Victoria
Gold Corp. Announces Further Progress on the Path to
Development
of the Eagle Gold Mine
February 07, 2011 � Toronto, ON - Victoria Gold
Corp. (VIT.TSX-V) (�Victoria� or the �Company�) is pleased to announce
the signing of a Letter of Intent with Yukon Energy Corp to supply
electric power for the Eagle Gold Mine project (�Eagle�).
Letter of Intent signed with Yukon Energy Corporation
Victoria and the Yukon Energy Corporation (�YEC�) have signed a
Letter of Intent which sets out the essential elements of a Power
Purchase Agreement (�PPA�) to be negotiated, executed and delivered for
the supply of electricity to the Eagle Gold Mine.� The PPA is the definitive agreement
under which Victoria will secure electrical power for Eagle for the life
of mine operations and is expected to be completed in Q2 2011.
�On the heels of initiating the Eagle Feasibility Study, the
Victoria team has achieved another critical milestone as we prepare Eagle
for mine development� said John McConnell, President and CEO of Victoria.
�Securing commercial rate electrical power is a key component to driving
value from Eagle and we are pleased to be working with YEC to ensure
Eagle is a low-cost operation, providing benefits to Victoria and the
Yukon for many years into the future.�
About Dublin Gulch � Eagle Gold Project
The Dublin Gulch property covers a large area of 28 kilometres by 15 kilometres
and contains the Eagle Gold Deposit which hosts a National Instrument
43-101 compliant Probable Reserve of 1,751,000 ounces of gold contained
in 66,141,000 tonnes of ore grading 0.823 g/t
calculated at a gold price of $900/oz. The Dublin Gulch property is road
accessible year-round and is situated in the Mayo Mining District of
Yukon Territory, Canada. Dublin Gulch is 100% owned by Victoria.
About Victoria
Victoria is a high-growth gold company with a
focus on adding value per share through efficient exploration, project
development, and accretive acquisitions. Maintaining a low risk profile
through project diversification, sound financial management, and
operating in secure jurisdictions are key priorities for Victoria�s management
team.
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.
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 PLEASE CONTACT:
Katie Fedorowicz, MBA
Investor Relations Coordinator
Victoria Gold Corp
Tel: 416‐866‐8800 Ext. 226
Fax: 416��866��8801
kfedorowicz@vitgoldcorp.com
www.vitgoldcorp.com
TSX:V��� VIT
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