Victoria Gold: Eagle Gold Mine Reserves Increase by 20% to 3.3 Million Ounces Gold

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Algemeen advies 05/12/2019 06:36
Toronto, ON / December 04, 2019 / Victoria Gold Corp. (TSX.V-VIT) (“Victoria” or the “Company”) is excited to announce a new Technical Report, prepared to a Feasibility Study
level, for the Eagle Gold Mine. This release reflects Canadian currency unless noted otherwise.
• Reserves increase from 2.7 Million to 3.3 Million ozs Au
• Annual production increases from 200,000 ozs to 220,000 ozs Au
• Cash Cost1 per Au ounce: US$577
• All-in Sustaining Cost (“AISC”)2 per Au ounce: US$774
• Post tax Net Present Value @ 5% discount = $1,034 million
1. Cash Cost include: mining, processing and general & administrative costs.
2. AISC include: Cash Costs plus refining, royalties, sustaining capital, reclamation, corporate and sustaining exploration costs.
3. See Non-IFRS Measures disclosure at the end of this press release.
“The results of this updated Technical Report demonstrate the value and continual growth of the Eagle Gold Mine. Reserves have increased by over 20% from the drilling of 58 holes completed post-2016 Feasibility Study and we continue to see meaningful upside potential at
the Eagle and Olive pits as well as across the Dublin Gulch property.” stated John McConnell, President & CEO. “I remind the reader that we continue to ramp up operations at the Eagle Gold Mine and anticipate commercial production achievement during the 2nd quarter, 2020.”

Table 1: Gold Price Sensitivity Table
Economic Sensitivities
After Tax NPV @ 5% (Cdn$ Millions) FX US$/C$
Au Price – US$/oz
1,000 1,100 1,200 1,300 1,400 1,500 1600 1,700 1,800 1,900 2,000
0.90 310 454 592 725 850 974 1,098 1,222 1,345 1,468 1,592
0.85 390 539 683 817 948 1,079 1,210 1,341 1,471 1,602 1,732
0.80 479 633 779 919 1,058 1,197 1,336 1,475 1,614 1,752 1,891
0.75 576 736 886 1,034 1,183 1,331 1,479 1,627 1,775 1,923 2,070
0.70 685 848 1,007 1,166 1,325 1,483 1,642 1,800 1,959 2,117 2,275
0.65 804 976 1,147 1,318 1,489 1,659 1,830 2,000 2,171 2,341 2,511
0.60 939 1124 1,310 1,495 1,680 1,864 2,049 2,234 2,418 2,602 2,787
In-Pit Mineral Resource Estimate
The Eagle Mineral Resource update within an updated resource pit constraint resulted in a 21.1% increase in Measured and Indicated (“M+I”) gold ounces as well as a 0.6% increase in gold grade. This Resource update includes all Eagle and Eagle proximal drilling completed post the 2016 Feasibility Study (“FS”), 58 new core holes.
This first principles re-estimation of the Eagle gold domain and grade further validates the Eagle model and results in increased gold grade, tonnage and total gold ounces. The Mineral Resource increased 766,000 oz Au in the M+I categories. see & read more on
https://www.vitgoldcorp.com/site/assets/files/6477/2019-12-04_nr_rev_vit.pdf



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