Canadian Mining Journal

News

GOLD: Victoria Gold arranges $220M debt facility for Eagle mine



YUKON – Victoria Gold Corp. of Vancouver has appointed BNP Paribas to arrange up to US$220 million of senior, secured project debt for the Eagle gold project 40 km northeast of Mayo. The Eagle project is part of Victoria’s Dublin Gulch property.

Drilling at Victoria Gold’s Eagle project near Mayo, YT.

Victoria filed a feasibility study for the open pit and heap leaching at the Eagle project in September 2016 anticipating average annual gold production of 210,000 oz over the initial four full years of operation or 190,000 per year over the 10-year life of the project. All-in sustaining costs will be US$638 per oz, and the initial capital expenditure will be C$270 million.

The Eagle deposit has proven and probable reserves of 116 million tonnes with a diluted grade of 0.66 g/t Au. It is estimated to contain almost 2.5 million oz of gold. The nearby Olive deposit contains 7 million proven and probable tonnes at a diluted grade of 0.95 g/t Au or 200,000 contained ounces.

Details are available in the most recent corporate presentation posted at www.VitGoldCorp.com.