Mr. John McConnell reports

VICTORIA'S EAGLE DRILLING IDENTIFIES NEAR SURFACE GOLD MINERALIZATION, INCLUDING 47.2 METERS OF 2.1 G/T AND 13.2 METERS OF 3.8 G/T GOLD

Victoria Gold Corp. has provided new drill hole results from its continuing drill program at its Eagle gold deposit (Dublin Gulch) in Yukon Territory, Canada. The deposit is located 80 kilometres by road from the town of Mayo in central Yukon.

The continuing drill program at Eagle is designed to explore for additional and higher-grade gold mineralization within the planned open-pit limits and to provide information for geological interpretations of ore controls. Recently received assay results from drilling confirm expanded gold potential. New geological information has also improved the understanding of the deposit.

John McConnell, president and chief executive officer of Victoria Gold, commented, "The grades and thickness of gold mineralization encountered in this drilling endorses our belief that additional higher-grade material near surface can be captured early in the mine life and further improve on the strong cash flows and project economics shown by the feasibility study at Eagle."

Highlights of the program include:

• DG11-467C: 99.00 metres of 0.992 gram per tonne gold, including 36.96 metres of 1.829 g/t gold;
• DG11-469C: 86.75 metres of 1.034 g/t gold, including 18.55 metres of 3.068 g/t gold;
• DG11-470C: 119.91 metres of 0.965 g/t gold, including 13.25 metres of 3.854 g/t gold;
• DG12-472C: 239.68 metres of 0.941 g/t gold, including 47.20 metres of 2.072 g/t gold.

On Feb. 24, 2012, the company announced the results of the National Instrument 43-101 definitive feasibility study for the Eagle gold project. The results of the feasibility study confirmed a 29,500-tonne-per-day open-pit gold mine including a three-stage crushing circuit, in-valley heap leach and an adsorption desorption gold recovery plant operation. Probable reserves of 2.3 million ounces of gold resulted in a pretax internal rate of return of 24.1 per cent and net present value using a 5-per-cent discount rate of $381-million using a gold price of $1,325 (U.S.) per ounce.

About the Eagle gold deposit

The Dublin Gulch property is located in the north-central part of the Selwyn basin on the northern limb of the McQuesten antiform. The area is underlain by Proterozoic to Lower Cambrian-age Hyland Group metasediments and the intrusive Dublin Gulch granodioritic stock. The stock is elongate in a northeast direction and measures approximately five kilometres in length and two kilometres in width. The Eagle gold deposit is localized at the narrowest exposed portion of the stock, near its known western limit. The Dublin Gulch stock covers a large area and many gold targets remain to be explored.

The Eagle zone comprises subparallel extensional quartz veins that are best developed within the granodiorite proximal to both the hangingwall and footwall intrusive-metasediment contacts. The veins are also well developed within embayments and narrow portions of the stock. Individual veins typically comprise white or grey quartz with subordinate potassium feldspar and strike 60 degrees to 85 degrees azimuth, typically dip 60 degrees south to vertical, and range in width from one millimetre to more than 10 centimetres. The vein sets form in steeply north dipping to subvertical zones that form bulk mining targets. Mineralization occurs as elemental gold, both as isolated grains and most commonly in association with arsenopyrite, pyrite and pyrrhotite.

 
                                                                       
Hole No.                                From       To        Length     Grade
                                        (m)        (m)        (m)     (g/t Au) 
 
DG11-467C                               29.00    128.00      99.00     0.992
including                               29.00     78.50      49.50     1.552
including                               29.00     65.96      36.96     1.829
and                                    179.00    210.50      31.50     0.596
 
DG11-469C                               72.75     94.00      21.25     0.829
and                                    104.75    149.50      44.75     0.499
and                                    164.20    250.95      86.75     1.034
including                              203.90    222.45      18.55     3.068
and                                    278.30    307.80      29.50     0.392
 
DG11-470C                               83.50     99.06      15.56     0.654
and                                    117.50    237.41     119.91     0.965
including                              150.52    160.02       9.50     1.437
and including                          165.86    184.51      18.65     1.253
and including                          216.00    229.25      13.25     3.854
 
DG12-472C                               43.82    283.50     239.68     0.941
including                               79.50    102.46      22.96     1.320
and including                          162.80    210.00      47.20     2.072
and including                          229.50    240.00      10.50     1.692
and                                    292.50    315.00      22.50     0.841
including                              292.50    303.00      10.50     1.438
and                                    333.00    345.00      12.00     0.792
 
All intersection lengths represent approximately 70 per cent of estimated
apparent true thickness.                                                             
 
Assays are pending for holes 468C and 471C.                                 

About the Dublin Gulch project

Victoria Gold's 100-per-cent-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometres north of the capital city of Whitehorse, and approximately 80 kilometres by road 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 a 100-person all-season camp at the project site. The property covers an area of approximately 650 square kilometres and is the site of the company's Eagle gold deposit.

Quality control/quality assurance and assaying

Sample results cited in this news release were obtained from core drilled by independent contractors under the supervision of Victoria Gold's geologic staff. Samples were delivered to the Whitehorse, Yukon, sample preparation facility of ALS Minerals and the analytical determinations were performed at ALS Minerals' facilities in Vancouver, B.C.

All of the samples collected from the drilling program are managed in strict compliance with the company's QA/QC (quality assurance/quality control) program which has been reviewed and approved by a number of independent engineering firms.

The technical content of this news release has been reviewed as accurate by Rich Eliason, as the qualified person.

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