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Victoria Gold Corp
Symbol VIT
Shares Issued 858,394,437
Close 2019-09-17 C$ 0.61
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Victoria Gold pours first gold at Eagle on Sept. 17

2019-09-18 06:57 ET - News Release

Mr. John McConnell reports


Victoria Gold Corp. has had a successful first gold pour at the Eagle gold mine.

"After all the blood, sweat and tears required to explore, develop, permit, finance and build a gold mine in Canada's North, it is extremely gratifying to pour the first gold bar at Eagle," stated John McConnell, president and chief executive officer. "With this key milestone behind us, we are focused on building ore on the heap leach pad and exceeding expectations for all our stakeholders."

The inaugural gold bar was poured by Sandy Silver, Yukon's Premier, and weighed in at 1,001 ounces gold.

Ramp-up of operations at site continues to proceed well and the company is exceeding the ramp-up schedule for ore mined and ore tonnes placed on the heap leach pad. Safety remains a top priority and the company has now achieved 1,720,843 lost-time-free hours on site, 189,864 hours of which are directly attributable to the operations team. A focus on local Yukon hiring has achieved 54 per cent of the 251 operational employees hired to date being Yukoners, including several citizens from the First Nation of Nacho Nyak Dunn.

About the Dublin Gulch Property

Victoria Gold's 100-per-cent-owned Dublin Gulch gold property is situated in 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 property covers an area of approximately 555 square kilometres, and is the site of the company's Eagle gold deposit. The Eagle gold mine is under construction and is expected to be Yukon's next operating gold mine. The Eagle and Olive deposits include proven and probable reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 gram of gold per tonne, as outlined in a National Instrument 43-101 feasibility study entitled "Report for the Eagle Gold Project" and dated Oct. 26, 2016. The NI 43-101 mineral resource for the Eagle and Olive deposits has been estimated, as at Dec. 5, 2018, to host 208 million tonnes averaging 0.66 gram of gold per tonne, containing 4.4 million ounces of gold in the measured and indicated category, inclusive of proven and probable reserves, and a further 20 million tonnes averaging 0.64 gram of gold per tonne, containing 400,000 ounces of gold in the inferred category.

Qualified person

The technical content of this news release has been reviewed and approved by Anthony (Tony) George, PEng, as the qualified person. For additional information relating to the property, refer to the technical report entitled "NI 43-101 Feasibility Study Technical Report for the Eagle Gold Project, Yukon Territory, Canada," with an effective date of Sept. 12, 2016, which is available on the company's profile at SEDAR.

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