Victoria Gold’s Eagle Gold Mine Achieves Significant Safety Milestone
WHITEHORSE, Yukon, July 27, 2020 (GLOBE NEWSWIRE) — Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”), is pleased to announce a major safety accomplishment exceeding two years without a Lost Time Incident (“LTI”) at the Eagle Gold Mine, Yukon.
On July 23, 2020, the Eagle Gold Mine surpassed two years, representing 2,481,000 hours, without a LTI. This milestone was achieved during a significant transition time as the team completed construction & commissioning, started operations and ramped up to commercial production on July 1st of this year (see News Release dated July 1, 2020). This impressive safety record was realized while the Company navigated the complexities arising from the current Covid-19 travel restrictions and protocols.“Even with recent major announcements including construction completion, first gold pour, exploration success and Commercial Production, this announcement brings me great joy as it is testament to the safety focus and culture at the Eagle Gold Mine,” stated John McConnell, CEO. “I would like to both congratulate and thank each one of our dedicated team members and partners for their contributions in making this milestone a reality.”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 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 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.Cautionary Language and Forward-Looking Statements
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.