Toronto, ON / June 29, 2016 / Victoria Gold Corp. (TSX.V-VIT) ("Victoria" or the "Company") is pleased to announce that Patrick Downey has agreed to stand for election as a director of the Company at the upcoming annual general meeting of shareholders of the Company (the "AGM"). The AGM will be held on August 8th, 2016.
"Patrick's impressive track record of success and decision to stand for election as a director is testament to the quality of the Eagle Project and the Victoria team he will be joining. His experience with development stage projects will be essential as Victoria continues to march toward becoming a significant gold producer.", said Sean Harvey, Chairman of the board of directors of the Company.
Mr. Downey has over 25 years of international experience in the resource industry. Most recently, Mr. Downey was the President and Chief Executive Officer ("CEO") of Elgin Mining Inc., which was acquired by Mandalay Resources Corporation in June of 2014. Prior to joining Elgin Mining Inc., Mr. Downey held the position of President, CEO and Director of Aura Minerals Inc. Mr. Downey was President, CEO and Director of Viceroy Exploration Ltd. before its acquisition by Yamana Gold Inc. in 2006. He also served as President of Oliver Gold Corporation and completed the merger of that company to form Canico Resources which was subsequently purchased by Vale Corporation for over $800 million. He has held numerous senior engineering positions at several large scale gold mining operations and has also held operating positions at several mining projects for Anglo American Corporation in South Africa. Mr. Downey holds a Bachelor of Science (Hon.) degree in Engineering from Queen's University in Belfast, Northern Ireland. Currently, Mr. Downey serves as a member of the board of directors of Dalradian Resources and Orezone Resources.
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.
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.
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President & CEO
Victoria Gold Corp