Victoria
Gold Corporation [TSX-V:VIT], the �Company� is
pleased to announce a $9 million 2011 exploration program at Dublin
Gulch, Yukon with Lyncorp Drilling Services of
Calgary, AB currently on-site to initiate drilling. �
The
2011 exploration program at the Company�s 100% owned Dublin Gulch
property, which includes our advanced-stage Eagle Gold Mine, will focus
on:
� Expanding the known limits the Eagle Gold deposit which is the
subject of a positive NI 43-101 pre-feasibility study with a feasibility
study currently underway;
� Extensive exploration of the 10 kilometer (km) x 3 km Potato Hills
Trend, including the Olive and Shamrock targets, which demonstrated
promising drilling results from the Company�s 2010 exploration
program.� The Potato Hills Trend
remains open along strike and at depth;
� Identifying new promising targets across the Dublin Gulch property
which extends approximately 28 km x 15 km and remains largely unexplored.
The
2011 exploration drilling program will be in excess of 17,000 meters
across more than 100 holes of diamond drill core and reverse-circulation
drilling at Dublin Gulch.
�Victoria�s
strong cash position enables us to move forward with our most ambitious
exploration program to date at Dublin Gulch.� In addition to being our largest
budget, our drilling will begin 3 months earlier than the traditional Yukon
field season supported by our new 100 person all season camp� commented
Mr. John McConnell, President and Chief Executive Officer of Victoria
Gold. �The comprehensive 2011 exploration program at Dublin Gulch is
aimed at bulking up local and regional geological targets as we advance
the Eagle Gold deposit through feasibility and early development this
year.��� �
About
Dublin
Gulch � Eagle Gold Project
The
Dublin Gulch property, situated in the Mayo Mining District of Yukon
Territory, covers a large area of 28 km by 15 km 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.� In March 2010,
Victoria released the results of the Preliminary Feasibility Assessment
at Eagle, the study indicated a pre-tax Net Present Value of C$115
million (5% discount rate), with the project producing greater than
170,000 ounces per year at a cash cost of US$464 per ounce.
The technical
content of this news release has been reviewed as accurate by Ted Wilton,
Vice President of Exploration, Victoria
Gold Corp., as the Qualified Person.
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.� Victoria
currently holds approximately Cdn$26 million in unrestricted cash and
cash equivalents.
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
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