Victoria Resource Corporation

Victoria Resource Corporation

June 20, 2008 08:30 ET

Victoria Reports Further High Grade Gold Results From Cove-McCoy: Hole NW-8 Intersects 9.1 m (30 feet) Grading 13.89 g/t (0.403 oz/ton)

TORONTO, ONTARIO--(Marketwire - June 20, 2008) - Victoria Resource Corporation (TSX VENTURE:VIT) ("Victoria" or the "Company") is pleased to provide assay results from core drill hole NW-8 from the Helen Zone of the Cove-McCoy Project of the Company located in North-Central Nevada. The results are set out in the table below.

Significant High-Grade Core Hole NW-8 Assay Results, Helen Zone, Cove-McCoy Project, Nevada.

From To Interval Grade
(m) (feet) (m) (feet) (m) (feet) (g/t) (oz/ton)
382.5 1,255 458.1 1,503 75.6 248 0.98 0.029
479.8 1,574 486.5 1,596 6.7 22 1.06 0.031
546.8 1794 600.2 1969 53.3 175 3.84 0.112
548.3 1799 550.0 1804.5 1.7 5.5 11.52 0.336
554.9 1820.5 556.1 1824.5 1.2 4 14.33 0.418
566.5 1858.5 567.5 1862 1.1 3.5 4.66 0.136
578.8 1899 588 1929 9.1 30 13.82 0.403

To view a diagram which shows the drill hole locations of the Helen Zone at the Company's Cove-McCoy property, please visit the following link:

The above intercepts occur in the western limb of the Helen Zone. Importantly, drill hole NW-8 extends the size of the Helen Zone to the southwest along a major north-west structural system. Core drill hole NW-8 reached a total depth of 735 m (2,412 feet) and tested the Helen Zone 75-90 m (250-300 feet) below core drill hole NW-5.

Hole NW-8 is the continuation of a planned 15-hole campaign started in late 2007 to confirm the geometry of the structural systems and the contained grades of the gold mineralization in the Helen Zone.

"Like most of the holes drilled by the Company so far in the Helen Zone, NW-8 has displayed wide zones of alteration and significant widths of anomalous to high-grade gold. This is an excellent start to the exploration campaign into this prospective Carlin-style gold system," said Chad Williams, President and CEO of Victoria Resource Corporation.

The Helen Zone, a recent discovery by Victoria, is located close to the large Cove open-pit, about 625 m (2,000 feet) from the north-west edge of the pit. The elevation of the top of the gold mineralization in the Helen Zone is just above the bottom of the Cove open-pit.

Drilling Progress at Cove-McCoy

Two core drill rigs are currently in operation at Cove-McCoy. The Company recently had three rigs on site, but temporarily lost one because the drilling contractor encountered difficulty retaining drill crews to operate the third rig. The Company continues to have concerns with the pace of drilling over the past few months and Management is focussed on addressing these issues in order to be in a position to release assays in a more timely manner going forward.

Core drill hole NW-9 will be testing the extension of the Helen Zone below NW-6A. Hole NW-9 has reached a depth of approximately 450 m (1,340 feet) and will be extended to about 700 m (2,300 feet) once a drill is available.

Drilling of core hole NW-10 was terminated at a depth of 809 metres (2,656 feet) and complete assays are expected shortly. This hole was designed to intersect the Helen Zone further to the southeast of core drill NW-6A.

Drill hole NW-11 is currently at a depth of 519 metres (1,705 feet). It is drilling within a wide decalcified zone that started at 1,438 feet down to its current depth. The target depth of the hole is 2,200 feet but drilling will continue below that if alteration/mineralization continues. Drill hole NW-11 is testing down plunge within the Helen Zone approximately 150 feet below NW-9.

