Victoria Resource Corporation

Victoria Resource Corporation

October 02, 2007 11:05 ET

Drilling to Re-Start at Victoria's Cove-McCoy Gold Project in Nevada to Follow-Up on Previous Encouraging Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2007) - Victoria Resource Corporation (the "Company" or "Victoria") (TSX VENTURE:VIT) today announces plans to re-start core drilling in early October at the Cove-McCoy Property located in Nevada. The goal is to further define a new zone of gold mineralization first identified on the property through Victoria's limited Phase 1 exploration program.


- Four core holes were drilled by Victoria in an area called "NW-Cove" in the first half of 2007. The best results were(1):

- Core drill hole NW-1 intersected 126 feet (38 metres ("m") of 0.32 ounce per ton ("oz/ton") (11 grams per tonne ("g/t")) gold, within which were two zones of 34 feet (10 m) of 0.64 oz/ton (22 g/t) gold and 68 feet (20 m) of 0.27 oz/ton (9 g/t) gold.

- Core drill hole NW-4 intersected 46 feet (14 m) grading 0.24 oz/ton (8 g/t) gold.

- The Phase 1 drill program by Victoria consisted of only four holes because of limited access to drills(2). The upcoming campaign is intended to consist of at least 7 more holes targeting the definition of a gold inventory that may lead to economic gold concentrations located just 2,000 feet (660 m) on average from the side wall of the abandoned Cove open pit. More holes could be drilled if warranted by exploration success. NW-5 is scheduled to be the first hole drilled in this campaign because it is an estimated 500 feet from the new zone of gold mineralization at NW-Cove which remains open in all directions. NW-Cove is just one of fourteen high-potential targets defined by Victoria's geologists located on the large Cove-McCoy property.

- Previous mining at the Cove-McCoy property produced over 3 million ounces of gold plus over 100 million ounces of silver until operations ceased in 2001. Victoria is earning up to a 100% interest in this property through annual work commitments, subject to a back-in right by Newmont Mining Corporation ("Newmont") of either a 51% stake or a maximum royalty of up to 5% after the delivery of a positive feasibility study (additional information concerning this agreement can be found on or on Victoria's new website.

- Cove-McCoy is located in a very prospective region of gold mineralization in North-Central Nevada. This region contains many multi-million ounce deposits such as the 8 million ounce Phoenix project located nine miles (14 kilometres) away. If a new zone of economic mineralization is defined at NW-Cove, access to mine the area could possibly be achieved relatively quickly and inexpensively through a side wall of the large existing Cove open pit, especially if it is de-watered. The availability of miners, equipment, and other items required to mine this zone tends to be better in this region compared to most places in the world. And because the area was formerly mined, the operational permitting process may be simplified and accelerated.

New Web Site

- Victoria has launched its new website which can be accessed at Further information about Cove-McCoy and all of the Company's other projects can be found on this site.

The Company

- Victoria Resource Corporation is a high-growth, lower-risk company focused on gold. The Company endeavors to add value per share through efficient exploration and accretive acquisitions. In addition, Victoria's management keeps a constant vigilance on lowering the Company's risk profile through project diversification, prudent management of its financial resources, and choosing to operate in lower-risk jurisdictions.

- The Company's competitive advantages include the proven track-record of gold discovery by its team and its management's deep knowledge of the gold industry through decades of experience in the field and in financial markets. The Company's association with Kinross, stemming from its ownership stake in Victoria, and with Newmont, through the five projects where Victoria is in charge of exploration, also contributes to its strength.

- Victoria has undergone many important constructive developments since the beginning of 2007 including:

- The election of a new board of directors,

- The appointment of a new CEO and President,

- The addition of key exploration personnel,

- The successful first-phase drilling results obtained at Cove-McCoy

- The acquisition of an interest in the promising Summit gold exploration property in Nevada, and

- The substitution of its major shareholder from Bema Gold Corporation to Kinross Gold Corporation

- Victoria currently has interests in eight promising gold exploration projects located in Nevada covering an area of more than 100,000 acres. Nevada is consistently ranked by the members of the global gold industry as one of the best places to explore for gold in the world because of its prolific geologic endowment and its favorable political climate toward gold mining. All of Victoria's projects contain gold identified by the Company or previous operators. The Company is targeting the discovery of new economic deposits on these properties.

- In summary, Victoria's strengths lie in its exceptional property portfolio and its experienced and dedicated exploration team. Near-term catalysts related to exploration results, the constant evaluation of accretive corporate transactions, and other factors such as a higher gold price environment should assist the Company in adding value per share.


Chad Williams, CEO, President & Director

Certain of the statements made and information contained herein is "forward looking statements" within the meaning of Canadian securities legislation or "forward-looking information" within the meaning of the Ontario Securities Act. This includes statements concerning the Company's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements or forward-looking information. Forward looking statements and forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward looking statements or forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties. In addition, forward looking statements and forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward looking statements or forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward looking statements or forward-looking information, whether as a result of new information, future events or otherwise.

(1) For details of the previous drilling campaign, refer to the following Victoria Resource Corporation press releases:

"Further Drill Results at Cove-McCoy Project, Nevada" ( Wednesday, May 30, 2007), "Drilling Intersects High Grade Gold at Cove McCoy, Nevada" ( Tuesday, January 9, 2007), and "Drilling Program Started at Victoria's Newly Acquired Cove-McCoy Property" (Thursday, October 12, 2006).

(2) NW-2, 2A and NW-3 passed under the intended zone of mineralization and thus returned lower grades of gold.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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