Victoria Resource Corporation

Victoria Resource Corporation

October 12, 2006 13:53 ET

Drilling Program Started at Victoria's Newly Acquired Cove-McCoy Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 12, 2006) - Victoria Resource Corporation (TSX VENTURE:VIT) ("Victoria", the "Company"), is pleased to announce that it has commenced an initial drill program at its Cove-McCoy property in north-central Nevada with two diamond drill rigs. The property currently consists of 388 unpatented mineral claims covering an area of approximately 32 square kilometers including the Cove mine, which together with the nearby McCoy deposit, reportedly produced over 3.5 million ounces of gold and 115 million ounces of silver from open pit and underground high grade mining over an 18 year period ending in 2004.

The large property position and the target-rich environment provides Victoria with a unique opportunity to further explore in greater detail one of the largest mineralized gold systems in north-central Nevada. The Cove mine is at the southern end of the property, and is 16 miles south of Newmont's large Phoenix Project. Structural mapping between the two indicates that both are developed along common north-south structures between north-west structural systems.

Since signing the Cove-McCoy lease agreement with Newmont Mining Corporation ("Newmont") in June, Victoria has been involved in a detailed mapping and sampling program to better define structural systems that host the Cove mineralization. Mineralization occurs mostly in north-west, north-south, and north-east structural systems that cut the carbonate host rocks. To date a minimum of 10 targets have been defined on the Cove-McCoy property.

Victoria will drill a minimum of 7000 metres on 3 of the initial 10 targets in this program. These targets are Windy Point, North-West Cove, and Cove-McCoy Underground ("CMUG") targets. The Windy Point target is the most advanced and outcrops at the surface, however Victoria has not yet obtained final drill permits for this and the CMUG target. Drilling has commenced on the North-West Cove target where Newmont had previously drilled 14 holes. Previous reported intercepts include; 16.8 metres grading 4.1 grams per tonne ("g/t") gold, 7.6 metres grading 7.0 g/t gold, 3.0 metres grading 5.8 g/t gold, 4.6 metres grading 7.1 g/t gold and 4.6 metres grading 11.5 g/t gold. Zones of lower grade mineralization up to 107 metres thick surround the high-grade intercepts. Victoria's recent mapping and sampling program in this region has determined that gold occurs in major structural systems and this initial drill program is designed to test these systems.

Portions of the Cove-McCoy property, not leased to Victoria, are currently undergoing a large reclamation program operated by Newmont relating to its previous mining operations. Victoria will therefore only be responsible for the ground it disturbs during its exploration efforts. The remaining portions of the property, mainly the McCoy pit, the surrounding area to the south, the tailings pond and the filtration ponds along the range front, are still being reclaimed. Victoria has the right of first opportunity to acquire these remaining portions of the property from Newmont should they become available.

Victoria Resources US Inc., the US subsidiary of Victoria, controls over 105,000 acres (approximately 42,500 hectares) in northern Nevada comprised of 8 discrete properties under 7 contracts. The Company has completed a deep drill hole (825 metres) at the Hilltop property, however the hole was stopped before reaching the targeted lower plate rocks. Results from this hole are pending. Victoria is also working on permitting its Black Canyon and Relief Canyon properties which are due to be drilled some time in October, when more drill rigs are likely to be available.

Victoria is a 31% owned affiliate of Bema Gold Corporation (TSX:BGO)(NYSE:BGO)(AIM:BAU). The qualified person for Victoria under National Instrument 43-101 is Tom Garagan, P.Geo.


Roger T. Richer, President and Director

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

The TSX Venture Exchange neither approves nor disapproves the information contained in this News Release.

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