Mr. John McConnell reports

VICTORIA'S OLIVE ZONE DEMONSTRATES ATTRACTIVE METALLURGICAL RECOVERY AND LEACHING KINETICS

Victoria Gold Corp. has had better-than-expected heap leach recoveries and kinetic results from the column metallurgy testwork on the Olive zone.

During the summer and fall of 2014, Victoria completed an exploration program on the Olive zone, which is adjacent to the Eagle gold deposit. The Olive exploration program included core drilling, metallurgical testing and geotechnical testing. Results from the Olive exploration core drilling included gold assays of 70 metres of 2.3 grams per tonne, 96 m of 1.2 g/t and 42 m of 2.4 g/t. (See news releases dated June 24, 2014, July 28, 2014, Aug. 13, 2014, and Nov. 4, 2014, and the company's website for complete results.) Kappes Cassidy & Associates of Reno, Nev., conducted metallurgical shake tests and 96-hour bottle roll tests, which confirmed that Olive material is amenable to heap leaching. (See news release dated July 28, 2014.)

The first three of nine metallurgical column tests conducted by KCA have been completed on Olive oxide material and generated an average recovery of 69 per cent, using the same crush size as proposed at the Eagle gold project. Importantly, over 80 per cent of the recoverable gold was recovered in the first 30 days, demonstrating very favourable leaching kinetics. The initial thesis for Olive was a higher average gold grade albeit lower recoveries relative to Eagle. These column test results are meaningfully higher than initial expectations when Victoria first contemplated the Olive exploration program. There are an additional six columns currently running on Olive material, and two duplicate columns each on samples from oxide, transition and sulphide zones. These columns have run for approximately 32 days, and preliminary results are 83-per-cent, 55-per-cent and 51-per-cent gold recovery after 32 days of leaching for the oxide, transition and sulphide material, respectively. As with previous Olive tests, the samples have been crushed to match the proposed crushing facility at Eagle (P80 6.3 millimetres).

John McConnell, president and chief executive officer of Victoria, commented, "The metallurgical results stemming from the 2014 Olive program significantly exceeded management expectations and confirm the potential for the Olive zone to materially complement the existing Eagle project."

Victoria completed one additional metallurgical test on the Shamrock zone, 500 metres to the north of Olive. Shamrock is believed to be part of the same mineralized system as Olive. The 96-hour bottle roll test resulted in an observed recovery of 89 per cent at a crush size of P80 6.3 millimetres (equivalent to Eagle) and a 93-per-cent recovery at a grind size of 75 microns. These initial results are significantly higher than those observed at Olive and Eagle. Column testwork for Shamrock has not yet been initiated.

The Eagle gold deposit, and the adjacent Olive zone, lies along the Potato Hills trend. The Potato Hills trend is a more-than-13-kilometre-long belt of gold-arsenic-bismuth-antimony and silver-lead-zinc mineralization extending to the northeast and southwest of the Eagle deposit along the margins of the Dublin Gulch granodiorite stock and beyond. This Potato Hills trend hosts a series of high-priority exploration targets, including gold targets: Shamrock, Popeye, Steiner, Lynx, Nugget and Lynx Dome, as well as the silver target Rex-Peso.

Qualified person

The qualified person for the metallurgical content is by Carl E. Defilippi, Kappes Cassidy and Associates, and the qualified person for the geological content is Paul D. Gray, PGeo.

About Olive

The Olive zone target is defined by a broad gold-/arsenic-in-soil geochemical anomaly and lies on the intrusive-sediment contact of the Potato Hills trend (as does the Eagle deposit) and is punctuated by several historically exploited high-grade sulphide veins. The Olive area was mined on a small scale from shallow shafts and adits in the early 1900s and by placer mining in creeks draining the area. The Olive vein system is located near the top of Olive Gulch and consists of gold-bearing quartz-scorodite-arsenopyrite vein material centralized in a shear zone structure.

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 85 kilometres 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 and maintains a 100-person all-season camp at the project site.

The property covers an area of approximately 555 square kilometres, and is the site of the company's Eagle gold deposit. The Eagle gold deposit is expected to be Yukon's next operating gold mine and includes probable reserves of 2.3 million ounces of gold from 92 million tonnes of ore, with a grade of 0.78 gram of gold per tonne, as outlined in a National Instrument 43-101 definitive feasibility study. The NI 43-101 mineral resource has been estimated to host 222 million tonnes averaging 0.68 gram 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 gram of gold per tonne, containing 1.5 million ounces of gold in the inferred category.

We seek Safe Harbor.