Victoria Resource Corporation
TSX VENTURE : VIT

Victoria Resource Corporation

October 18, 2005 15:27 ET

Victoria Enters into an Agreement for High Grade Black Canyon Gold Property, Nevada; Mill Canyon, Deep Drilling Further Defines the RJR Gold System

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 18, 2005) -

Victoria Resource Corporation ("Victoria" or the "Company") (TSX VENTURE:VIT) is pleased to announce that it has entered into a mining lease agreement (the "Agreement") with Sleeping Midas, LLC (the "Owners"), whereby the Company will lease 100% interest in the Black Canyon gold property in west-central Nevada. A sampling program by Victoria has yielded several high grade gold surface samples on the property which is located midway between the Florida Canyon mine and Standard mine in the Humbolt Range. Victoria also provides an update on its Mill Canyon property located in north-central Nevada.

The Black Canyon property is located approximately two kilometres southeast of the Florida Canyon mine and three kilometres northeast of the Standard mine. The property includes one patented claim and 229 unpatented claims and at least four veins, the Midas, Lois, Campbird and Indian Ike, which were mined between 1865 and 1912. Samples obtained by Victoria contain up to 3,380 gram per tonne (g/t) gold in a grab sample and 239 g/t gold over 0.25m in a channel sample (refer to table at the end of this news release).

Several individuals held the property until the early 1970's when it was acquired by the current owners. The property has never been drilled, nor has it been sampled systematically and this is the first time the property will be looked at in any detail since 1934. The extent of the early production is unknown, however, sampling in the 1930's by Gilbreth and Farrel carried high grade values up to 85.7 g/t gold in a 680 kilogram batch sample.

The Black Canyon property is characterized by a series of complex, intersecting structural systems, which are approximately 35 metres to 255 metres wide and contain numerous visible gold-bearing veins ranging in width from approximately 0.3 metres to over 4.5 metres. The vein systems cut Triassic volcanics, interbedded limey siltstones, as well as thick Triassic limestone units above and below the volcanic sequence. Decalcification of limestones in large areas adjacent to some vein systems and local jasperoids cut by visible gold-bearing quartz veins indicate the potential for "Carlin-Type" gold mineralization as well as narrow high grade veins.

Initial due diligence sampling, together with previous sampling of the property, has verified the high-grade nature of the veins exposed at surface. Visible gold is present in vugs and as arborescent and leafy patches in the interstices of vein quartz, as well as directly associated with sulfide concentrations in the vein material. Victoria's due diligence sampling includes dump and vein material from the Midas, Campbird, Lois and Indian Ike mines at which visible gold can be found. Victoria's due diligence sampling is summarized in the tables at the end of this news release.

Pursuant to the terms of the Agreement, the Owners will lease 100% of their interest in the Black Canyon property to Victoria and retain a 3.5% royalty (NSR). This NSR will be paid out by Victoria in advanced royalty payments beginning with US$50,000 upon execution of the Agreement; US$50,000 six months from the date of the Agreement; US$100,000 on the 1st and 2nd anniversaries of the Agreement; US$125,000 on the 3rd and 4th anniversaries; and US$150,000 from the 5th anniversary, and annually thereafter until production. The Company will also issue 50,000 common shares to the Owners 6 months from the date of the Agreement and an additional 50,000 common shares upon the 1st anniversary of the Agreement. Annual work commitments will be US$100,000, with excess amounts carried over to subsequent years. Victoria will pay all fees in order to keep the claims in good standing.

Victoria will continue to map and sample both surface and underground throughout the fall and early winter to better assess the distribution of gold in these vein and structural systems on the Black Canyon property. The mapping program will concentrate on major structurally-hosted vein and vein systems as well as intersection zones of these large systems. A first phase drill program is planned for the early spring once mapping and sampling is complete, targets are defined and prioritized and drill access roads are upgraded.

Mill Canyon, Nevada

The Mill Canyon property is located adjacent to the old Cortez and Horse Canyon Mines and 1.6 kilometres east of Placer Dome Inc.'s Cortez Hills gold discovery in the Battle Mountain gold belt. Victoria has completed a preliminary deep drilling program at Mill Canyon designed to establish the geometry of the large RJR gold system discovered by diamond hole OC-36 (26 metres of 10.4 grams per tonne gold) and to find the sources of the fluidized breccias that are responsible for the high-grade gold intervals in that hole.

