Mr. John McConnell reports

VICTORIA GOLD: OPERATIONS RAMP-UP, DORE SHIPMENT AND AGM RESULTS

Victoria Gold Corp. has provided the results of its annual general meeting (AGM) along with an update on recent milestones and Eagle gold mine operational ramp-up.

Ramp-up of operations at the Eagle gold mine continues to meet budget parameters. As at the end of September, 2019, approximately 5.4 million tonnes of material had been mined, including 1.7 million tonnes of ore and 3.7 million tonnes of waste. One million one hundred thousand tonnes of ore had been crushed, conveyed and stacked on the heap leach pad. Ore gold grade to the pad is achieving expectations and early grade reconciliations are in line with the mine plan. As at the end of September, the mine had worked 217,836 lost-time-incident-(LTI)-free hours since operations were handed over to Victoria on July 1, 2019; and nearly 1.75 million hours since the only LTI in early 2018.

On Oct. 8, 2019, the company made its first shipment of dore from the Eagle gold mine to be delivered to the Royal Canadian Mint for refining. The shipment contained 2,450 ounces (76.2 kilograms) of dore comprising 83.3 per cent gold and 8.7 per cent silver. The approximate, current value of the shipment is over $3-million (U.S.) ($4-million (Canadian)). Pouring and shipment of dore bars are expected to continue on a weekly basis.

"I take this opportunity to thank our operations team. They have worked, and continue to work, safely, passionately and tirelessly to ensure a rapid and smooth ramp-up of the Eagle gold mine," remarked John McConnell, president and chief executive officer. "This inaugural gold shipment is testament to that hard work, and there is so much more to come!"

All matters submitted to shareholders for approval, as set out in the company's management information circular dated Aug. 28, 2019, were approved by the majority of votes at its AGM held in Toronto on Oct. 8, 2019, including resolutions:

• Re-electing the company's incumbent board of directors including: Sean Harvey, John McConnell, Michael McInnis, Christopher Hill, Sean Roosen, Jacques Perron and Letha MacLachlan;
• Reappointing PricewaterhouseCoopers LLP as auditors of the company for the ensuing year;
• Renewing the company's 10-per-cent rolling stock option plan;
• Amending the company's articles to specify that two-thirds of votes are needed for special resolutions of shareholders, rather than three-quarters previously;
• Allowing for the consolidation of the company's shares on the 1:15 basis.

About the Dublin Gulch property

Victoria Gold's 100-per-cent-owned Dublin Gulch gold property is situated in central Yukon, 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.

We seek Safe Harbor.