndicate of underwriters, led by GMP
Securities L.P. and including Cormark Securities Inc., Wellington West Capital Markets Inc., NCP
Northland Capital Partners Inc., Paradigm Capital Inc., Raymond James Ltd., RBC Capital Markets and
Scotia Capital Inc. (collectively, the “Underwriters”), which have agreed to purchase, on a bought deal
basis, 35,750,000 common shares (the “Shares”) of the Company at a price of C$0.70 per Share, for
aggregate gross proceeds of C$25,025,000 (the “Offering”). The Underwriters will also have the option,
exercisable in whole or in part at any time up to 30 days after the closing of the offering, to purchase up to
an additional 5,362,500 Shares. In the event that the option is exercised in its entirety, the aggregate gross
proceeds of the offering will be C$28,778,750.

The Company plans to use the net proceeds from the Offering for project development, exploration and
general corporate purposes.

The Shares will be offered by way of a short form prospectus to be filed in all of the provinces of Canada
other than Quebec pursuant to National Instrument 44-101 Short Form Prospectus Distributions and in the
United States on a private placement basis pursuant to an exemption from the registration requirements of
the United States Securities Act of 1933, as amended and to buyers in the United Kingdom on a private
placement basis.

The Offering is scheduled to close on or about August 24, 2010 and is subject to certain conditions
including, but not limited to, the receipt of all necessary approvals including the approval of the TSX
Venture Exchange and the securities regulatory authorities.

About Victoria
Victoria is a high growth gold company with a focus on adding value per share through efficient
exploration, project development, accretive acquisitions and effective marketing. Maintaining a low risk
profile through project diversification, sound financial management, and operating in secure jurisdictions
are key priorities for Victoria’s management team.

On Behalf of Victoria Gold Corp.
Chad Williams, P. Eng, CEO, President & Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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 and events or developmentsthat 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 andactual 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.

For Further Information Contact
Chad Williams
President & CEO
Victoria Gold Corp.
Tel: 416-866-8800 ext 230
cwilliams@vitgoldcorp.com