Toronto, ON / June 16, 2016 / Victoria Gold Corp. (TSX.V-VIT) "Victoria" or the "Company" is pleased to announce that pursuant to the terms of the financing announced on April 20, 2016, Electrum Strategic Opportunities Fund L.P. ("Electrum") has elected to exercise their right to nominate one person to the Company's board of directors, and in doing so, the Company has approved and appointed Heather White, P. Eng. to the board of directors effective immediately.
Ms. White is an independent consultant providing a broad range of professional services to a variety of companies in the mining sector. She has over 20 years of experience in the mining industry where she has served in senior operating and executive roles with such major companies as Vale Canada, Voisey's Bay Nickel Company, Inco Ltd and NOVAGOLD Resources. Ms. White holds a Bachelor of Mining Engineering degree from Queen's University, Kingston, Ontario and is an active member of the Professional Engineers of Ontario and the Canadian Institute of Mining.
"Victoria is pleased to welcome Heather to the Board. Her experience working on numerous mining operations and projects around the world, with significant time in Canada's North, will be valuable as we continue to advance our Eagle Project up the value chain to production", said Sean Harvey, Board Chair.
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.
The Olive-Shamrock target Olive lies 2 kilometers (km) from the proposed infrastructure at the Eagle Gold Project, along the Potato Hills Trend, importantly, drilling and surface trench results to date indicate the existence of near-surface, high-grade potential feed into Eagle operations. Metallurgical testing has indicated that the high-grade Olive-Shamrock Zone is amenable to heap leach recovery at the same crush size as Eagle Project feed.
Olive-Shamrock is defined by a broad gold/arsenic in-soils geochemical anomaly and lies on the intrusive-sediment contact of the Potato Hills Trend (as does the Eagle Deposit) and is punctuated by several historically exploited high-grade sulphide veins. The Olive area was mined on a small scale from shallow shafts and adits in the early 1900's and via placer mining in creeks draining the area. The Olive vein system is located near the top of Olive Gulch and consists of gold-bearing quartz-scorodite-arsenopyrite vein material centralized in a shear zone structure. More detail and a current summary of all Olive-Shamrock Zone exploration can be found on the Company's website.
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