The explorer and developer intends to accelerate
the schedule by one month.
Victoria
Gold Corp. (VIT:TSX.V) announced in a news release that construction of its Eagle gold mine is
75% complete after 1.2 million hours of work were put into it.
The company is currently focusing on the mine starter pit along with the
crushing, heap-leach and gold recovery facilities.
"We are rapidly turning our attention to commissioning and operations
to transform the Eagle gold mine into reality," President and CEO John
McConnell said in the release.
Victoria Gold is aiming to deliver first ore to the heap-leach pad in July
2019, a month earlier than originally estimated. Subsequently, the first gold
pour would occur in September 2019.
As for construction costs, the project has required an additional CA$45
million of capital because surprise geotechnical conditions required extra
earthworks. However, no additional capital outlays are expected, the company
stated.
Victoria Gold, though, does need CA$25 million more to be fully funded
through construction and to positive cash flow, the company stated. As such,
it plans to conduct a non-brokered, flow-through financing for gross proceeds
of up to CA$15 million. The company could gain another CA$16 million should
its 40 million common stock warrants be exercised by the expiration date, May
10, 2019.
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