WHITEHORSE, Yukon, April 10, 2023 (GLOBE NEWSWIRE) -- Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) has filed an updated technical report on its 100% owned Eagle Gold Mine (the “Report”), as reported in the Company’s news release dated February 24, 2023. The Report was prepared in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects. The Report can be found on the Company’s website at www.vgcx.com or under the Company’s issuer profile at www.sedar.com.

Summary of Updated Technical Report:

The Report considers cost and operating data from the last three years of operations at the Eagle Gold Mine. Optimizations incorporated in the Report include year-round stacking on the heap leach facility (“HLF”), stockpiling of lower grade material for end of mine life processing, and utilization of a mobile crusher to supplement and increase production rates. Key highlights of the updated plan are:

After-tax net present value (“NPV”) at a 5% discount of $954 million ($1,257 million pre-tax), at US$1,700 per ounce of gold and a US$:C$ exchange rate of 0.75.

Average gold production of 202,000 ounces per year over the first 8 years, with peak production of 219,000 gold ounces in 2025.

Average free cash flow (“FCF”) of $166 million per year for the first 8 years with a total of $1,602 million of FCF over the LOM.

Total gold production of 2,048,000 ounces over a mine life of 12 years. This total does not include gold production prior to 31 December 2022.

LOM All-in Sustaining Cost (“AISC”) of US$1,114 per ounce of gold providing significant operating and profit margins at current gold prices.

Throughput increase to steady-state level of 11.5 million tonnes processed per annum during 2025.

Qualified Person
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo.