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File: Clarifying News Release regarding technical disclosure (January 2015 draft).docx

 







Victory Mountain Ventures Clarifies Disclosure Material on Ells River Project and Confirms it will not continue with t
--->he Ells River Project

January 28th, 2015: Victory Mountain Ventures Ltd. (TSX-V symbol: VMV) ("Victory") reports that as a result of a revie
--->w by the British Columbia Securities Commission, the Company is issuing the following news release to clarify the Comp
--->any's previous disclosure.

Some information, pertaining to the Ells River Project in Alberta, in previous Company news releases, presentations an
--->d its website included disclosure of technical information that was not compliant with the standards of disclosure for
---> mineral projects as set out by National Instrument 43-101 ("NI 43-101") and as a result could be misleading.

The Company specifically retracts the statement in its May 6, 2014 news release that refers to a "volume of roughly 4.
--->4 billion m3 of potential Pelican sand".  This disclosure is restricted by NI 43-101 because the potential quantity an
--->d grade is not expressed.  Further, the news release failed to disclose that the quantity was conceptual in nature and
---> that there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration 
--->will result in the target being delineated as a mineral resource.  

The Company specifically retracts the statement in its May 6, 2014 news release that states the preliminary volume, bu
--->t then states that it is not a mineral resource and should not be relied upon.  This contradicts NI 43-101 section 6.4
---> Limitation on Disclaimers whereby an issuer disclaims responsibility for, or limits reliance by another party on, any
---> information or limits the use or publication of the information in a manner that interferes with the Company's obliga
--->tion to produce a NI 43-101 technical report and filing it on SEDAR.

The Company specifically retracts the disclosure of a preliminary economic assessment (PEA) in its May 6, 2014 news re
--->lease as well as a July 2014 corporate presentation that was available on its Company website at the time.  In referen
--->ce to the corporate presentation, specifically the following statements: 

Information relating to an "Initial Revenue Potential from Plant #1: Ells River", which included a "$15,000,000 potent
--->ial revenue".
Information pertaining to "sample designs for a 250,000 to 500,000 Tonne per year plant and a 3600t storage facility.
Information relating to "Strategic Economic Advantages" that include "Low CAPEX & OPEX".

The Company acknowledges that the numbers, at the time disclosed and based on the exploration to-date, were not suppor
--->table by an economic analysis of the potential viability of the project in the form of PEA under NI 43-101.

As a result of current market conditions, the Company reports that it is currently in default of the Option Agreement 
--->for the Ells River Project and will not be continuing with the project.  

For additional information please contact Patrick Morris - info@victorymv.com or 604-683-5445.

On Behalf of the Board of Directors 
VICTORY MOUNTAIN VENTURES LTD.
"Patrick Morris" 

Patrick Morris  
CEO and Director

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
---> TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Cautionary note:
This report contains forward looking statements.  Resource estimates, unless specifically noted, are considered specul
--->ative.  Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. The p
--->roduction rate and mine-life projections have been made without support of a feasibility study, there is no certainty 
--->the proposed operations will be economically viable. By their nature, forward looking statements involve risk and unce
--->rtainties because they relate to events and depend on factors that will or may occur in the future.  Actual results ma
--->y vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rat
--->es, and, but not limited to, general economic factors. Cautionary Note to US investors:  The U.S. Securities and Excha
--->nge Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon 
--->actual production or formation tests and can be shown to be economically and legally producible under existing economi
--->c and operating conditions.