Victoria Gold Achieves Major Safety Milestone
TSX VENTURE: VIT
TORONTO, March 18, 2019 (GLOBE NEWSWIRE) -- Victoria Gold Corp. (TSX.V-VIT) (“Victoria” or the “Company”) is pleased to provide an update on the construction at the Eagle Gold project.
The project is now over 80% complete and recently hit a major milestone, exceeding 1,000,000 hours without a Lost Time Incident (“LTI”). The project team have worked approximately 240 days without an LTI at an average of 4,400 hours per day.
"I am very pleased to report the Eagle Project has passed the one million labour-hours LTI free,” stated John McConnell, President & CEO. “This is a very significant milestone, requiring a true team effort and I would like to congratulate everyone involved.”
Additionally, Victoria continues to advance recruitment of the operations team. The management team is in place and key supervisors and operators are being on-boarded with a current head count of 106 operations personnel. Of the 106 operations personnel, 49 are Yukon residents, including several citizens from the First Nation of Nacho Nyak Dun, the Traditional Territory in which we operate.
Current activities on site are focused around the crushing, heap leach and gold recovery facilities. Photographs and videos of the site can be viewed on the Company’s web-site (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.
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