Toronto, ON / September 18, 2019 / Victoria Gold Corp. (TSX.V-VIT) (“Victoria” or the “Company”) is excited to announce 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 & CEO. “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 we are exceeding the ramp up schedule for ore mined and ore tonnes placed on the heap leach pad. Safety remains a top priority and we have 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% of the 251 operational employees hired to date being Yukoners, including several citizens from the First Nation of Nacho Nyak Dunn.
A video of the first gold pour has been posted on the Company’s website www.vitgoldcorp.com.
About the Dublin Gulch Property
Victoria Gold's 100%-owned Dublin Gulch gold 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 located within Yukon Energy's electrical grid.
The Property covers an area of approximately 555 square kilometers, 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 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study entitled Report for the Eagle Gold Project and dated October 26, 2016. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated, as at December 5, 2018, to host 208 million tonnes averaging 0.66 grams 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 grams of gold per tonne, containing 0.4 million ounces of gold in the "Inferred" category.
The technical content of this news release has been reviewed and approved by Anthony (Tony) George, P.Eng., 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 September 12, 2016, which is available on the Company’s profile at www.sedar.com.
Cautionary Language and Forward-Looking Statements
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
For Further Information Contact:
President & CEO
Victoria Gold Corp