Saturday, August 19, 2017

Victoria Gold (VIT.v) starts construction on Yukon Mine

A Whitehorse based contractor is moving heavy equipment into Victoria Gold Corporation's Eagle Gold project to begin construction of an open pit mine. Pelly Construction is doing the primary construction.

Victora Gold had hoped to be at this point several years ago, but saw its plans delayed in 2013 when a slump in the mining industry dried up investment. BNP Paribas executed a commitment letter for the debt financing transaction. BNPP has agreed to underwrite 100 per cent of a $220-million (U.S.) senior secured project finance facility.
Victoria Gold Corp - VIT.v is advancing the flagship Eagle Gold Deposit on the Dublin Gulch Property in the Yukon.

The Eagle Gold Project has a resource of 4.8 million gold ounces indicated and 1.5 million gold ounces inferred. A PEA suggests +200,000 ounces of gold annually at an operation cost of approximately $600 per ounce.

On April 4, 2017 the company released NEWS

Victoria Gold Corp. (TSX.V-VIT) is pleased to announce that the 2017 Dublin Gulch exploration campaign, including diamond drilling, has commenced.

Three diamond drills and a suite of heavy equipment to support exploration initiatives are at site with drilling activities now underway. Drilling production is slated to ramp up over the next three weeks as drill sites are prepared.