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Mining Explorers 2009: Victoria Gold Corporation

 

Last updated 11/1/2009 at Noon



VIT: TSX-V

President and CEO: Chad Williams

Board Chairman: T. Sean Harvey

Vice President, Exploration: Dr. Raul Madrid

Victoria Gold Corp., organized in 1981, is a gold exploration company focused on value growth per share through efficient exploration, project development, accretive acquisitions and effective marketing.

Its strategy is to maintain a low-risk profile through project diversification and sound financial management and by operating in secure jurisdictions like Yukon Territory.

In December the Toronto-based junior acquired Gateway Gold including the Big Springs property, which hosts an NI 43-101-compliant inferred resource containing 1.2 million ounces of gold.

In June the company merged with StrataGold Corp, a Vancouver, B.C.-based junior that owned Dublin Gulch gold project in central Yukon.

This boosted the NI 43-101 gold resources that Victoria has acquired in the past year to 4.4 million ounces at a cost of C$3 per ounce.

It now owns five core projects in Yukon and Nevada, a joint venture gold project in Guyana with a Newmont Mining Co. subsidiary, and 10 pipeline gold projects.

During the first half of 2009, Victoria launched exploration programs at more than a dozen properties, including Dublin Gulch, which it renamed the Eagle Gold Project.

Eagle Gold, located about 48 kilometers, or 30 miles, northeast of the village of Mayo, has a huge NI 43-101-compliant indicated resource of 2.7 million ounces in 98.6 million metric tons grading 0.85 grams per metric ton.

The Eagle Gold deposit is believed to be a geological twin to the Fort Knox Mine near Fairbanks, Alaska.

Fort Knox is owned by Kinross Gold Corp., which is also Victoria's largest shareholder, holding 28 percent of the company's outstanding common shares.

Victoria has undertaken engineering, permitting, geotechnical drilling and environmental base-line studies at Eagle Gold, and a pre-feasibility study is to be completed by year's end.

In addition to gold, the Dublin Gulch property also hosts the Mar Tungsten deposit.

In December StrataGold reported an NI 43-101-compliant indicated resource for Mar Tungsten of 86.2 million pounds of tungsten trioxide in 12.7 million metric tons grading 0.31 percent, using a 0.10 percent cutoff grade.

The deposit also boasts an inferred resource of 8.9 million pounds WO3 grading 0.30 percent.

Cash and short-term deposits: C$8.4 million (at May 31, 2009)

Working capital: C$9.45 million (at May 31, 2009), plus C$2 million (raised in August 2009 private placement)

Market capitalization: C$71.53 million

80 Richmond St. W., Suite 303

Toronto, ON Canada M5H 2A4

Tel: 416-866-8800

Fax: 416-866-8801

http://www.victoriaresourcecorp.com

 

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