Mayo, Yukon – Victoria Gold Corp (Victoria), owners and operators of the Eagle Gold Mine, located within the traditional territory of the First Nation of Na-Cho Nyak Dun (FNNND), reached a key milestone on July 1, 2020; achieving commercial production.
As part of the mutually developed and implemented Comprehensive Cooperation and Benefits Agreement (CBA) between Victoria and the FNNND signed in October 2011, Victoria is providing payment to FNNND of C$1M as part of its commitment to:
- Uphold Victoria’s annual financial contributions to the First Nation, as outlined in the CBA; and,
- Provide the financial benefits from the first six months of the Eagle Gold Mine’s commercial production; also stipulated in the agreement.
“On behalf of the Victoria Gold team, it is a pleasure to be making this first payment following six months of commercial production” said Victoria Gold Corp President & CEO John McConnell. “We are proud of our strong relationship with the First Nation of Na-Cho Nyak Dun and the great number of success stories that have resulted through shared collaboration. We look forward to building on this success long into the future.”
To learn more about Victoria Gold Corp and the Comprehensive Cooperation and Benefits Agreement, please visit www.vgcx.com
About the Dublin Gulch Property
Victoria Gold's 100%-owned Dublin Gulch gold property (the “Property”) is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year-round, and is connected to Yukon Energy's electrical grid.
The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon's newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the "Measured and Indicated" category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the "Inferred" category.
For Further Information Contact:
President & CEO
Victoria Gold Corp