Four deep holes (RJR 6,7,8 and 9) have been completed to date and the alteration and mineralized zone continues to grow in size. Highlights of gold intercepts, within this large zone, from the recent drilling include; hole RJR-6 which intercepted 10.7 metres of 2.7 grams per tonne (g/t) gold and 2.3 metres of 7.5 g/t gold and hole RJR-7 which intercepted 10.7 metres of 3.1 g/t gold and 2.1 metres of 12.25 g/t gold. All four holes encountered strongly altered ground from approximately 370 metres to 600 metres in depth, and which continues sporadically to the greatest depth of 1,464 metres in RJR-7. The Company has not yet been able to offset the high grade intersection in OC-36, but has been able to establish that this is due to the fact that the system has been subjected to complex post-mineral normal faulting. All of the holes thus far have been drilled in the higher, but post-mineral, down-dropped portions of the gold system.

Due to the size of the RJR gold system, the 10 holes drilled thus far are too few to define the potentially larger cores of the system. To date, the drilling has defined a minimum width of the gold-related mineralization and alteration of approximately 610 metres where it has not been cut by post-mineral faulting or complicated by the presence of intrusive sills. The length of the system is a minimum of 980 metres and is open to the north, south, east, and west of the current drilling. The Company believes that the main portion of the system is further west, where structural studies thus far indicate that the upper alteration zones have been largely down-dropped to the east where recent drilling has been concentrated.

Future drilling will be to the west to explore the footwalls of the large post mineral faults, where more fluidized breccias are present in leakage zones above the RJR system. This area is defined by outcropping decalcified zones that can be traced northwestward to the Higher Open Cut gold system where gold-rich fluidized breccias dominate the high-grade intercepts drilled recently by the Company(see paragraph below). The RJR system is thought to carry large concentrations of these fluidized breccias associated with high grade gold mineralization and the next round of drilling will test our structural studies, which indicate this.

The alteration in the RJR system is characterized by strong decalcification, dolomitization followed by silica flooding of these porous and permeable zones, all of which are accompanied by weak to very strong sulfidation in the form of sooty and brassy sulfides and locally base metal sulfides. These zones of sulfidation are anomalous in gold and thick zones of this gold mineralization are characteristic in this upper portion of the RJR gold system. Selected results from the most recent program drilled in this upper portion are outlined below:



------------------------------------------------------
Hole From (m) To (m) Length (m) Au g/t
------------------------------------------------------
RJR-6 405.39 416.06 10.67 2.68
------------------------------------------------------
and 418.19 420.48 2.29 7.52
------------------------------------------------------
and 1103.69 1107.05 3.35 2.06
------------------------------------------------------
RJR-7 333.46 344.12 10.67 3.13
------------------------------------------------------
and 1184.47 1186.6 2.13 12.25
------------------------------------------------------
RJR-8 670.26 674.99 4.72 1.38
------------------------------------------------------
and 677.27 686.72 9.45 1.16
------------------------------------------------------
RJR-9 918.07 920.20 2.13 2.10
------------------------------------------------------


In addition to commencing exploration on the Black Canyon property and continuing to evaluate the RJR system, Victoria plans to complete a resource estimate on the Open Cut zone of the Mill Canyon property. In 2004, the Company drilled 38 holes totaling 8,313 metres in Open Cut zone, which is believed to be in a structurally similar environment to the Cortez Mine and the Cortez Hills discovery. Selected results from that drill program included: hole OC-5, which encountered 8.8 metres of 16.83 grams per tonne (g/t) gold; OC-6, 7.6 metres of 24.5 g/t gold; OC-8, 5.5 metres of 45.2 g/t gold and; OC-13, 7.6 metres of 35.5 g/t gold. These gold-rich intercepts are dominated by fluidized breccias, similar to that of OC-36 in the RJR gold system. For a detailed table of results from the Open Cut drill program please refer to the press release dated February 26, 2004.

Drill core is logged, photographed and cut in half with a diamond saw on site. One half of the HQ diameter core is shipped to BSI-Inspectorate Laboratory in Reno, Nevada. Analysis by BSI Labs includes gold fire assay with atomic absorption (AA) and gold fire assay with gravimetric analysis on all samples grading greater than 3.0 grams per tonne gold. Victoria uses certified control standards, duplicates and coarse field blanks inserted into the sample stream to the lab to monitor lab performance. The qualified person under National Instrument 43-101 is Tom Garagan, P.Geo.