Drill hole NW-12 will test the Helen Zone either 100 feet east of NW-9 or 100 feet down plunge, below NW-11 to a targeted depth of about 2,400 feet. The final target depths for NW-9 and NW-12 will be dependent on the assays of NW-11, which is targeting the centre of the intersection zone. NW-12 will be drilled after NW-11 has been completed.

In summary, a total of nine holes have been completed as part of the current campaign in the Helen Zone of the Cove-McCoy property, totalling about 7,127 metres (23,385 feet). The Company has released results for seven of these holes. Holes NW-2 and NW-6 were lost.

Cove-McCoy Background

The Helen Zone is one of eight postulated significant structural intersection zones located within the "NW-Cove" target. In turn, the NW-Cove target is just the first of fourteen larger target areas on the Cove-McCoy property to be drilled by Victoria.

Victoria is earning up to a 100% interest in the Cove-McCoy project through annual work commitments, such interest being subject to (i) a back-in right in favour of Newmont Mining Corporation for a 51% interest, or (ii) alternatively US$1.5 million cash payment to Newmont and a maximum royalty of up to 5% (3.5 % to 5% including previous royalties) upon the delivery of a positive feasibility study completed by Victoria.


The Company is planning to mobilize a drill rig to its Hilltop property, also located in North-Central Nevada, in early July. The Company intends to target a deep intersection zone that has been calculated to occur within Lower Plate carbonate rocks in the southern part of the property. Earlier holes in this part of the property did not intersect their targets but yielded significant structural data that allowed for a reconstruction of the target for the campaign. "We are excited about the prospect of beginning drilling at the Hilltop property this summer and are currently preparing the property for this work," said Chad Williams, President & CEO of Victoria Resource Corporation.

Annual General Meeting (AGM) and Proposed Name Change

To more accurately reflect the Company's focus, shareholders will be asked to vote on a name change to Victoria Gold Corp. at the upcoming Annual and Special Meeting of the shareholders of the Company at the Pantages Hotel in Toronto, Ontario on July 17, 2008 at 8:30 am.

About Victoria

Victoria Resource Corporation aims to be a high growth, lower risk company focused on gold. The Company's strategy is to add value per share through efficient exploration, accretive acquisitions and effective marketing. Maintaining a low risk profile through project diversification, sound financial management, and operating in secure jurisdictions are key priorities for Victoria's management team.

Quality Assurance/Quality Control

Victoria's core is transported from the drill site to the core logging/splitting area by a Company geologist. The core is logged, photographed and sawed in half. One-half of the core is shipped to Inspectorate Laboratory in Reno, Nevada. Each sample is analyzed for gold by fire assay with atomic absorption analysis finish. Every sample with greater than 3.0 grams per ton gold is re-assayed by fire assay with gravimetric analysis finish. The Company uses certified control standards, duplicates and coarse field blanks randomly inserted into the sample stream to monitor the laboratory performance. Dr. Raul Madrid, Vice President, Exploration of the Company, directs the drilling and logging procedures at the Cove-McCoy Project and is responsible for the geologic interpretation.

The contents of this press release were reviewed by Nancy J. Wolverson, independent consulting geologist and C.P. Geo. In addition to a recent site visit, she reviewed the analytical results and the QA/QC procedures in place at the facilities of the Company and the analytical laboratory. Ms. Wolverson is a Certified Professional Geologist (C.P. Geo.) through the American Institute of Professional Geologists (AIPG) and is a Qualified Person as defined in National Instrument 43-101.


Chad Williams, P. Eng, CEO, President & Director

Cautionary Language and Forward Looking Statements - This press release contains "forward-looking statements" and "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performances of Victoria Resource Corporation, its subsidiaries and their respective projects, the future price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, capital, operating and exploration expenditures, costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. Often, but not always, forward looking information can be identified by the use of words such as "plans", "expects", "is expected", "is expecting", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. The purpose of forward-looking information is to provide the reader with information about management's expectations and plans for the Company. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Victoria and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Although Victoria has attempted to identify statements containing important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

Contact Information