Victoria Gold Closes the Sale of the Big Springs Property in Nevada
February 6, 2013: Victoria Gold Corp. (TSX-V: VIT-V) (“Victoria” or the “Company”) is pleased to announce the closing of the sale of the Big Springs Property (the “Property”), located in Elko
County, Nevada, to MRG Copper LLC which is a US subsidiary of Big Springs Project Pty Ltd. and which is concurrently being acquired by Anova Metals Limited (together, the “Buyers”).
As outlined in a Victoria press release dated November 27, 2012, total consideration for the purchase of the Property is up to US$6,000,000 which shall be satisfied by the delivery to Victoria
of:
i) US$ 2,000,000 on closing (received),
ii) US$ 2,000,000 sixty days from closing, and
iii) contingent milestone payments of up to US$ 2,000,000, predominantly subject to satisfaction of JORC resource performance objectives.
About Victoria
Victoria Gold is an emerging gold producer whose flagship asset is its 100% owned Dublin Gulch property which hosts the Eagle Gold Deposit. Dublin Gulch is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse. The property covers an area of approximately 650 square kilometers, is accessible by road year-round and is located within Yukon Energy's electrical grid.
The Eagle Gold Deposit is expected to be Yukon's next operating gold mine and includes Probable Reserves of 2.3 million ozs of gold from 92 million tonnes of ore with a grade of 0.78 grams of gold per tonne, as outlined in a National Instrument 43-101 definitive feasibility study.
The NI 43-101 Compliant Mineral Resource has been estimated to host 222 million tonnes averaging 0.68 grams of gold per tonne, containing 4.9 million ounces of gold in the "Indicated" category, inclusive of Probable Reserves, and a further 78 million tonnes averaging 0.60 grams of gold per tonne, containing 1.5 million ounces of gold in the "Inferred" category.
