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TICKERS: VIT

Construction of Gold Mine in the Yukon Three-Quarters Complete
News Update

Source:

The explorer and developer intends to accelerate the schedule by one month.

Victoria Gold Corp. (VIT:TSX.V) announced in a news release that construction of its Eagle gold mine is 75% complete after 1.2 million hours of work were put into it.

The company is currently focusing on the mine starter pit along with the crushing, heap-leach and gold recovery facilities.

"We are rapidly turning our attention to commissioning and operations to transform the Eagle gold mine into reality," President and CEO John McConnell said in the release.

Victoria Gold is aiming to deliver first ore to the heap-leach pad in July 2019, a month earlier than originally estimated. Subsequently, the first gold pour would occur in September 2019.

As for construction costs, the project has required an additional CA$45 million of capital because surprise geotechnical conditions required extra earthworks. However, no additional capital outlays are expected, the company stated.

Victoria Gold, though, does need CA$25 million more to be fully funded through construction and to positive cash flow, the company stated. As such, it plans to conduct a non-brokered, flow-through financing for gross proceeds of up to CA$15 million. The company could gain another CA$16 million should its 40 million common stock warrants be exercised by the expiration date, May 10, 2019.

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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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