Dec 21 2010
Victoria Gold Corp. (TSX VENTURE:VIT) has announced the submission of the final Eagle Gold Project Proposal to the Yukon Environmental and Socio-Economic Assessment Board.
This significant milestone engages the formal Yukon environmental assessment review process and is an important pre-cursor to the permitting of full-scale mine development.
The Project Proposal details the planned activities by the Company for the development of an open-pit heap leach gold mine at Eagle with production starting in 2013 averaging approximately 170,000 ounces of gold per year with cash operating costs below US$500/oz as outlined in a positive pre-feasibility study (see March 9, 2010 Victoria news release).
"Victoria's submission of the Project Proposal is a major step toward the development of a gold mine at Eagle" said Chad Williams, President, CEO and Director. "We would like to thank Stantec and the entire Eagle team for their tremendous work and effort in delivering the Project Proposal."
Next Steps at Eagle
The next steps at Eagle include the completion of a final feasibility study expected to commence shortly, continuation towards an Impact-Benefit Agreement with the First Nation of Na-cho Nyak Dun, and application for Quartz Mining and Water Licenses to support mine development.
All-season Camp Construction Nearing Completion
The construction of the all-season camp facility announced by Victoria in a press release on September 28, 2010 is essentially complete and remains on time and within budget. Victoria plans to re-start exploration to follow up on the multiple encouraging gold exploration results generated in the 2010 campaign by early 2011 – many months ahead of the traditional seasonal start of exploration activities in the spring.
The Dublin Gulch property covers a large area of 28 kilometres by 15 kilometres and contains the Eagle Gold Deposit which hosts a National Instrument 43-101 compliant Probable Reserve of 1,751,000 ounces of gold contained in 66,141,000 tonnes of ore grading 0.823 g/t calculated at a gold price of $900/oz. The Dublin Gulch property is road accessible year-round and is situated in the Mayo Mining District of Yukon Territory, Canada. Dublin Gulch is 100% owned by Victoria.
Qualified Person
The technical contents of this new release were reviewed by Dr. William Keats, independent consulting geologist. Dr. Keats is a Practicing Member of the Association of Professional Geoscientists of Ontario (P.Geol., APGO) and is a Qualified Person as defined in NI 43-101.
Source: Victoria Gold Corp.