Victoria Resource Corporation

Victoria Resource Corporation

March 17, 2005 09:15 ET

Victoria Announces $3 Million Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: VICTORIA RESOURCE CORPORATION

TSX VENTURE SYMBOL: VIT

MARCH 17, 2005 - 09:15 ET

Victoria Announces $3 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 17, 2005) - NOT FOR
DISTRIBUTION IN THE UNITED STATES OR TO UNITED STATES NEWS WIRE SERVICES.

Victoria Resource Corporation (TSX VENTURE:VIT) ("Victoria") is pleased
to announce that it has arranged a brokered private placement of up to
5,454,545 million units priced at $0.55 per unit, for gross proceeds of
$3 million. The units will be comprised of one common share and one half
of one share purchase warrant. Each whole warrant will be exercisable to
purchase one common share at an exercise price of $0.75 for a one year
period from the date of closing. Bema Gold Corporation ("Bema"),
currently a 33% shareholder of Victoria, will purchase approximately 1.8
million units of this private placement. Haywood Securities Inc. and
Canaccord Capital Corporation have agreed to act as agents, on a best
efforts basis, with respect to this financing and have an over allotment
option to sell up to an additional 1.8 million units. This private
placement remains subject to regulatory approval.

Drilling has recently recommenced at the Mill Canyon Property in Nevada.
The property is located adjacent to the old Cortez and Horse Canyon
Mines and 1.6 kilometres east of Placer Dome's Cortez Hills gold
discovery in the Battle Mountain Gold Trend. Previous drilling has
intercepted high grade gold values of up to 10.4 grams per tonne gold
over 25.9 metres in hole OC-36. Mineralization occurs in a very broad
altered and mineralized zone known as the RJR zone which is at least 600
metres long, 215 metres wide and at least 600 metres deep. Deep drilling
will follow up hole OC-36 and the additional fluidized gold bearing
breccias identified in the recent drill program (see press release dated
02/08/05). Victoria's qualified person under National Instrument 43-101
is Tom Garagan, P.Geo.

Victoria will use the proceeds from this private placement for
exploration on its Nevada properties including drilling on the Mill
Canyon property and for general corporate purposes.

The common shares and warrants described herein and any securities which
may be issued thereunder have not been and will not be registered under
the U.S. Securities Act of 1933 as amended and may not be offered or
sold in the U.S. or to a U.S. person in the absence of such registration
or an exemption therefrom.

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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Victoria Resource Corporation
    Ian MacLean
    Manager, Investor Relations
    (604) 681-8371
    or
    Victoria Resource Corporation
    Derek Iwanaka
    Investor Relations
    (604) 681-8371
    investor@bemagold.com
    www.victoriaresource.com
    The TSX Venture Exchange neither approves nor disapproves the
    information contained in this news release.