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Victoria Gold Enters Into Agreement to Sell Its Big Springs Property in Nevada
Published : November 27, 2012
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TORONTO, ONTARIO--(Marketwire - Nov. 27, 2012) - Victoria Gold Corp. (News - Market indicators) ("Victoria" or the "Company") is pleased to announce that it has agreed, by way of a binding terms sheet, to sell its interest in the Big Springs Property (the "Property"), located in Elko County, Nevada, to MRG Copper LLC which is a US subsidiary of Big Springs Project Pty Ltd. and which is concurrently being acquired by Kimberley Rare Earths Limited (together, the "Buyers").

Closing of the transaction is expected to occur in February 2013 and is subject to completion of due diligence by the Buyers, execution of a Definitive Agreement.

Total consideration for the purchase of the Property is up to US$6,000,000 which shall be satisfied by the delivery to Victoria of:

i.) US$2,000,000 on closing,
ii.) US$2,000,000 sixty days from closing, and
iii.) contingent milestone payments of up to US$2,000,000, predominantly subject to satisfaction of JORC resource performance objectives.

John McConnell, President & CEO of Victoria stated, "This latest transaction further demonstrates our adherence to two of our core goals. Namely, to minimize share dilution by realizing cash through non-core asset sales and to remain focused on the construction of the Company's flagship Eagle Gold Mine."

About Victoria

Victoria Gold is an emerging gold producer whose flagship asset is its 100% owned Dublin Gulch property which hosts the Eagle Gold Deposit. Dublin Gulch is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse. The property covers an area of approximately 650 square kilometers, is accessible by road year-round and is located within Yukon Energy's electrical grid.

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 definitive feasibility study. The NI 43-101 Compliant Mineral Resource has been estimated to host 222 million tonnes averaging 0.68 grams of gold per tonne, containing 4.9 million ounces of gold in the "Indicated" category, inclusive of Probable Reserves, and a further 78 million tonnes averaging 0.60 grams of gold per tonne, containing 1.5 million ounces of gold in the "Inferred" category.

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, 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 that 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.

Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Victoria Gold Corp.
John McConnell
President & CEO
416-866-8800
416-866-8801 (FAX)
www.vitgoldcorp.com
Data and Statistics for these countries : Canada | All
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Victoria Gold Corporation

DEVELOPMENT STAGE
CODE : VIT.V
ISIN : CA92625W1014
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In the News and Medias of Victoria Gold Corporation
6/23/2010Says it is steadily adding value to its key assets
5/20/2010Sign MOU on the Eagle Gold Project
4/14/2010Says latest drill results from Santa Fe project continue to ...
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8/7/2009 Commences Drilling at Santa Fe, Nevada and Closes Flow-Thro...
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12/18/2009Announces Grant of Stock Options
Nominations of Victoria Gold Corporation
2/4/2011Announces Appointment of John McConnell as President and CEO
1/8/2009Appoints John McConnell as Executive Vice President
Project news of Victoria Gold Corporation
2/6/2013Closes the Sale of the Big Springs Property in Nevada
9/11/2012Continues to Define Higher Grades at Eagle Gold Deposit
5/25/2012(Mill Canyon)Enters Into Agreement to Sell its Mill Canyon Property in Ne...
9/19/2011(Mill Canyon)To Drill the Mill Canyon Project in Nevada
5/23/2011(Dublin Gulch Eagle Gold Mine)Reports Positive Drill Results from the Eagle Gold Deposit
5/12/2011(Cove)Announces Updated Cove Resource Estimate
2/28/2011(Dublin Gulch Mar Tungsten)Victoria Gold Announces 2011 Dublin Gulch Exploration Progra...
2/28/2011(Dublin Gulch Eagle Gold Mine)Announces 2011 Dublin Gulch Exploration Program
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1/25/2011(Dublin Gulch Eagle Gold Mine)Announces Eagle Feasibility Study Underway
12/9/2010(Cove)Provides Update on Cove Upper Zone Resource Estimate
11/17/2010(Dublin Gulch Eagle Gold Mine)Discovers Multiple New Gold Zones at Dublin Gulch
12/10/2009Eagle Gold Project Drilling Results Including 161.8 m Gradin...
6/23/2009(Cove)Announces Additional High-Grade Gold Assays From the Helen Z...
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1/12/2013Announces Grant of Stock Options
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10/29/2012Expands Higher Grade Gold Target at Olive, Adjacent to Victo...
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11/13/2009Announces Guyanese Gold Asset Monetization
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10/29/2009 Announces That Drilling at Summit Gold Project is Underway
7/20/2009Exceptional Gold Exploration Results in Guyana
7/16/2009Notice of AGM on July 22, 2009
6/5/2009Closing of Business Combination With StrataGold Corporation
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3/30/2009and StrataGold Sign Definitive Agreement to Complete Busines...
2/13/2009StrataGold Corporation and Victoria Gold Corp. Webcast
2/11/2009 and StrataGold Corporation Announce Business Combination
1/26/2009 Board Approves $2.5 million Budget to Advance Nevada Gold P...
12/17/2008Announces Closing of Business Combination with Gateway Gold ...
5/30/2007Further Drill Results at Cove-McCoy Project, Nevada
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TSX-V (VIT.V)Other OTC (VTSRF)
0.125-3.85%0.120-7.69%
TSX-V
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