Canadian Mining Journal

News

GOLD: Victoria Gold buys used camp to reduce costs at Eagle project



YUKON – Toronto-based Victoria Gold Corp. is purchasing a used, all season camp with 110 dorm rooms, industrial kitchen, recreational facilities, mud room, and Arctic corridors for $275,000. Buying used will save the company nearly $6 million in upfront capital savings for the feasibility study update now underway at the Eagle gold project..

The project is 85 km north of Mayo, and there is an existing 100 person camp already at the site.

The Eagle project has received all major permits for construction and operations. Victoria has completed the environmental assessment process and signed a co-operation and benefits agreement with the local Nacho Nyak Dun First Nation.

The Eagle deposit contains 222 million tonnes averaging 0.68 g/t Au of indicated resources (4.8 million oz) , including reserves of 92 million tonnes at 0.78 g/t Au or 2.3 million oz of contained gold. The inferred resource is 78 million tonnes at 0.60 g/t containing 1.5 million oz of gold.

A PowerPoint presentation showing a series of photos of the newly purchased camp will be made available on the company’s website www.VitGoldCorp.com.