On Behalf of VICTORIA RESOURCE CORPORATION

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.

Victoria's Due Diligence Sampling at Black Canyon



--------------------------------------------------------------------
(i)Repeat (i)Repeat
Au Au Au Au Ag Ag
Grab Samples (oz/ton) (ppm) (oz/ton) (ppm) (ppm) (ppm)
FAGRAV FAGRAV FAGRAV FAGRAV FAGRAV ICP
--------------------------------------------------------------------
MU01:
Upper Midas
Vein Dump 0.655 22.457 2.4
--------------------------------------------------------------------
MU02:
Lower Campbird
Vein dump 0.001 0.034 0.1
--------------------------------------------------------------------
MU03:
Lower Campbird
Vein dump 0.005 0.171 0.1
--------------------------------------------------------------------
ML01:
Lower Midas
Vein dump 0.038 1.303 0.9
--------------------------------------------------------------------
IF01:
Indian Ike
Mine: float,
45 m up hill
from vein. 98.706 3384.135 108.336 3714.3 602.5 greater
than 200
--------------------------------------------------------------------
LQ01: Lois Vein 14.955 512.732 13.128 450.093 211 165.9
--------------------------------------------------------------------
LQ02: Lois Vein 3.512 120.409 2.933 100.558 38.3
--------------------------------------------------------------------
LQ03: Lois Vein 0.634 21.737 3.7
--------------------------------------------------------------------
LQ04: Lois Vein 9.772 335.033 8.321 285.285 91.7
--------------------------------------------------------------------
LQ05: Lois Vein 0.316 10.834 0.7
--------------------------------------------------------------------
(i)Note: only high-grade samples repeated with separate pulp.



---------------------------------------------------------------
Sample Designation Au Oz/ton Au g/ton
FAGRAV FAGRAV
---------------------------------------------------------------
LV-1 0.25 m chip - Lois Vein 6.974 239.104
---------------------------------------------------------------
CS-1 0.3 m chip wall rock 0.002 0.069
CS-2 0.3 m chip wall rock 0.017 0.583
CS-3 0.3 m chip wall rock 0.011 0.377
CS-4 0.3 m chip wall rock 0.022 0.754
CS-5 0.3 m chip wall rock 0.004 0.137
CS-6 0.3 m chip wall rock 0.003 0.103
CS-7 0.3 m chip wall rock less than 0.001 0.000
CS-8 0.3 m chip wall rock 0.002 0.069
CS-9 0.3 m chip wall rock less than 0.001 0.000
CS-10 0.3 m chip wall rock 0.001 0.034
CS-11: Standard 1.027 35.211
---------------------------------------------------------------
TG-1 0.4 m chip Midas Vein 0.028 0.960
---------------------------------------------------------------
TG-2 grab India Ike dump less than 0.001 '-------
---------------------------------------------------------------
329601 grab India Ike dump less than 0.001 '-------
---------------------------------------------------------------
329602 less than 0.001 '-------
---------------------------------------------------------------
329603 less than 0.001 '-------
---------------------------------------------------------------
329604 less than 0.001 '-------
---------------------------------------------------------------
329605 0.023 '-------
---------------------------------------------------------------
RM-1 0.002 0.789
---------------------------------------------------------------


---------------------------------------------------------------
Sample Designation Au oz/ton Au g/ton
FAGRAV FAGRAV
---------------------------------------------------------------
VS-1 0.3 m chip Lois Vein 0.007 0.240
VS-2 0.3 m chip wall rock 0.006 0.206
VS-3 0.3 m chip wall rock 0.010 0.343
VS-4 0.3 m chip wall rock 0.003 0.103
VS-5 0.3 m chip wall rock less than 0.001 0.000
VS-6 0.3 m chip wall rock 0.005 0.171
VS-8 0.3 m chip wall rock less than 0.001 0.000
VS-9 0.3 m chip wall rock 0.002 0.069
VS-10 0.3 m chip wall rock less than 0.001 0.000
VS-11 0.3 m chip wall rock 0.010 0.343
VS-12 0.3 m chip wall rock less than 0.001 0.000
VS-13: standard 1.006 34.491
---------------------------------------------------------------



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